Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Global Stretch Packaging Market Size, Trends & Growth Opportunity, by Material, by Application, by Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Stretch Packaging market was valued at USD 2,490.23 million in 2021 which expected to reach USD 3,950.45 million by 2027 at a CAGR 6.25% from 2022-2027.
Companies Mentioned
- Bemis Company Inc
- Berry GlobalInc
- Amcor Ltd
- Sigma Plastics GroupInc
- AEP Industries Inc
- DUO PLAST AG
- Four Star Plastics
- U.S. Packaging & Wrapping LLC
- Bagla Group of Companies
Stretch packaging is a type of plastic that is extremely flexible and is used to protect products during shipping and delivery. Stretch packing, also known as stretch films, comprises shielding a product from the environment by using long-lasting containers, shipping racks, dunnage, pallets, and stretch films.
Because of the expansion of shipping and transportation, proper product packaging is becoming increasingly important in developing a strong brand identity in today's competitive industry.
Market Drivers
Increased R&D efforts that produce new products that are more effective than existing ones are anticipated to cause the stretch packaging market to expand at a constant rate. The market development rate is being actively driven by the numerous benefits, including affordability, energy efficiency, user-friendliness, and a quicker and better alternative than shrink film products.
The development of new government policies supporting packaging solutions, growing demand for sustainable sources in delivery and other food services, and rising disposable income all contribute to the market's expansion.
Market challenges
Rising raw material prices and the availability of specialized substitutes like stretch hoods are limiting the market's development. In addition, growing environmental worries are restricting market expansion. Parallel to the increase in demand for packaging-related goods, plastic use has increased. Environmental concerns are on the rise as a result of the need for appropriate plastic disposal.
According to the United Nations, recycling only accounts for 9% of all plastic waste (UN). The remaining 79 percent were buried, dumped, or left outside. Only about 12% of them were incinerated. Strict regulations intended to reduce the use of plastic will pose a threat to stretch film producers.
Market Segmentation
By Material
- Linear Low Density Polyethylene (LLDPE)
- Low Density Polyethylene (LDPE)
- Poly Vinyl Chloride (PVC)
- Others
By Application
- Food & Beverages
- Industrial Goods
- Consumer Product
- Other
By Region
- North America
- Latin America
- Europe
- China
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Stretch Packaging Market?
- What will be the growth rate from 2022 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
For more information about this report visit https://www.researchandmarkets.com/r/gjgh5h
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