Stretch and Shrink Film Market was valued at US$14.1 bn in 2015 which is projected to reach US$21.1 bn by 2024; the sales revenue is expected to rise at a CAGR of 5.2% during the forecast period
Stretch and shrink films are a commonly used packaging material and are used to package a variety of products for storage and transportation. The primary purpose of stretch and shrink films isn’t to protect the packaged object from physical damage, since the films are thin and not physically durable.
Rather, stretch and shrink films provide protection from environmental factors such as moisture, heat, and dust. Shrink and stretch films differ in one key aspect: While stretch films are held together by just the elastic recoil of the tape, shrink tapes are applied with some space to spare and then treated with heat, which forces the plastic to contract.
According to Transparency Market Research, the market’s revenue is expected to rise to US$21.1 bn by 2024, exhibiting a steady 5.20% CAGR therein.
What are the leading drivers for the global stretch and shrink film market?
One of the key drivers for the stretch and shrink film market is the rising application of flexible packaging in a variety of applications. Due to the demands of a globalized supply and transportation chain, rigid packaging is losing favor, since it can be cumbersome in some settings and is often too heavy to be conveniently portable.
As a result, flexible packaging, which is also significantly lighter than most rigid packaging materials, has gained demand instead.
The food and beverage industry has been among the leading consumers of flexible packaging in recent years. The rising demand for specialized products grown in particular regions, in addition to the rising demand for Western fast food in Asia Pacific and Latin America, has driven the need for international transportation of food and beverages.
Other than this, the steady growth in the demand for packaged food across the world has also been instrumental in driving the utilization of stretch and shrink films.
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On the other hand, the increasing initiation of government regulations forcing companies to minimize the use of nonbiodegradable materials is a key restraint on the global stretch and shrink films market. While bioplastics are a growing industry and have been incorporated in several application sectors, developing plastic polymers that can be used in stretch and shrink films has proved problematic.
Which are the key regional markets for stretch and shrink films?
Geographically, Asia Pacific is the leading contributor to the global stretch and shrink films market. The booming food and beverage industry in Asia Pacific is a key reason for the region’s dominance in the global stretch and shrink films market.
Furthermore, the Asia Pacific market for stretch and shrink films is also likely to register a formidable growth rate in the coming years, not only retaining but extending its dominance in the global stretch and shrink films market.
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