Global Shrink Films Market By Material (PE, PP, PET, EVOH, PVC, PVDC, PA), Barrier Type (Low Barrier, Medium Barrier, High Barrier, Ultra-High Barrier), Thickness (Up to 15 Microns, 15-30 Microns, 30-50 Microns, Above 50 Microns), Packaging Application (Wraps, Bags, Labels), End-Users (Dairy Products, Fruits & Vegetables, Bakery & Confectionery, Meat, Poultry & Seafood, Cosmetics & Healthcare Products, Consumer Goods & Household, Food Service Outlets, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Global shrink films market is expected to rise to an estimated value of USD 6.27 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the significant rise in demand for shrink films due to its significant areas of application as well as the advancements in technologies is also set to be a major factor for the market growth.
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Global shrink films market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of shrink films market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global shrink films market are Sealed Air, KUREHA CORPORATION, Winpak Ltd., Flexopack, Bonset America Corporation, COVERIS, PREMIUMPACK GmbH, Schur Flexibles Holding GesmbH, Buergofol GmbH, Allfo, Atlantis-Pak, XtraPlast, Transcontinental Inc., BP Plastics Holding Bhd, Crawford Packaging, SYFAN USA, Idemitsu Kosan Co.,Ltd., Vijay Packaging System, NPF.com, Akar Shrink Packs, Alpha Plastomers, MANOJ PLASTICS, Vishakha Polyfab Pvt Ltd, Gupta Package Industries, International Plastics Inc., Shri Balaji Packers, Global Polyfilms, Rishba Poly Product, 3D Plast, Eminent Solution, modwrap.com and Bagla Group among others.
- Increasing adoption by e-commerce competitors due to its benefits and cost-effective nature is expected to drive the growth of the market
- Cost-effective nature of the product is also expected to drive the growth of the market
- Light-weight, flexible nature along with resistance against various external factors is also expected to drive the growth of the market
- Growing trading activities which has been a result of globalization is also expected to augment growth of the market
- Concerns regarding the fluctuations in prices of plastics affected by petrochemicals’ vulnerable nature is expected to hamper the growth of the market
- Environmental concerns with the usage of plastics is also expected to restrict the adoption rate
- Presence of strict government regulations is also expected to restrain the growth of the market
- Availability and rising levels of competition from the other variants available such as stretch films is also expected to restrain the growth of the market
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Key Developments in the Market:
- In May 2018, Crawford Packaging announced that they had acquired Celplast Packaging Systems Ltd and BVM USA. Celplast is an established leader of shrink films, food trays & lids, lidding films and heat sealable films. The company also deals in packaging equipment for the various end-users. BVM USA is focused on distribution of packaging equipment of BVM Brunner, the parent company of BVM USA. The company provides high quality of manufacturing equipment for packaging. The acquired company will provide independent services and will be integrated into Crawford Packaging gradually.
- In April 2018, Transcontinental Inc. announced that they had acquired the operations of COVERIS’ American business for approximately USD 1.32 billion. American business division is one of the leader for flexible packaging, such as rollstock, bags, pouches, coextruded films, shrink films, coated substrates and labels in North America.
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