According to the report analysis, ‘Global Stretch and Shrink Film Market to reach USD 6.2 Billion by 2027’ states that the effective increment in the concerns regarding worldwide warming and ecosystem welfare amongst industries, corporates as well as organizations central to the adaptation of biopolymer-based plastics by packaging industries. The Bio-based plastics are generated from biodegradable biomass which has slighter carbon emission. The effective augment in the awareness regarding sustainable operations leads to an augment in the preference for stretch and shrink films over conventional packaging materials. Large number of international and national producers in the economy with improvement in the employment of secondary packaging supports market growth. For Instance: As per Mondi during 2019, there has been effectively augmenting in the packaging industry by 19% as per the previous year. The requirement for LLDPE (Linear low-density polyethylene) films, a sector of Stretch and Shrink Film Market, in food processing, improves due to better transparency and lesser harm when it comes to interaction with the food.
Whereas, the worldwide Stretch and Shrink Film market is worth approximately USD 3.9 Billion in 2019 and is projected to increase with a growth rate of more than 6% over the forecast duration of 2020-2027. In addition, prominent market player included in this report are Berry Global, Inc. (US), Inteplast Group Corporation (US), Bemis Company, Inc. (US), LyondellBasell Industries N.V. (Netherlands), Sigma Plastics Group (US), Allied Global Plastics Private Limited (India), Bonset America Corporation (US), American Eagle Packaging Corporation (US), Coveris Holdings Inc. (UK), and Sealed Air Corporation (US)
Owing to covid-19 Pandemic, manufacturing industries witnessed a sudden decline which had openly impacted the growth of packaging industries. This also has led to the reduction in the requirement for stretch and shrinks films. However, owing to technological innovations in order to improve the stretch films and introduction to great packaging films such as SABIC (Saudi Basic Industries Corporation) which suggests increased capability for food packaging supports the market growth of stretch and shrinks film. Moreover, aspects such as effective augment in health consciousness among consumers whereas growth in smaller packaging sizes owing to improvement in nuclear households in developed economies propel up the growth market. Further, augment in the consumption of perishable products likewise fruits, salads and chopped vegetables have a major impression on augmentin market growth. However, precariousness in the prices of raw materials for shrink films is the limiting factor which impedes the growth of the market over the review period of 2020-2027.
Although, the regional analysis of worldwide Stretch and Shrink Film market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is the leading/momentous region across the world owing to effective increment in food & beverages industries in developing economies such as China and India. Whereas, the Asia-Pacific is also projected to exhibit the highest growth rate / CAGR over the review period 2020-2027. Aspects such as augmenting income levels and preference towards consumption of packaged food would create worthwhile growth prospects for the Stretch and Shrink Film market around the Asia-Pacific region.
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Ankur Gupta, Head Marketing & Communications