Global shrink wrap packaging market estimated to register a CAGR of over 5.1% during the forecast period 2018 to 2026.
Shrink wrap packaging is used to apply the process of shrinking products to provide efficient packaging solutions. It is usually done by combining small items together and wrapping them with the help of films and continuing with the shrinking process thereafter to make it compact. The bundles of items are packed together to increase durability, and protect against damage. The chances of wear tear through moisture exposure or water is minimised by this method.
This type of packaging is an ideal solution for packing several objects together, uneven shape objects to enable seamless transport. It covers packaging of bulk boxes, cartons, and cans. Very widely used in the food industry. There are different techniques such as sleeve wrappers, side sealers, shrink tunnels, and L-sealers, all majorly dependant on heat.
The two major steps involved in the shrink wrap packaging process requires a heat machine and shrink wrap thereafter. Shrink is a category of polymer plastic wrap, comprising of polyethylene, polyvinyl chloride (PVC) and polyolefin. The material which is highly consumed in shrink wrap is polyolefin. These wraps also commonly called as films, vary according to visibility, tenacity, shrinking capacity and sturdiness and can be used accordingly serving various purposes. The process of shrink packaging is enclosing and securing the item or bundles with the film or wrap with the help of a heat gun or heat tunnel.
Growing industries such as food, healthcare, personal care items due to rise in population thus drive the shrink wrap market to grow further. Rising disposable incomes along with the use of Polyolefin as raw material, promote the use of these products. The material is print friendly and recyclable and thus preferred. Increased availability of industrial packaging equipment thus increases the resources enabling more production. Shrink wrap technology is also used to coat and fix roofs after any natural disaster, which is a very beneficial aspect promoting more growth of this technology.
Due to the need for anti-counterfeiting of products, shrink technology solves all that and also allows ease of transportation. New developments in this industry are, in 2016, Clysar, packaging service provider introduced its new developments in packaging solutions.
Amcor Ltd. launched the transparent packaging technology which enables customers to look at the product from outside. Berry Global Group, Inc., attempted a merger & acquisition and continued partnership & collaboration with major companies. In order to expand their business and increase network, so in 2015, Berry Plastics Group, Inc. acquired AVINTIV Inc.
Shrink Wrap Packaging Market: Restraints
+ Expensive machines and technology
+ Availability of substitute packaging solutions
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Shrink Wrap Packaging Market Segmentation
By Product Type
+ Hoods
+ Labels & Sleeves
+ Wraps
The shrink film hoods segment is projected to grow at the highest rate in the forecast period.
By Material
+ LLDPE
+ LDPE
+ PVC
LDPE dominates the material segment of the shrink packaging market given its flexibility and clarity. Linear low-density polyethylene (LLDPE), is expected to grow at a fast rate due to its tenacity and strength.
By Region
+ North America
+ Latin America
+ Europe
+ Asia Pacific
+ Rest of the World
Asia-Pacific is the largest market share holder of the shrink packaging market. Countries like China and India, are expected to be the leading consumers. Europe is also expected to be a key revenue contributor during the forecast period. North America is anticipated to register a healthy growth rate.
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Competitive Landscape:
+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants
The prominent players in the shrink packaging market include Deufol SE (Germany), Dow Chemical Company (US), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (US), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (US), Berry Global, Inc. (US), Printpack Incorporated (US), and others.
FutureWise Key Takeaways
+ Growth prospects
+ SWOT analysis
+ Key trends
+ Key data-points affecting market growth
Objectives of the Study:
+ To provide with an exhaustive analysis on the global Shrink Wrap Packaging Market by Product Type, by Material, and by Region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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