According to projections, the market for shrink sleeve label applicators would be worth US$ 1.1 billion globally in 2022 and US$ 1.6 billion by 2030, growing at a CAGR of 5.0%. According to Future Market Insights’ annual market estimate, the food and beverage categories will collectively generate US$ 614 million in sales from shrink sleeve label applicators in 2022.
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The shrink sleeve label applicator market in China is predicted to rise by 4.1% annually in 2022, defying earlier concerns about how the sector would fare in the event of a global pandemic. In China, the total revenue from sales of shrink sleeve label applicators is anticipated to reach US$ 144 million in 2022.
The shrink sleeve label applicator market is a rapidly growing industry, driven by the increasing demand for packaged products and the need for high-quality labeling solutions. Shrink sleeve label applicators are used to apply shrink sleeves onto containers, such as bottles, cans, and jars. These sleeves are made of plastic film that shrinks tightly around the container when heated, providing a tamper-evident seal and a 360-degree coverage for branding and product information.
The market is segmented by application, end-use, and region. Based on application, the market is segmented into food and beverages, pharmaceuticals, personal care, and others. The food and beverage segment dominates the market due to the high demand for packaged products in this sector. Based on end-use, the market is segmented into packaging companies, food and beverage companies, and pharmaceutical companies.
The Asia Pacific region is expected to witness the highest growth in the market due to the increasing demand for packaged products in countries such as China and India. North America and Europe are also expected to witness significant growth in the market due to the presence of several large packaging companies and the increasing demand for high-quality labeling solutions.
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The market is highly competitive, with several large and small players operating in the market. Key players in the market include Krones AG, SleeveCo, Inc., ITW (Illinois Tool Works Inc.), Sleeve Tech Inc., and Multivac Group. These companies are focusing on product innovation and expansion to increase their market share.
Overall, the shrink sleeve label applicator market is expected to witness significant growth in the coming years due to the increasing demand for packaged products and the need for high-quality labeling solutions.
Shrink Sleeve Label Applicator Market by Category
By Automation, Shrink Sleeve Label Applicator Market is Segmented as:
By Labelling Speed, Shrink Sleeve Label Applicator Market is Segmented as:
- Up to 200 BPM
- 200 BPM to 400 BPM
- 400 BPM to 600 BPM
- Above 600 BPM
By Container Diameter, Shrink Sleeve Label Applicator Market is Segmented as:
- Up to 50 mm
- 50 to 100 mm
- 100 mm to 150 mm
- Above 150 mm
By End Use Industry, Shrink Sleeve Label Applicator Market is Segmented as:
- Chemical & Fertilizers
- Cosmetics & Personal Care
- Other Consumer Goods
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