Shrink Plastic Film Market size is estimated to reach $3.1bn by 2025, growing at a CAGR of 3.5% during the forecast period 2020-2025. Shrink film, which is also called as the shrink-wrap is made of plastic and is used to cover different types of products. On applying of heat over this wrap, the cover over the products gets hold firmly to the products. This heat can be applied using the electric or gas heat guns or the products wrapped with plastic shrink film are moved through a heat tunnel or conveyor. The shrink plastic films are manufactured with a wide variety of shrink ratios, strengths, clarities, and thicknesses. Plastic is highly used as it is durable, easily mold and cheaper. The increased usage of the shrink plastic film in different types of packing like food and beverage, product packing, buildings, and others is driving the shrink plastic film market during the forecast period 2020-2025.
By Form – Segment Analysis
The Form segment of the Shrink Plastic Film Market has Flat roll-stock, Center-folded film, and Pre-formed plastic shrink bags. The Flat roll-stock segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025. The availability of flat roll-stock in different sizes and are suitable for packing different products is driving the market in this segment. Having properties like lightweight and being resistant to water, dust, and other is driving the usage of shrink plastic film in different segments and boosting the market growth. Pre-formed plastic shrink bags are the plastic bags that are open at one end and increased usage of these bags in the packing of small products like groceries, food and beverages is fueling the growth in this segment during the forecast period 2020-2025.
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By Application – Segment Analysis
The Application segment of the Shrink Plastic Film Market has Buildings, Food Packaging, Beverages Packaging, Products Packaging, Industrial Packaging, and Others. The Beverages Packaging segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased usage of the beverages globally, and adding the printed wrap on the beverages attracts the customers. The Products Packaging segment is also set to grow owing to the increased usage of the plastic film in packing products like gift articles, groceries, electronics and others. The usage of shrink plastic film in bulk packing of the different products made in the companies are driving the market in the industrial segment. As the shrink film helps in packing in required batches, keeping the products clean and also stabilizes the products, these properties are driving the shrink plastic film in different segments.
By Geography – Segment Analysis
Based on Geography the global Shrink Plastic Film Market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America had a dominant share in terms of revenue in 2019 and it holds the largest market share during the forecast period 2020-2025, owing to the increased usage of plastic shrink film in packing foods and beverages. The increase in the number of different industries and the availability of new manufacturers for shrink plastic films is driving the market in the Asia-Pacific region during the forecast period 2020-2025. The increased applicability of the shrink plastic film in different sectors is driving the market in the different regions of the world.
Drivers – Shrink Plastic Film Market
Increase in usage of shrink plastic films
The increase in usage of plastic film in the packing and storage of different types of products and increased usage in the food and beverage industries is driving the market during the forecast period 2020-2025.
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Challenges – Shrink Plastic Film Market
Lack of good disposal system
The shrink film made of plastic causes damage to the environment as they are not bio-degradable and the non-availability of a good disposal system to dispose of this plastic film is challenging the market growth during the forecast period 2020-2025. Ban of plastic in few countries and plastic having qualities likes leaving carbon deposits is hampering the market growth.
Shrink Plastic Film Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Shrink Plastic Film Market. Key companies of this market are Aep Industry Inc, Berry Plastic Corporation, Sigma Plastics, FUJI Seal International Inc, Bemis Company, Inc, Polymer Group Inc, Intertape Polymer Group Inc, Coveris Holding S A, Sealed Air Corporation, Ceisa Packaging SA, and others.
In September 2016, Sigma plastics has announced the partnership with the Alliance barrier Films, LLC., under this partnership Alliance joined Sigma under ISOFlex Packaging division to manufacture the packing film outside the Washington Indiana location.
In August 2018, Berry Global Group, Inc. has acquired the Laddawn, Inc., which is the manufacturer of the blown polythene bags and films, by this acquisition the Berry group has increased its sales in the e-commerce platform.
Geographically, North America’s Shrink Plastic Film Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the increased usage in different types of industries for packing the goods.
The increase in industrialization and increase in demand for the shrink plastic film in different industries for packing of products is driving the market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Shrink Plastic Film Market report.
Shrink plastic film helps in holding the products firmly, which makes the storage and transportation easier and it also helps the durability of the product by being resistant to climatic conditions and other damages.
Related Reports :
A. Shrink Film For Beverage Multipacks Market
B. Beverage Packaging Market
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