In line with the packaging and labeling industry, the stretch sleeve and heat shrinks labels is witnessing a tremendous surge across the world. The rising base of the global population, increasing disposable incomes and the purchasing power of people in emerging economies, escalating preference for packaged food, and the augmenting trend of urbanization are the key factors, which are driving the growth of the worldwide market for stretch sleeves and heat shrink labels substantially.
The market’s opportunity is expected to rise remarkably over the next few years. By 2017, it is expected to reach US$10.43 bn. Further, it is estimated to expand at a healthy CAGR of 5.90% during the period 2017–2022 and rise to US$13.91 bn by the end of 2022.
Demand for Shrink Sleeve Labels to Continue Increasing
Broadly, the global market for stretch sleeve and heat shrink labels is evaluated on the basis of the type of the product, application, and the printing technology. Stretch sleeve labels and shrink sleeve labels are the two prime type of products available in this research report. The demand for shrink sleeve labels is comparatively higher than stretch sleeve labels, thanks to the better printing capability and visual qualities of shrink films, which make them more suitable for advertising of products.
With the increasing usage of shrink sleeve labels for the labeling of bottle and the packaging of beverages, this product type is expected to remain the most favored one in the global market over the forthcoming years.
The food and beverage, home and personal care, pharmaceutical and healthcare, industrial consumables, and the retail sectors have surfaced as the key application areas for stretch sleeve and heat shrink labels, globally. Rotogravure, flexography, and digital printing are the prime type of printing technologies utilized in stretch sleeve and heat shrink labels.
Stretch Sleeve and Heat Shrink Labels to Witness Strong Demand in Asia Pacific Excluding Japan
The worldwide stretch sleeve and heat shrink labels is also analyzed on regional basis. In terms of the region, the market is categorized into North America, Latin America, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Europe, and Japan. The significant economic growth in APEJ has boosted the uptake of stretch sleeve and heat shrink labels in this region, resulting in the dominance of the APEJ market for stretch sleeve and heat shrink labels. The increasing industrialization in various Asian economies, such as India and China is also supporting this regional market considerably.
Researchers predict the APEJ market to remain seated at the top position over the next few years, thanks to the increasing government investments in the packaging and labeling industry in India, China, South Korea, and various Asian nations. Latin America, Europe, North America, and Japan are also projected to report substantial growth in their respective markets for stretch sleeve and heat shrink labels in the years to come. The Latin American and the Japan markets are expected to gain from the strengthening of economy while the markets in North America and Europe are anticipated to benefit from the presence of numerous established market players.
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The presence of a large pool of players creates a competitive business landscape for the global market for stretch sleeve and heat shrink labels. International Papers, Berry Plastics, Cenveo, Macfarlane Group, CCL Label Inc., The DOW Chemical Co., Hammer Packaging, Fuji Seal International Inc., Klockner Pentaplast Group, and Huhtamaki are the main vendors of stretch sleeve and heat shrink labels across the world.
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