As per FMI, the global plastic shrink wrap market is projected to exhibit growth at a CAGR of 4.1% and reach a valuation of US$ 4.5 Bn by 2032. In 2022, the market is anticipated to reach US$ 3 Bn.
Plastic shrink wrap is generally made of polymer plastic film. In this type of packaging, plastic is shaped as per the shape or size of the product or container. It must be heated to 300 F to be properly applied.
Exposure to moisture or water is reduced by using this method, resulting in fewer chances of damage to the product. It forms a tamper-proof seal to protect the product from dust, pests, insects, or other contaminants. Shrink plastic wrap is majorly used for combining small products, wrapping food & boxes, and packing them to increase their durability.
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The material used in plastic shrink wrap is generally polyvinyl chloride (PVC), polyethylene terephthalate glycol (PETG), oriented polystyrene (OPS), and several other compositions. PVC is the most preferred and commonly used shrink wrap material for retail sales due to its multi-purpose capabilities and lightweight nature.
Polyvinyl chloride is a combination of three elements, namely, hydrogen, carbon, and chlorine. Shrink wraps are experiencing high demand in the food and beverage industry as they are primarily used to preserve food and beverages during shipping. They also help to maintain the temperature of a food product to extend its shelf life.
Key Takeaways: Plastic Shrink Wrap Market
- By material, the polyethylene terephthalate glycol (PETG) segment is expected to hold 68.1% of the shrink wrap market share in 2032.
- By application, the shrink sleeves segment is set to generate about 40% of the global market share in 2032.
- The U.S. plastic shrink wrap market is expected to be valued at US$ 512 Mn by the end of 2032.
- The India plastic shrink wrap market is projected to reach a valuation of US$ 214.3 Mn by 2032.
- The global plastic shrink wrap market exhibited growth at a CAGR of 3.1% over the historical period of 2015 to 2021.
“Plastic shrink wraps are expected to gain traction in the next decade due to surging consumer preference for packaged foods. Premium polyolefin shrink wraps are set to replace PVC shrink wraps due to their ability to provide robust food safety, sustainability, and high tensile strength,” comments a FMI analyst.
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High Flexibility and Durability of Plastic Shrink Wraps to Aid Growth
Plastic shrink wrap is highly flexible and due to this factor, packaging can be easily modified and can retain any shape or size. Flexible plastic wrap can also help in developing a tamper-proof package.
As shrink wrap is highly durable, it is difficult to tear and does not become brittle when it comes in contact with sunlight. Apart from durability and resistance to tearing, flexible wraps can increase the shelf-life of the product. Owing to its characteristics of flexibility, durability, and high tear resistance, several manufacturers are opting for this type of packaging, which is set to drive the global market.
Demand for Plastic Shrink Wraps to Surge in the Food Manufacturing Industry
Due to changing lifestyles and rising consumer preference for packaged food items, demand for plastic shrink wraps is increasing across the globe. Plastic shrink wrap acts as a protective barrier, increases the versatility of labeling, is cost-effective, and is intended to increase the shelf life of products. Plastic shrink wrap is a regular choice of food manufacturing companies as it helps in preserving various food and beverages, as well as extending their shelf life.
Competitive Landscape: Plastic Shrink Wrap Market
Some of the key players present in the global plastic shrink wraps market are Amcor plc, International Plastics Inc., Intertape Polymer Group Inc., J K Polyfilm, Coveris Holdings sa, Ceisa Semo, Clondalkin Group, RKW Group, Berry Global Inc., Plastotecnica SpA, Clearpack group, Baroda Packaging, Brentwood Plastic, Inc., Aintree Plastics Limited, Elite Plastics Ltd., Xinjiang Rival Tech Co. Ltd., and Poly-Pack Verpackungs-GmbH & Co. KG.
Get More Exclusive Insights on Plastic Shrink Wrap Market
Future Market Insights, in its new report, offers an unbiased analysis of the global plastic shrink wrap market by material (polyvinyl chloride (PVC), polyethylene terephthalate glycol (PETG), and oriented polystyrene (OPS)) and application (neck banding, shrink sleeves, shrink bundling, wrapping, and others) across seven regions.
Global Plastic Shrink Wrap Market Outlook by Category
By Material:
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate Glycol (PETG)
- Oriented Polystyrene (OPS)
By Application:
- Neck Banding
- Shrink Sleeves
- Shrink Bundling
- Wrapping
- Others
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