Global Shrink Packaging Market: 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
The global shrink packaging market is a continually growing space. The market growth attributes to the increasing demand for shrink packaging owing to their ability to wrap different shapes, sizes, and volumes of products. Besides, the growing consumption of these packaging for food & beverage, cosmetics, pharmaceutical items creates substantial market demand. Moreover, rapid industrialization and urbanization, mainly in developing countries, escalate the market demand substantially.
According to Market Research Future (MRFR), the global shrink packaging market is estimated to grow at 4.9% CAGR during the assessment period (2017-2023). Rising disposable income and changing lifestyle of people result in increasing the consumption of packaged food products. Besides, the increasing awareness for healthcare increases the size of the market, driving the pharmaceutical production. Also, the growing awareness about the advantages of shrink packaging accelerates market demand.
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Additionally, advances in production techniques foster the shrink packaging market, improving its strength & function. Heading with the increasing demand for hoods in industrial and consumer goods packaging, the market is to register colosal growth rate during the forecast period.
Players leading the shrink packaging market include Dow Chemical Company (U.S.), Deufol SE (Germany), Aakriti Packaging (India), Bonset America Corporation (U.S.), Amcor Ltd (Australia), American Eagle Packaging Corporation (U.S.), Berry Global, Inc. (U.S.), Bemis Company, Inc. (U.S.), Printpack Incorporated (U.S.), and others.
Industry/ Innovation/ Related News:
September 24, 2020 —- EDL Packaging Engineers, Inc. (the U.S.), a leading global packaging launched a new shrink bundling system. This new shrink bundling system seals bundles of packaged products at higher throughput speeds within a smaller system footprint. EDL manufactures an extensive line of shrink wrappers and bundlers, corrugated tray formers and loaders, and automatic flight bar wrappers.
The new and improved EDL double tight wrap DTW 25 shrink-wrapping machine applies two perpendicular bands of LDPE film to unitize and enclose multipacks of packaged products tightly. Following the application, the two opposing wraps are fused during heat shrinking to integrate them into a stable unit that eliminates the shifting of the packaged products.
The report is segmented into four dynamics;
By Material : Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), and others.
By Product : Hoods, Labels & Sleeves, Wrap, and others.
By Application: Food & Beverage Packaging, Paper & Textile Products, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
The Asia Pacific region dominates the global shrink packaging market. The largest market share attributes to the growing food & beverage industries and emerging e-commerce platforms in the region. Besides, the robust growth in packaging sectors in the region drives the growth of the market. Also, increasing disposable income and changing lifestyles of demographics impact positively on the regional market growth.
Moreover, the rising numbers of supermarkets and hypermarkets, alongside the massive demand from the online shopping sector, boost the regional market growth. China, India, Japan, and Australia are the major contributors to regional market growth. The APAC shrink packaging market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global market. The market growth is driven by the booming food & beverage and pharmaceutical industry in the region. Additionally, the growth in consumables, such as meat and other food products, substantiates the market demand in the region.
Furthermore, augmented consumer demand for lightweight and easy to carry packaging solutions boosts the market growth in the region. The spurting rise in personal care, food & beverages, and healthcare product industries push the growth of the European shrink packaging market.
North America also holds a considerable in the global market. Factors such as the rising demand for shrink packaging from the foods & beverages and frozen foods industry push the regional market growth. The large and diverse food & beverage industry in the region, comprising multi‐tiered supply chains, has a substantial impact on market operations. Besides, the presence of many consumer goods manufacturing companies in this region influences the market growth.
Highly competitive, the shrink packaging market appears fragmented due to the presence of several well-established players. To gain a significantly larger competitive share, notable players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product/technology launch. They invest substantially in the development of new products and technologies. Industry players are keen on ecological norms and to reduce both cost and wastage.
To survive and create new markets, industry players rely on innovations and strategic partnerships. They keep themselves abreast of the latest technological developments and latest consumer trends by developing human capital. Many key players in the industry are expanding their existing production capacities in response to the increased demand for innovative and sustainable materials by brands and consumers.
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Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Market, By Material
4.2 Linear Low Density Polyethylene (LLDPE)
4.3 Low Density Polyethylene (LDPE)
4.4 Poly Vinyl Chloride (PVC)
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