Shrink Plastic Film Market

Shrink Plastic Film Market Size (2024 To 2029)

Shrink Plastic Film Market was worth US$ 2.84 billion in 2024 and is anticipated to reach a valuation of US$ 3.43 billion by 2029 and register a CAGR of 3.80% during 2024 To 2029.

Shrink plastic film is made from polymer plastic film. The piece is wrapped in plastic, which is then heated with a heat gun, forcing it to shrink tightly around the goods. Shrink plastic film is widely used to wrap food, cartons, and bottles. Shrink plastic film is made from polyolefin, polyvinyl chloride, polyethylene, polypropylene, and a number of other polymers. Polyolefin is a favored plastic film for covering and packing over shrink plastic film made from other materials because of its chemical and physical properties, such as availability, range of thickness, clarities, strengths, and shrink ratio. Heat guns compress polyvinyl chloride or polypropylene film around an item uniformly and tightly, creating a tamper-proof, form-fitting container.The global shrink plastic film market is likely to be driven by consumer demand for processed and packaged beverage products. The European segment is expected to lead the market due to its huge population wanting packaged water, whilst the Asia Pacific area is expected to develop at the fastest rate due to its millennial generation's increased desire for both packaged drinking water and carbonated beverages.

Shrink Plastic Film Market Drivers:

The Printed Shrink Plastic Films Offer Market Attractive Opportunities. The beverage packaging sector has a strong demand for printed shrink plastic films, which is propelling the global shrink plastic film market forward. Shrink plastic films are environmentally beneficial packaging because they reduce package weight. It's a straightforward solution to the need for reduced waste and lighter packing. Shrink plastic films are also cost-effective and appealing to the eye on the shelf. Pre-labeled items and Universal Product Codes cost less using printed shrink plastic films. These films also decrease the need for adhesives and polyvinyl chloride sleeves for secondary marking.Since a result, shrink plastic films have become more popular in the beverage packaging industry, as they give a one-stop solution for companies searching for sustainable, low-cost, and shelf-appeal packaging options. Furthermore, the global shrink plastic film market is being boosted by the rising packaging material production business. The packaging industry is the main contributor to Mexico's economy, and demand for Polyvinyl chloride films in retail packaging, food and beverage packaging, and consumer goods packaging is expected to increase over the projected period.

Moreover, the global shrink plastic film market is being driven by the growing adoption of Polyolefin Shrink Plastic Films in the packaging industry. Polyolefin shrink plastic sheets are exceptionally durable and versatile. These films have a high tensile strength and can be used to bundle a variety of items. In addition, cross-linked polyolefin film helps to avoid build-up on machinery sealing components. Because of their properties, polyolefin shrink plastic films are commonly utilized in the packaging sector. Furthermore, these films are commonly utilized in the food packaging industry because they have been FDA-approved and are considered a food-safe material. Shrink plastic film demand is likely to rise in the coming years as more people become aware of the many benefits and applications of polyolefin films. Polyolefin shrink plastic films have excellent seal strength and puncture resistance, making them perfect for securing irregularly shaped products along the supply chain." Package makers are increasingly resorting to polyolefin because of its versatility and cost-effectiveness. This will further boost the demand for shrink plastic films in the next six years.

Shrink Plastic Film Market Restraints:

Substitutes are readily available, which is likely to hinder the global shrink plastic film market. The availability of alternative plastic alternatives is expected to hinder the worldwide shrink plastic films market. Shrink plastic films are more expensive than standard plastic film for product packaging. This could restrict demand for shrink plastic films in the near future. Currently, biodegradable plastic is available. There is a huge need for biodegradable polymers as a result of greater environmental consciousness. Furthermore, the global attitude toward the use and disposal of plastic films and other related things has hampered the market's progress. Moreover, COVID-19 has caused a shortage of raw materials. Demand for virgin plastics is increasing as demand for shrink plastic film grows faster than supply. Due to the halt in production of plastic-producing plants in China, the United States, and Germany, supply has been limited. Furthermore, supply chain bottlenecks are being created as a result of the pricing war between Russia and Saudi Arabia.

REPORT COVERAGE: 

This research report on the Global Nuts and Nutmeals Market has been segmented and sub-segmented based on form, container type, application. 

