Rising Demand For Lightweight Material For Industrial Packaging Is Expected To Drive The Stretch And Shrink Film Market Growth

The global stretch and shrink film market size is expected to reach USD 21.72 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period, according to a new report published by Grand View Research, Inc. Rising demand for lightweight material for industrial packaging is expected to drive the growth. Factors such as superior packaging properties, such as improved printability, easier application, and robust package sealing capabilities of the films are anticipated to further fuel the growth.

The introduction of superior shrink and stretch film materials, such as linear low-density polyethylene (LLDPE), extended polyethylene (EPE), and high-density polyethylene (HDPE) is expected to further strengthen the pallet holding abilities of the films. In addition, the development of bio-degradable stretch and shrink films by leading manufacturers in a bid to counter the challenges of film disposal is expected to drive the demand. The light weight of the product results in a substantial decrease in the transportation cost thereby elevating the profit margins, resulting in the higher adoption of such packaging materials by the leading end-use industries.

Burgeoning food processing industry is growing quickly. The rise of this industry along with the growing demands for vegetables, fruits, and other food products is pushing the demand forward for quite some time and is expected to continuing doing so in the coming years.

Rising usage of Stretch and Shrink films to replace the conventional packaging due to its several benefits is boosting the demand in the market. Along with that, decreasing usage of polyvinyl chloride adds to the growth of the market.

In US, food processing sector is on the rise, and the country has been one of the largest manufacturers of processed food which is a major application area for stretch films in both primary and secondary packaging. This demand is pushing the growth in the market.

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Further key findings from the report suggest:

• LLDPE is expected to witness robust CAGR of over 5.1% from 2020 to 2027. The demand was driven by superior pallet unitization characteristics of LLDPE shrink films. The LLDPE resin-based stretch films are expected witness rise in demand owing to the increased damage resistance during product transportation
• Stretch and shrink film is expected to register highest CAGR of more than 5.5% from 2020 to 2027. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. Also, ease of packaging achieved by these hoods are is expected to drive the demand
• Sleeves and labels is expected to witness robust growth on account of rising demand for the product in beverage industry. Also, easier product marketing and branding owing to the ease of application of the labels onto the bottle is expected to attract major beverage manufacturers towards the product segment
• Food and beverages application accounted for 41.95% of overall revenue share in 2019, driven by the increasing demand for high strength, low weight packaging materials. In addition, ease of packaging material sterilization is expected to drive the demand in food packaging
• Asia Pacific was valued at over USD 5.97 billion in 2019 owing to rapid growth of the application industries such as food and beverage and consumer goods
• In addition, growing import and export activities by the developing economies, such as India and China are expected to drive the demand for low weight packaging material for pallet unitization of industrial goods
• Major key players operating in the stretch and shrink film market are Dow, Bemis, and LyondellBasell.

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Grand View Research global stretch and shrink film market on the basis of resin, product, application, and region:

Stretch & Shrink Film Resin Outlook (Revenue, USD Million, 2016 - 2027)

• LLDPE
• LDPE
• PVC
• Others

Stretch & Shrink Film Product Outlook (Revenue, USD Million, 2016 - 2027)

• Hoods
• Sleeves and Labels
• Wraps

Stretch & Shrink Film Application Outlook (Revenue, USD Million, 2016 - 2027)

• Food & Beverage
• Industrial Packaging
• Consumer Goods
• Pharmaceutical

Stretch & Shrink Film Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• Japan
• India
• Central & South America
• Brazil
• Middle East & Africa
• South Africa

About Grand View Research          

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more info visit @ https://www.grandviewresearch.com