Stretch and Shrink Film Market Analysis
Stretch and shrink film is a plastic film used to wrap items. The stretch wrap is stretchable, whereas the shrink film is loosely applied on the product and shrinks tightly with heat. These films are widely used for the purpose of packing various consumer goods such as electronic gadgets, toys, and gifts. In addition, they impart stability to products and packages in forming a unit load, which helps in efficient handling of packages along with resistance to dust and moisture. Furthermore, it helps to extend the shelf life of the product. The product attracts demands from high export economies such as China and India due to the need for reducing the transportation cost and product integrity. The increased demand for robust packing solutions is expected to drive the market in the forecast period.
COVID-19 impact analysis
As the COVID-19 outbreak has negatively impacted the market across the globe, the food & beverages industry is witnessing tremendous loss due to the worldwide lockdown. The out-of-home consumption used to be the major factor driving the market growth; however, the current situation has brought it to a standstill. Moreover, the disruption of the supply chain and production halts have reduced the demand for stretch and shrink films in the packaging industry. However, the currently operational pharmaceutical industry is functioning at low output, which is anticipated to create lucrative opportunities for the expansion of the packaging industry.
Market scenario analysis
Rise in demand for lightweight material for industrial packaging is expected to drive the growth of the global stretch and shrink film market growth. Globalization has resulted in the transportation of shipments and products to various locations across the world. This further fuels the growth of packaging industry. In addition, increase in import and export activities by developing economies such as India and China is expected to drive the market growth. Furthermore, surge in adoption of shrink labels and hoods in the food & beverages industry, owing to their ability to endure wide temperature range is expected to foster the overall demand. In addition, rapid upsurge in sale via ecommerce companies such as Amazon, Flipkart, and Snapdeal is expected to boost the growth of the packaging industry, which further fosters the stretch and shrink film market growth.
Market trends
The introduction of superior shrink and stretch materials such as linear low-density polyethylene (LLDPE), extended polyethylene (EPE), and high-density polyethylene (HDPE) is expected to contribute to the market growth.
The stretch film-based sleeve labels offer packaging solutions for all types of pharmaceutical containers, including plastic bottles, glass bottles, cartons, and tubes.
The use of stretch films in the packaging of canned products for storage and transportation such as coffee is expected to have a positive impact on the market. Moreover, the stretch film has major applications in the food & beverages industry. High demand for packages food such as ready-to-eat meals, snacks, and frozen foods, including meat, fish, and fruits & vegetables is expected to further drive the growth of the global market.
The e-commerce companies have witnessed rapid growth in the past few years. This is attributed to the shift toward the online markets to purchase products, which has a positive impact on the global stretch and shrink film industry.
Regional insights
Asia-Pacific is currently the leader in the global Stretch and shrink market. This growth is primarily attributed the presence of the developing countries such as China and India due to their high export and import activities. In addition, surge in demand for bulk packaging materials from this region is expected to propel the market growth. Moreover, rise in demand for consumer goods is expected to positively impact the market growth. However, the growth of the North America stretch and shrink film market is expected to be driven by the presence of large number of consumer goods manufacturing companies. This is attributed to increase in use of stretch and shrink films in the packaging of beverages and personal care products. Contrarily, Europe is expected to witness slow growth due to the stringent government rules imposed toward the use of plastics.
Key benefits of the report
- This report presents the analytical depiction of the global stretch and shrink film industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global market.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global stretch and shrink film market analysis based on competitive intensity and how the market will take shape in coming years.
Questions answered in the global stretch and shrink film market research report:
- Which are the leading market players active in the global stretch and shrink film market?
- What are the current trends will influence the market in the next few years?
- What are the driving factors and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Stretch and Shrink Film Market Report Highlights
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