Global Shrink Packaging Market Size, Share, Growth, Trends, Analysis, Future Scope: By Material (Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), PVC), Product (Hoods, Labels & Sleeves, Wrap), Application (Food Packaging, Beverages) and Region — Forecast Till 2023
Market Synopsis of Shrink Packaging Market
Shrink packaging is basically used for a single or bundle of products to protect them from dust and dirt along with moisture damage or weathering. Shrink packaging tends to bind the components or products, especially small items, together. It is one of the best ways to protect the product during transportation and storage from surface damage. Heat is a very important part of overall shrink packaging process.The major components required for shrink packaging are heat machine and shrink wrap. Shrink wrap is a polymer plastic wrap which is made up of polyethylene, polyolefin and polyvinyl chloride (PVC). Polyolefin is a highly consumed raw material in shrink wraps. These wraps or films are also available in a wide array of variants depending on the degree of clarity, strength, shrink ratio and thicknesses. Shrink packaging is done by wrapping and sealing the film tightly around the item or bundle of items by heat gun or a heat tunnel.
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Global Shrink Packaging Market is expected to grow at a CAGR of 4.9% in the coming years. There are many factors affecting the growth of shrink packaging market. In last few years, the market of shrink packaging has been increasing due to increasing demand for products like food & beverage, cosmetics, pharmaceutical items in the developing countries. This is mainly due to the rising disposable income of people and changing lifestyle resulting in the consumption of packaged food products. Moreover, rapid industrialization and urbanization in countries such as China, Japan, and Indonesia are likely to impact the growth of the market positively. The ability of shrink packaging to wrap items of different shapes, sizes and volumes may also be a reason for the growth of the market. Polyolefin is also used as a raw material for manufacturing shrink films due to its easy recyclability as well as superior printability. This quality of polyolefin triggers the people to use of it. However, high cost of shrink wrapping machines may result in their slower adoption and can act as a restraint to the market of shrink packaging.
The prominent players in the Shrink Packaging Market include Deufol SE (Germany), Dow Chemical Company (US), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (US), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (US), Berry Global, Inc. (US), Printpack Incorporated (US), and others.
Shrink Packaging Market Segmentation
Global Shrink Packaging Market has been segmented based on material, product, application, and region. On the basis of material, the market of shrink packaging is segmented as linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), polyvinyl chloride (PVC). The material segment of the market is dominated by low density polyethylene due to its flexibility and superior transparency. Majority of shrink films are made up of low-density polyethylene (LDPE). Linear low-density polyethylene (LLDPE), on the other hand, is expected to be the fastest growing segment by material because of its high tensile strength and durability. Polyvinyl chloride (PVC) is a dense material, commonly used in countries like India for manufacturing shrink films. This is because, it is comparatively inexpensive, durable, and has a good shrink ratio.
Based on product, shrink film hoods are expected to register the highest growth rate in the forecast period. The growth is expected to be driven by the increasing demand for hoods in industrial packaging and consumer goods packaging. On the basis of applications, the market is segmented into food packaging, beverages, paper & textile products, and others. Beverages are expected to dominate the application segment of the market owing to increased consumption of beverages on a global level.
Regional Analysis of Global Shrink Packaging Market
On the basis of region, the global shrink packaging market has been covered in Asia-Pacific, North America, Europe and the rest of the world. Asia-Pacific is responsible for the largest market share of shrink packaging market. Major countries, particularly China and India, are expected to be the leading consumers because of the growing food & beverage industries and emerging e-commerce platforms in this region. Another reason for growing market in this area is the increasing demand for consumer goods because of the growing population along with the rise in disposable income.
Europe is also expected to be a key revenue contributor during forecast period because of growth in consumables market such as meat and other food products. North America is anticipated to register a healthy growth rate. The growth in this region can be attributable to the presence of many consumer goods manufacturing companies.
In Oct. 2010, Bonset America Corporation announced to establish a new plant as the subsidiary of Bonset near Montevideo, Uruguay. The new plant has additional capacity and is also the first high-quality heat shrinkable film manufacturing facility in South America.
In June 2014, Bemis Europe, a division of Bemis Company Inc., increased its shrink bag range and developed ClearShield PRO. This is a PVC-free fully coextruded bag which offers 100% surface protection with abrasion and extremely high puncture resistance.
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