Lewes, Delaware, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The Global Shrink Films Market Size is projected to grow at a CAGR of 8.29% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 4.32 Billion in 2024 and is expected to reach USD 8.17 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Shrink Films Market Size”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| GROWTH RATE | CAGR of ~8.29% from 2024 to 2031 |
| BASE YEAR FOR VALUATION | 2024 |
| HISTORICAL PERIOD | 2021-2023 |
| FORECAST PERIOD | 2024-2031 |
| QUANTITATIVE UNITS | Value in USD Billion |
| REPORT COVERAGE | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| SEGMENTS COVERED |
|
| REGIONS COVERED |
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| KEY PLAYERS | Avery Dennison Corporation, Treofan GmbH, Huhtamaki Oyj, Winpak Ltd., Huhtamaki PPL, Rajapack, Mexalit, National Plastic, Sealed Air Corporation, Dow Chemical Company, Berry Global, Inc., UFLEX Ltd., Klöckner Pentaplast Group, Mitsubishi Chemical Holdings Corporation, Reynolds Group Holdings Limited, Transcendia, Inc., FUJI SEAL INTERNATIONAL, INC., PREMIUM PACKAGING S.R.L., Sigma Plastics Group, Polypack, Inc., Bonset America Corporation |
| CUSTOMIZATION | Report customization along with purchase available upon request |
Shrink Films Market Overview
Expanding E-commerce Industry: The exponential expansion of the e-commerce industry is a major catalyst for the growth of the Shrink Films Market. Shrink films are becoming more popular for packaging because they are strong and provide protection, which helps keep products secure throughout transportation. This tendency not only stimulates demand but also establishes shrink films as a vital packaging solution for online retailers, hence further hastening industry expansion.
Rising Demand in Food & Beverage Sector: The Shrink Films Market is supported by the increasing need for effective packaging solutions in the food and beverage sector. Shrink films provide exceptional safeguarding against contamination and prolong the storage duration of perishable items, becoming them essential for food producers. The anticipated increase in demand is projected to result in significant expansion in the Shrink Films Market.
Technological Advancements in Packaging: Enhancements in shrink film technology, including superior barrier characteristics and greater recyclability, play a crucial role in driving the growth of the Shrink Films Market. These improvements not only fulfill the changing requirements of industries such as medicines and consumer goods, but also promote sustainable practices, making shrink films a favored option in packaging and thus stimulating market growth.
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Environmental Concerns and Regulations: The Shrink Films Market is encountering notable limitations as a result of escalating environmental apprehensions and rigorous restrictions pertaining to the utilization of plastic. The increasing demand to minimize plastic waste and the implementation of regulations prohibiting the use of disposable plastics are compelling sectors to explore alternate packaging options, potentially impeding the expansion of conventional shrink films.
High Cost of Raw Materials: The fluctuation in the prices of raw materials, namely petroleum-based goods utilized in shrink films, presents a limitation on the Shrink Films Market. The escalating expenses associated with these inputs can lead to higher manufacturing costs, which could be transferred to consumers, thus resulting in decreased demand and affecting market expansion.
Limited Recycling Infrastructure: Although there have been improvements in the development of recyclable shrink films, the limited and inefficient recycling systems continue to hinder the growth of the Shrink Films Market. Insufficient recycling systems result in the buildup of plastic trash, which not only causes environmental worries but also compels enterprises to adopt eco-friendlier packaging options, thereby impacting market growth.
Geographic Dominance:
The Shrink Films Market is mostly dominant in regions such as North America and Asia-Pacific. North America makes a substantial contribution to market growth, mainly due to strong demand from the food & beverage and healthcare industries. Meanwhile, the Asia-Pacific region, with its burgeoning e-commerce and manufacturing sectors, has significant prospects for growth. The regional dominance guarantees a consistent market expansion as these regions persist in investing in cutting-edge packaging solutions and technology.
Shrink Films Market Key Players Shaping the Future
Major players, including Avery Dennison Corporation, Treofan GmbH, Huhtamaki Oyj, Winpak Ltd., Huhtamaki PPL, Rajapack, Mexalit, National Plastic, Sealed Air Corporation, Dow Chemical Company, Berry Global, Inc., UFLEX Ltd., Klöckner Pentaplast Group, Mitsubishi Chemical Holdings Corporation, Reynolds Group Holdings Limited, Transcendia, Inc., FUJI SEAL INTERNATIONAL, INC., PREMIUM PACKAGING S.R.L., Sigma Plastics Group, Polypack, Inc., Bonset America Corporation. and more, play a pivotal role in shaping the future of the Shrink Films Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Shrink Films Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Shrink Films Market into Application, Type, Material, And Geography.
- Shrink Films Market, by Application:
- Food & Beverages
- Pharmaceuticals
- Consumer Goods
- Electronics
- Pharmaceuticals
- Industrial Packaging
- Agriculture
- Shrink Films Market, by Type:
- Low Shrink Films (LSF)
- Medium Shrink Films (MSF)
- High Shrink Films (HSF)
- Shrink Films Market, by Material:
- Polyethylene
- Polypropylene
- PET
- EVOH
- PVC
- PVDC
- PA
- Shrink Films Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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