The global stretch and shrink films market was valued at US$14.1 bn in 2015 and is projected to reach US$21.1 bn by 2024. The sales revenue is expected to rise at a CAGR of 5.2% during the forecast period, owing to the increased demand for packaged foods and beverages. Over the last few years, the industry has witnessed the emergence of multiple players operating globally. However, Transparency Market Research has found that there is an increasing shift in dynamics towards market consolidation.
TMR Predicts Limited Growth for Stretch and Shrink Films in Food and Beverages Sector
By product type, the stretch and shrink films market is led by shrink films and the segment is estimated to be most preferred product type throughout the forecast period owing to the rising applications of light-weight packaging films.
The low density polyethylene (LDPE) material segment is the leading contributor to the growth of stretch and shrink films market. However, it is projected to lose significant market share to other materials such as PVC, linear low density polyethylene (LLDPE), and polypropylene.
Based on end use, the food and beverages sector leads the stretch and shrink films market but is expected to lose market share by the end of the forecast period owing to the mature nature of the industry when it comes to the use of stretch and shrink films.
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North America, Europe to Lose Market Share to Asia Pacific by 2024
On the basis of geography, the global stretch and shrink films market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
Asia Pacific is expected to lead the market throughout the forecast period and also register the fastest growth. The stretch and shrink films markets in North America and Europe are rather mature and are expected to lose a significant share of the global market to Asia Pacific. Asia Pacific offers new opportunities for players engaged in manufacturing stretch and shrink films as the region has been witnessing an increase in investments in the manufacturing sector, rapid pace of urbanization, and rising disposal income. Key players operating in developed stretch and shrink films markets such as North America and Europe are focusing on APAC in order to multiply their revenue by optimally utilizing the cheap resources available in India and several ASEAN countries.
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Europe is expected to witness sluggish growth over the forecast period. Nevertheless, Germany and France are expected to continue contributing to the overall sales of stretch and shrink films in the region. The presence of organized retail outlets in the region is the key factor driving sales in Europe.
In MEA, the sales of stretch and shrink films are expected to witness moderate growth during the forecast period, with most of the demand stemming from GCC countries.
Key participants in the stretch and shrink film market include Anchor Packaging, Berry Plastics, AEP Industries Inc., Bemis Company Inc., Dow Chemical Company, E. I. du Pont de Nemours and Co (DuPont), FUJI Seal International Inc, and Intertape Polymer Group Inc.
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