According to a recent market study published by Growth Market Reports (GMR), titled, “Global PET shrink film market by type, end-user, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 1,034.6 Million in 2019 and is expected to grow at a healthy growth rate of 6.6% by the year 2027. The PET shrink film market volume is anticipated to grow at a considerable CAGR of around 5.3% by the year 2027. Polyester or polyethylene terephthalate (PET) shrink film is a crystal clear, high strength, thermoplastic made from ethylene glycol and dimethyl terephthalate (DMT). The PET film has higher resistance to friction, superior dimensional stability, low absorption moisture, and good physical properties preservation as compared to other common plastics films. This also has a superior resistance to UV, good electric properties, strong optical clarity, strong shine, good gas obstacles; however, mild moisture barrier. This is the ideal film for printing and lamination of good quality and is a good choice for a highly effective plastic substrate. It is fairly highly molten and is ideal for applications needing high temperature sterilization. Use of PET shrink film has become more common in the past few years, as they are recyclable, environmentally friendly, and pasturable.
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The global PET shrink film market is fragmented based on type, end-user, and region. In terms of type, the market is segmented into low shrink films, medium shrink films, and high shrink films. On the basis of end-user, the market is segmented into food & beverages, industrial applications, personal care & cosmetics, printing & stationery, and others. Based on region, the global PET shrink film market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.
The effect of COVID-19 is anticipated to be strongly felt in the consumer durable industry due to high dependency of different global industries for imports. Moreover, the pandemic situation has led to the closure of several non-essential businesses reducing the demand for consumer durables in the world, which in turn, is impeding the packaging industry. Since the COVID-19 pandemic is diminishing the end- user demand for daily packaging products worldwide, the demand for PET shrink films is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain has at the same time slowed down due to restrictions on national borders.
As per GMR industry analyst Akshata Ahire, “The global PET Shrink Film Market is anticipated to witness significant growth during forecast period 2021-2027 driven by cost-efficient, rapid urbanization and industrialization, and Rising demand in food and beverages packaging are boosting the market. The PET shrink film market is growing significantly due to the high demand for these films for packaging, preserving, and bundling of products during distribution and warehousing. Increasing global emphasis on the use of sustainable packaging materials and the growth of organized retail sectors are key drivers of the packaging and labels industries.”
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