Shrink Plastic Films Market worth 2.47 billion, at 7% CAGR during 2019-2023 | Technavio
Global shrink plastic films market: Increasing adoption of polyolefin shrink plastic films
Polyolefin shrink plastic films are highly durable and versatile. In addition, these films possess outstanding tensile strength and can be used for bundling multiple items together. Cross-linked polyolefin film also helps in preventing the buildup on the sealing components of machinery. These properties of polyolefin shrink plastic films often make them an ideal choice for the packaging industry. In addition, as these films are FDA-approved and are considered as a food-safe material, they are largely being deployed in the food packaging industry as well. Hence, with growing awareness of the several advantages and applications of polyolefin films, the demand for shrink plastic films is likely to surge in the forthcoming years.
Global shrink plastic films market: Segmentation analysis
This market research report segments the global shrink plastic films market by application (food and beverages, healthcare and pharmaceuticals, consumer goods, and others) and geographic regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to the increasing consumption of shrink plastic films in different applications including food and beverage and consumer goods. In addition, the steady growth of the manufacturing sector will boost the demand for shrink plastic films during the forecast period.
Global shrink plastic films market: Growth in retail sector to boost the market
A key factor driving the growth of the global shrink plastic films market is the continuous growth in the retail sector. Owing to the hectic lifestyles and work schedules, consumers are increasingly looking for comfort and convenience which is leading to the growth of the organized sector. Large organized retail stores stock different brands to offer a variety of consumer products including consumer appliances, household products, and other home décor products under one roof. This has created significant opportunities for the shrink plastic films market as these films are increasingly being used to pack consumer products. Therefore, the growth of the organized retail segment and the online channel will lead to the growth of the market during the forecast period.
Polyolefin shrink plastic films are highly durable and versatile. In addition, these films possess outstanding tensile strength and can be used for bundling multiple items together. Cross-linked polyolefin film also helps in preventing the buildup on the sealing components of machinery. These properties of polyolefin shrink plastic films often make them an ideal choice for the packaging industry. In addition, as these films are FDA-approved and are considered as a food-safe material, they are largely being deployed in the food packaging industry as well. Hence, with growing awareness of the several advantages and applications of polyolefin films, the demand for shrink plastic films is likely to surge in the forthcoming years.
Global shrink plastic films market: Segmentation analysis
This market research report segments the global shrink plastic films market by application (food and beverages, healthcare and pharmaceuticals, consumer goods, and others) and geographic regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to the increasing consumption of shrink plastic films in different applications including food and beverage and consumer goods. In addition, the steady growth of the manufacturing sector will boost the demand for shrink plastic films during the forecast period.
Global shrink plastic films market: Growth in retail sector to boost the market
A key factor driving the growth of the global shrink plastic films market is the continuous growth in the retail sector. Owing to the hectic lifestyles and work schedules, consumers are increasingly looking for comfort and convenience which is leading to the growth of the organized sector. Large organized retail stores stock different brands to offer a variety of consumer products including consumer appliances, household products, and other home décor products under one roof. This has created significant opportunities for the shrink plastic films market as these films are increasingly being used to pack consumer products. Therefore, the growth of the organized retail segment and the online channel will lead to the growth of the market during the forecast period.
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