NEWARK, Del, March 28, 2024 (GLOBE NEWSWIRE) -- The heat shrink film market is expected to be valued at US$ 5.51 billion in 2024. The market's progress is projected to rise at a CAGR of 4.30% from 2024 to 2034. By 2034, the market value is forecasted to hit US$ 9.34 billion.
With the rise of eCommerce and other online retail channels, manufacturers are increasingly turning to heat shrink films as a primary packaging option. These films offer a range of advantages, including tight packaging, protection from moisture and other contaminants, and the ability to conform to irregular shapes.
The versatility of these films. With heat shrink films now available in a range of materials, including PET, PVC, and PE, manufacturers have more options than ever when it comes to choosing the right packaging solution for their products. This versatility has made heat shrink films an increasingly popular choice among consumers, who appreciate the many benefits these films offer.
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In addition to the packaging industry, the construction industry has also emerged as a significant driver of the heat shrink film market. At construction sites, heat shrink films are being used to cover scaffolding structures, providing protection from adverse weather conditions and preventing materials from falling off the scaffolding. This has led to increased demand for heat shrink films in the construction industry, as builders and associates look for effective ways to protect their workers and materials.
The transportation industry is another important driver of the heat shrink film market. With the rise of eCommerce and online retail channels, manufacturers are increasingly relying on heat shrink films to package and transport their products. These films offer a range of benefits, including protection from moisture and other contaminants, as well as the ability to conform to irregular shapes. This has made heat shrink films an increasingly popular choice among manufacturers and consumers alike.
Increasing focus on sustainability. With concerns about the environment and the impact of packaging materials on the planet, many manufacturers are turning to heat-shrink films as a more sustainable packaging solution. These films are often made from recycled materials, and they can be recycled again after use, reducing their impact on the environment.
“Technological advancements are also driving the growth of the heat shrink film market. With new materials and manufacturing processes being developed all the time, manufacturers can create heat-shrink films that are stronger, more durable, and more effective than ever before. This has led to increased demand for these films across a range of industries, as more and more businesses seek out the benefits they offer,” says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Heat Shrink Film Market Report
- The heat shrink film market is estimated to register a CAGR of 4.30% through 2034 and reach a valuation of US$ 9.34 billion by 2034.
- The food and beverage segment is anticipated to dominate the market, holding a 55% market share in 2024.
- With a 34% market share, the 50-100 microns segment is expected to drive the market in 2024.
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Competitive Landscape
During the forecast period, the market is expected to experience growth potential due to the ongoing innovations and research. To attract customers, manufacturers are broadening their product range, while several companies are implementing new marketing strategies to enhance the consumer experience. Stakeholders are also investing in their infrastructure and services to increase their market share.
Recent Development
In 2022, Gunze, a prominent player in the packaging materials industry, has unveiled a novel eco-conscious product named "GEOPLAS® HCT3" heat-shrinkable film. With 30% recycled material incorporated in its manufacturing, this innovative film is now offered globally. The product has been developed to cater to the growing need for sustainable packaging options without compromising on the quality standards. GEOPLAS® HCT3 presents an excellent substitute for conventional packaging materials that are detrimental to the environment.
Key Player in the Heat Shrink Film Industry
- AEP Industries Inc.
- Amcor plc
- Berry Global Group Inc.
- Bonset America Corporation
- COVERIS
- DowDuPont Inc.
- Intertape Polymer Group Inc.
- Sealed Air Corporation
- Sigma Plastics Group
- Winpak Ltd.
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Key Segments
By End Use:
- Dairy Products
- Fruit & Beverages
- Bakery & Confectionary
- Meat
- Poultry & Seafood
- Cosmetic & Personal Care Products
By Thickness:
- Up to 15 microns
- 15 to 30 microns
- 30 to 50 microns
- Above 50 microns
By Application:
- Wraps
- Labels
- Bags
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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The global stretch film market iis projected to reach a value of US$ 4.1 billion by 2034, reflecting a CAGR of 3.9% over the assessment period.
The metalized barrier film market is anticipated to reach US$ 2.9 billion by 2034. The market is estimated to witness a CAGR of 2.7% from 2024 to 2034.
The global stretch hood film market size is anticipated to be worth US$ 1,066.7 million by 2034. According to the estimates, the market is projected to clock a 2.7% CAGR until 2034.
The global cling film market value is expected to surge from US$ 1,291.5 million in 2023 to US$ 2,197.6 million by 2033. Over the forecast period, demand for cling films is set to rise at a CAGR of 5.5%.
The global PVDC Coated Film Market is reach up to US$ 13.1 billion by 2033. The global market is estimated to secure a CAGR of 3.1% during the forecast period.
The cellulose film packaging market is predicted to rise at a CAGR of 4.9% from 2024 to 2034 and anticipated to reach US$ 1,374.2 million by 2034.
The global BOPET packaging films market has the potential to expand at a 5.5% CAGR from US$ 7.14 billion in 2023 to US$ 12.31 billion by 2033.
The PE films market sales will grow at a 4.3% CAGR over the forecast period, with the market valuation reaching US$ 79.2 Billion by 2032.
The recyclable plastic films market size is expected to rise to US$ 39,785.0 million by 2033. The sales of recyclable plastic films are expected to record a significant CAGR of 5.1% during the forecast period.
The global polyethylene films market is going to further accelerate at a CAGR of 4.0% to reach a valuation of US$ 49.3 billion by the year 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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