Shrink Plastic Film Market - By Form:

• Flat roll-stock

• Center-folded film

• Pre-formed plastics shrink bags

The flat roll-stock sector has the largest shrink plastic film market share, which is likely to hold steady between 2022 and 2027. The availability of flat roll-stock in various sizes, which is used to pack various items, is driving the market in this area. The lightweight properties of shrink plastic film, as well as its resistance to water, dust, and other elements, are driving its use in a variety of applications and driving market expansion.

Pre-formed plastic shrink bags are expected to increase at the quickest rate, with a CAGR of 4.2 percent between 2022 and 2027. Pre-formed plastic shrink bags are open-ended plastic bags composed of polyvinyl chloride, polyethylene, or polyolefin, and their use in the packaging of small items like groceries, food, and drinks is on the rise. RTDs, or ready-to-drink/eat beverages, have been a major contributor to pre-formed plastic shrink bag sales, with RTD sales increasing from 7% in 2019 to 11% in the first half of 2021, demonstrating growing robustness.

Shrink Plastic Film Market - By Container Type:

• Cans

• Bottles

• Bricks

During the forecast period, the bottle segment is expected to hold the greatest share of the shrink plastic film market for beverage multipacks. Shrink wraps are used to pack PET bottles and glass bottles because they can protect fragile products. Glass and polyethylene terephthalate (PET) bottle pallets are typically heavy and fragile. As a result, beverage makers use shrink wraps to protect their products throughout shipping and while on the shelf.

Shrink wraps keep the shape of the bottles very well, making the products appear appealing, which is a critical criterion for consumer goods. It also aids in the detection of tempering concerns. As the demand for packaged water processing and manufacturing grows, so does the demand for secondary packaging for the bottles. Packaged water is in high demand in both developing and established economies, as it is one of the needs. As a result, the demand for shrink wraps to secure the bottles is expanding.

Shrink Plastic Film Market - By Application:

• Food and Beverages Packaging

• Industrial packaging

• Buildings

• Product Packaging

• Others

The largest global shrink plastic film market share belongs to the Food & Beverage Packaging category, which is predicted to continue in the forecast period 2022-2027. Food and beverage was the greatest use for stretch films due to rising demand for packaged foods such as ready-to-eat meals, frozen meals, snack foods, and bakery products. In addition, demand for packaging fresh and frozen foods like meat, fruits, and vegetables is expected to rise. The most typical application of stretch films is in the packaging of canned foods. Demand for such devices for the storage and transportation of retail and bulk beverages such as coffee is expected to increase. Mitsubishi Plastics, Inc. offers multilayer polyolefin-based stretch film for use in food packaging.

Over the projection period of 2022-2027, the Industrial Packaging category is expected to develop at the quickest rate, with a CAGR of 4.4 percent. Rising demand for stretch films in the packaging of industrial items is expected to boost market progress. Stretch films are utilized in a variety of items, including wood, cement, construction materials, metal, and other industrial products. They are used in the transportation and shipping of the above-mentioned commodities. Factors such as waste reduction and the convenience of transportation using stretch films are predicted to boost growth over the forecast period.

Shrink Plastic Film Market - By Region: 

• Asia Pacific

• North America

• Europe

• Latin America

• Middle East and Africa

The largest market was Asia Pacific, which accounted for 33% of the total market. The area is expected to maintain its dominance over the projection period, owing to the growing food and beverage industry, especially in China and India. Increased demand for packaged food, combined with rising disposable income, is expected to drive demand for flexible packaging in the coming years.

Owing to the presence of a number of consumer products manufacturing companies in North America, Mexico, and Canada, the North American market is expected to grow at the quickest CAGR during the forecast period. Stretch and shrink films, which are utilized for secondary packaging of beverages, personal care, and household products, are expected to drive regional market growth.

KEY MARKET PLAYERS:

Key market players of Global Shrink Plastic Film 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.

RECENT HAPPENINGS IN THE MARKET:

Dow has announced the first large-scale commercial application of its AGILITY CE resin, which is made up of 70% recycled plastic, in collaboration with Plastigaur. This resin is being utilized to create a variety of collation shrink film, which is commonly employed in the transportation of cans or PET bottles, giving plastics a second life and improving the circular economy.