In 2019, the Shrink Films Market is expected to rise at a compound annual growth rate of more than 6% for the forecast period of 2021 to 2029. The rise is mostly attributable to increasing packaged goods consumption as a result of lifestyle changes. This report covers all the quantitative and qualitative aspects of the Shrink Film Market and also focuses on key drivers, the challenges, the growth opportunities and its future prospects.

Shrink Films Market Overview

Shrink wrap (also known as shrink film) is a polymer plastic film that is used to wrap packages. It shrinks tightly over whatever it is covering when heat is applied. A handheld heat gun (electric or gas) can be used to apply heat, or the product and film can be passed through a heat tunnel on a conveyor. The shrinking of the film removes any air content present around the product, resulting in a protective covering. This method is generally useful for safeguarding against external contamination. It has shown to be effective in maintaining products integrity and stability. It also has a high degree of flexibility and can retain any shape during the packaging process, making it ideal for use as primary packaging for finished goods. They are being used in a wide range of industries such as Food, Beverage, Cosmetics, Electronics, Pharmaceuticals and many more.

Highest Demand Emerges From Industrial and Consumer Good Packaging Industry

The market has been segmented on the basis of Type of Material of Films, Design, Form, Products, Application and Regional Basis. On the basis of Material, LDPE is anticipated to dominate the market as it provides better strength, flexibility and durability for bulkier objects whereas on the basis of product, hoods are predicted to dominate the market. Increasing demand of shrink film hoods in industrial and consumer good packaging is likely to fuel this dominance. Flat roll-stock, center-folded film, and pre-formed plastic shrink bags are all part of the Shrink Plastic Film Market's Form sector. In 2020, the flat roll-stock sector has the biggest market share owing to its availability in different sizes making it suitable for packing different products.

Key Properties Widening Applications Though Environment Concerns is a Worry

Shrink films market is experiencing a surge in recent years because of its increased versatility and light weight nature, which makes it an appealing option for manufacturers to use in packaging particular consumer goods. It can be used for packaging drinks, snacks, air conditioners and other similar items. Although it is used in a variety of industries, the increasing preference for plastic film is why shrink film is a prime candidate for energy efficient and cost-effective packaging solutions. Other important factor driving growth of this market is increased demand in e-commerce industry.

Shrink films are harmful to the environment because of their non-biodegradable nature, and the lack of a reliable disposal mechanism to dispose of these plastic films is posing a challenge to market growth. Plastic bans in a few nations, as well as plastic that leaves carbon deposits, are stifling industry growth. According to a United Nations Environment Programme (UNEP) report, we produce about 300 million tonnes of plastic waste every year which is equivalent to the weight of entire human population. 

Asia-Pacific Contributing over 40% of Market Revenues

On the basis of regional segmentation, shrink films market is segmented as North America, Latin America, Europe, Asia Pacific, Middle East and Africa, and Rest of the World. Shrink films market is experiencing growth owing to increasing disposable income especially in developing economies such as India and China. With a market share of more than 40%, Asia-Pacific led the global market in 2020. Shrink films are becoming more popular in the area, thanks to the developing packaging and healthcare industries in nations such as China, India, Japan, and South Korea. China's packaging industry is the world's second-largest. Due to the increase in custom packaging and the increasing demand for packaged consumer goods, the country is expected to grow steadily. Furthermore, India has the world's fifth-largest packaging industry, which is rapidly expanding. The packaging industry in the country is being driven primarily by increasing innovation in industries to make their products more compact and portable.

Major players of Shrink Films Market are Deufol SE (Germany), Aakriti Packaging (India), Dow Chemical Company (US), Amcor Ltd (Australia), American Eagle Packaging Corporation (U.S), Berry Global Inc. (US), Bonset America Corporation (US), Bemis Company Inc. (US), Printpack Incorporated (US), and Sigma Plastics Group. Industry leaders are targeting on developing Research and Development activities, new product launches.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Shrink Films market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Shrink Films market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Shrink Films market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Shrink Films market?
• Which is the largest regional market for Shrink Films market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Shrink Films market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Shrink Films market worldwide?