The stretch film market is projected to grow steadily between 2022 and 2030, with a compound annual growth rate (CAGR) of 4.7%, according to a report by Future Market Insights (FMI). By the end of this period, the market is expected to reach a value of US$ 3.7 billion.
The growth of the stretch film market can be attributed primarily to the increasing consumer demand for packaging materials that are lightweight and environmentally friendly. Stretch films are highly flexible and elastic, making them suitable for various packaging applications. They offer excellent packaging options due to their resistance to moisture and air.
The demand for stretch films is anticipated to rise, particularly in the food and beverage industry and the e-commerce sector, due to the need for bulk packaging. These films provide durable and efficient packaging solutions, which drives consumer demand for these products. The ability of stretch films to provide airtight packaging and their recyclability or burnability after use have raised awareness about environmental and hygiene concerns.
It’s important to note that the information provided is based on the analysis by Future Market Insights. As an AI language model, I don’t have access to real-time data or the ability to verify specific market predictions. To obtain the most accurate and up-to-date information about the stretch film market, it is advisable to refer to the latest industry reports and consult industry experts.
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Key Takeaways from the Stretch Films Market Report
- The stretch films market is expected to grow at a CAGR of 4.7% due to increasing demand for safe and efficient packaging
- South Asia is expected to offer lucrative growth opportunities to the market applications of stretch films in the food and beverages industry continue to rise
- Linear low density polyethylene (LLDPE) will remain the preferred polyethylene due to demand for damage resistant packaging during product transportation
- Demand from the food and beverages industry is expected to grow due to increasing use of stretch films for strong and lightweight packaging
Market Growth to Amplify?
“Durable and Tear Resistant Flexible Packaging Formats to rule”
Flexible packaging is widely preferred due to being cost-effective, durable, and lightweight. Flexible packaging occupies smaller spaces during accommodation on shelves. Flexible packaging formats such as stretch films enhance the aesthetic appeal of the product and can augment product branding, added with durable packaging. Thus, an increasing inclination of product manufacturers towards the adoption of flexible packaging solutions over rigid packaging in primary packaging is observed.
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Who Is Winning?
Companies operating in the market are alternatives to increase sustainability. Innovations and advancements by leading players are intended to gain competitive advantage in the market.
Megaplast introduced ‘Fiber Stretch Films’ that contain 30% PCR content that enable recycling and are an eco-friendly choice.
Barbier Group’s Recyplast is integrated using 20% of real post-consumer waste. Their down gauged films display 15% cost reduction.
Competitive Landscape
The key players in stretch films market are onto price discounts and reductions for getting an access to wider customer base. Customization is another strategy on the anvil.
- Transcontinental Inc., post acquisition of Coveris Holdings S.A., has enhanced its product portfolio with respect to the above-mentioned parameters.
Key Players:
- Allen Plastic Industries Co. Ltd
- Vishakha Polyfab
- Four Star Plastics
- Griff Paper and Film
- CS Hyde Company
- International Plastics Inc.
Key Insights oF The Report
- Key Trends in the stretch films market
- New Advancements in Production Technologies
- New Product Launches, Expansions of stretch films market
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Key Segments Covered in Stretch Films Industry Research
Stretch Films Market by Material:
- Polyethylene (PE)
- High – DensityPolyethylene (HDPE)
- Low – DensityPolyethylene (LDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Others
Stretch Films Market by Manufacturing Process:
- Cast Stretch Film
- Blown Stretch Film
Stretch Films Market by End-use:
- Constructions
- Food and Beverages
- Pharmaceutical
- Consumer Product
- Paper
- Textile
- Chemicals &Fertilizers
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