Global Shrink Packaging Market Segments, Size, Share, Trends, Growth, Future Scope: By Material (Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), PVC), Product (Hoods, Labels & Sleeves, Wrap), Application (Food Packaging, Beverages) and Region — Forecast Till 2023
Shrink Packaging Market Drivers and Restraints
The market growth is influenced by several driving factors, including the increasing consumer demand for goods from industries such as cosmetics, food and beverage, pharmaceutical, among others. This is primarily due to the growing per capita disposable income of consumers and changing, modernized lifestyle, which results in the higher consumption of packaged commodities. Moreover, the demand for shrink packaging is also increasing due to its adaptable property to wrap goofs of various sizes, shapes, and volumes.
The global shrink packaging market, according to the analysis of Market Research Future (MRFR), is poised to reach a substantial market valuation at a moderate CAGR of 4.9% over the assessment period.
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The major market players identified by MRFR in the global shrink packaging market include
- Dow Chemical Company (US)
- Deufol SE (Germany)
- Aakriti Packaging (India)
- Bonset America Corporation (US)
- Amcor Ltd (Australia)
- American Eagle Packaging Corporation (U.S)
- Bemis Company, Inc. (US)
- Printpack Incorporated (US)
- Berry Global, Inc. (US), and others
The global shrink packaging market has been segmented on the basis of products, materials, and application.
The products available in the market include hoods, labels & sleeves, wraps, and others. The shrink film hoods segment is expected to record the highest growth over the forecast period, driven by its growing demand in consumer goods packaging and industrial packaging.
The materials that are used to manufacture shrink packaging are low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC). The LDPE segment is expected to acquire the largest market share over the review period, owing to its superior properties of flexibility and transparency, which fuel its demand. On the other hand, the higher demand for LLDPE, driven by its relatively higher tensile strength and durability are enabling the segment to reach the fastest growth rate over the assessment period. The PVC segment is also expected to contribute towards the market growth substantially, owing to its higher usage in developing countries for its low cost.
The applications of shrink packaging are majorly found in industries such as food and beverage, paper and textiles, and others.
In Oct. 2010, Bonset America Corporation announced to establish a new plant as the subsidiary of Bonset near Montevideo, Uruguay. The new plant has additional capacity and is also the first high-quality heat shrinkable film manufacturing facility in South America.
In June 2014, Bemis Europe, a division of Bemis Company Inc., increased its shrink bag range and developed ClearShield PRO. This is a PVC-free fully coextruded bag which offers 100% surface protection with abrasion and extremely high puncture resistance.
The global shrink packaging market, on the basis of region, is segmented into Asia Pacific, Europe, North America, and the rest of the world.
The Asia Pacific region is one of the most important regional markets for shrink packaging and is slated to acquire the largest market share over the review period. The changing economic dynamics have led to rapid industrialization in the developing countries of China, India, Japan, and South Korea. The higher consumer demand from industries such as food and beverage, textiles, and others, are driving the need for shrink packaging. The thriving e-commerce sector in the region is also expected to contribute substantially towards the market growth over the assessment period.
North America and Europe are also significant regional markets for shrink packaging. One of the primary factors driving the demand for shrink packaging in these regions is the presence of notable market players, substantial investments, and established end-use industries.
Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Shrink Packaging Market, By Material
4.2 Linear Low Density Polyethylene (LLDPE)
4.3 Low Density Polyethylene (LDPE)
4.4 Poly Vinyl Chloride (PVC)
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