Global Barrier Shrink Films Market: Snapshot
The global barrier shrink films market is foretold to gain a high demand in end-consumer businesses where products are stored in retail store shelves. The fresh and processed food industry could be a good instance to follow where products such as meat, poultry, and cheese are sliced and stored in plastic trays covered with peelable and mostly with reclosable lidding laminates or films. Barrier shrink films are expected to become extremely demanding in the foreseeable future due to their excellent printing designs, capability to increase the shelf life of products, and convenience. Companies today are focusing more on providing innovative and comprehensive packaging solutions.
The global barrier shrink films market is foreseen to attain a valuation of US$4.5 bn by the completion of 2024, as per Transparency Market Research (TMR), at a 5.1% CAGR. In 2017, the market earned a valuation of US$3.5 bn
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Vacuum Bags to Outclass with Astonishing Revenue Growth
The world barrier shrink films market is projected to be cataloged into flowpacks, vacuum bags, shrink forms, chubs, and shrink wraps, according to product. Out of these segments, the market could witness the dominance of vacuum bags accounting for a titanic share during the forecast period. By the end of 2024, this segment is forecast to earn a revenue of US$1.2 bn. It could expand at a US$0.06 bn annually, which is expected to be larger than the absolute growth of other products.
By end use, the world barrier shrink films market could be classified into food and beverages, healthcare, electronics, cosmetics and personal care, and other manufacturing end users. In terms of material, polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), polyamide (PA), ethyl vinyl alcohol (EVOH), and others could be the primary segments. By barrier, the market could see a classification into low, medium, high, and ultra-high.
APEJ to Showcase Notable Growth, Japan Expected to Stumble
Regionally, the international barrier shrink films market is prognosticated to honor Asia Pacific Excluding Japan (APEJ) as a leading segment securing a greater share in the near future. APEJ could rise at a 6.6% CAGR and gain more basis points (BPS) than other regions of the market during the said forecast period. North America could be a high-growth market expected to account for a US$0.9 bn of the total revenue by 2024 end. Europe is prophesied to be another region with a decent market growth but is estimated to lose 143 BPS in the coming years.
Although the international barrier shrink films market incorporates the aforementioned lucrative regions, it could suffer a slow growth in other geographies such as the Middle East and Africa (MEA) and Japan. During the forecast period, the MEA is envisioned to embrace an absolute opportunity of US$0.05 bn. Japan could create a lower opportunity of US$0.02 bn during the same period.
Some of the vital players operating in the worldwide barrier shrink films market could be Bemis Company, Inc., Sealed Air Corporation, Winpak Ltd., Kureha Corporation, Coveris Holdings S.A., Schur Flexibles Group, Flavorseal Llc., Buergofol GmbH, Flexopack S.A., and Premiumpack GmbH.
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