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Global Shrink Films Market to Grow at a CAGR of 6% Owing to Its Light Weight Property

The Shrink Films Market is expected to grow at a compound annual growth rate of more than 6% over the forecasted period of 2021 to 2029. The increase is primarily due to increased packaged goods consumption as a result of lifestyle changes.

Shrink wrap is one of the most versatile and effective packaging materials available today. It is a plastic polymer film used to wrap packs (also known as a Shrink Film). When heated, it shrinks tightly over whatever it is covering. To apply heat, a handheld heat gun (electric or gas) can be used, or the product and film can be passed through a heat tunnel on a conveyor. They are being used in a wide range of industries: Food, Beverage, Cosmetics, Electronics, Pharmaceuticals and many more. The Shrink Films Market is currently dominated by 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.

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Shrink Film Market provides a versatile solution for manufacturers of products of all shapes and sizes who are looking to reduce production costs while increasing the aesthetic appeal of their products. The advantages of using shrink film for packaging are numerous. 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.

Plastic packaging used to be a convenient and affordable way of transporting goods. However, as our consumption habits have changed, this packaging is becoming a problem. Not only is this bad for our environment, but it can also be harmful if consumed improperly. 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, About 300 million tonnes of plastic waste is produced every year which is equivalent to the weight of entire human population. The demand for shrinking films also declined as a result of covid-19 pandemic; manufacturing industries experienced a sudden decline, which had a direct impact on the growth of the packaging industries.

Opportunity area of Shrink Films Market lies in LDPE, on the basis material. LDPE 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 2019, the flat roll-stock sector has the biggest market share owing to its availability in different sizes making it suitable for packing different products.

The shrink film market is experiencing phenomenal growth as a result of Asian people’s increasing disposable income. Asia-Pacific led the global market with a market share of more than 40%. Shrink films are becoming more popular in the area as the packaging and healthcare industries in countries such as China, India, Japan, and South Korea develop. China’s packaging industry is the world’s second largest. The country is predicted to rise steadily due to an increase in bespoke packaging and increased demand for packaged consumer items. Furthermore, the country has recently experienced substantial expansion in the fast-moving consumer goods (FMCG) sector. In addition, India is home to the world’s fifth-largest packaging sector, which is rapidly growing. Increased innovation in industries to make their products more small and portable is driving the packaging business in the country. In the presence of strict rules on the use of plastics in contact with food, Europe is anticipated to see a small growth in the demand for shrink films for packaging.

The Shrink Films Market is segmented into: 

ATTRIBUTEDETAILS

Research Period

 2019-2029

Base Year

 2020

Forecast Period

 2021-2029

Historical Year

 2019

Unit

 US$ Million

Segmentation

 Material Segment  (2019-2029; US$ Mn)

 Design  Segment  (2019-2029; US$ Mn)

 Form Segment (2019-2029; US$ Mn)

 Application Segment (2019-2029; US$ Mn)

 Product Segment (2019-2029; US$ Mn)

 Region type Segment (2019-2029; US$ Mn)

Global Impact of Covid-19 Segment(2020-2021; US$ Mn )

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