The global Stretch and Shrink Films Market, which was valued at USD 15.4 billion in 2021, is projected to witness substantial rise at a CAGR of 5.2 percent during the forecast period. Key drivers of this expansion are the expanding retail and hypermarket sectors, the burgeoning e-commerce industry with its increased demands for product packaging and safety, and the rising demand in the electronic and electrical sectors.
The stretch and shrink films offer numerous advantages, including providing a long shelf life for various food goods, less leakage when packing products with hard or sharp edges, strong impact resistance, and puncture resistance. These films also ensure quality product appearance, strength that endures below-freezing temperatures, and preserved package integrity, all of which contribute to the market's expansion.
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"The rising need for stretch and shrink films in the electronic and electrical sector, driven by the increasing demand for smartphones and consumer electronics, is a significant factor in the market's rapid growth," says [Expert Name], an industry analyst. "In addition, the market is being greatly supported by the growth of the food and beverage industry, especially the rising demand for frozen foods."
COVID-19 Impact on the Market:
The COVID-19 pandemic initially affected the supply chain, leading to a scarcity of raw materials for stretch and shrink films, hampering market expansion. The disruption in the supply chain also caused a decrease in raw material exports, exacerbating the scarcity. However, in 2021, production activities were increased globally to support economic development, leading to a market boom.
Drivers of Market Growth:
One of the key factors driving the rise of the stretch and shrink film market share is its high elasticity and stretchable properties. These films are designed to easily wrap around items, providing protection from harm or theft during loading and reducing packaging and shipping costs.
The rapid development of the cosmetics industry is also driving market growth, with the need for extra protection for personal care products during distribution contributing to the expansion of stretch and shrink films.
Restraints:
Stringent government regulations on environmental standards are posing challenges to the market's growth. The high cost of testing materials for compliance with regulations is a significant barrier to expansion.
Segment Overview:
The LDPE (Low-Density Polyethylene) segment dominates the market due to the availability of LDPE films in various gauges and sizes for protecting and presenting goods on shelves.
The sleeve and labels category holds a dominant position, particularly in the pharmaceutical industry, where sleeve labels offer additional marketing and branding options for products.
Regional Landscape:
Because of the growing use of stretch and shrink films in end-use industries including food and beverage, personal care, and others, the Asia Pacific region is anticipated to lead the market.
North America is projected to experience stable revenue growth, with a strong demand for shrink and stretch films in various consumer sectors.
Competitive Landscape:
Prominent players in the global stretch and shrink films market include Berry Global Inc, Amcor plc, Bonset America Corporation, Allen Plastic Industries Co., Ltd, Bollore Inc, American Eagle Packaging, Coveris, and Barbier Group.
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