The expanding retail and hypermarket sectors along with burgeoning e-commerce sectors translate into rising product packaging. This in turn has resulted in amplified demand for stretch and shrink films. There are numerous advantages of these films including longer shelf life, less leakage, strong impact, and puncture resistance. In addition to this, it allows products to remain intact in below-freezing temperatures, preserving package integrity. Due to these benefits, stretch and shrink films have found numerous applications across various industries. For instance, in the electronic and electrical sectors, stretch and shrink films are used to shield electrical wires from damage. In this context, the growing adoption of smartphones is propelling the stretch and shrink films market growth. All these trends together are anticipated to create novel revenue opportunities in the stretch and shrink films market.
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High Elasticity and Stretchable Properties of Stretch and Shrink Films Aids Market Expansion
A major reason behind the growing prominence of stretch and shrink films is their high elasticity and stretchable characteristics. The stretch films are specially designed to readily stretch and wrap around things to protect them from damage. Therefore, during loading, products are protected from tampering, significantly lowering the costs associated with packaging. Moreover, shrink films can wrap objects of all shapes and sizes. Both stretch and shrink films are distinct in terms of different elasticity and durability. During the study period, the global stretch and shrink films market is projected to witness robust expansion on the back of stretch and shrink films’ excellent properties.
Sleeves and Labels to Gain Significant Prominence Due to Ascending Demand in Pharmaceutical Containers
Over the forecast period, the global stretch and shrink films market is anticipated to reach sound maturity owing to the burgeoning demand for sleeves and labels. The increased adoption of sleeves and labels in pharmaceutical container packaging is majorly contributing to this soaring demand. Another factor intensifying its demand is the growing industrial applications of stretch hoods, primarily used for palletized items. In the consumer goods sector, stretch hoods have numerous applications including sleeves, collation wrap, form-fill-seal applications, sticky labels, and pre-made pouches. Of late, sleeve and label packaging has gained significant traction across major exporting economies due to its cost-effectiveness and ability to maintain product integrity. Apart from that, it also provides extra space for product marketing and branding.
Asia Pacific to Sustain Dominance Amid Rising Use of Stretch and Shrink Films in End-Use Sectors
Asia Pacific is projected to emerge as a key region in the global stretch and shrink films market. This is owing to the growing use of stretch and shrink films in the region's various end-use sectors such as food and beverage, and personal care. Meanwhile, North America’s stretch and shrink films market is anticipated to experience the highest growth rate throughout the projection period. The growing need to safeguard products during storage and transportation is intensifying the demand for stretch and shrink films in the region.
Prominent Market Players
Some of the major players in the stretch and shrink films market include Amcor plc; Berry Global Inc; Allen Plastic Industries Co., Ltd; Bonset America Corporation; American Eagle Packaging; Bollore Inc.; Coveris and Barbier Group.
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