The North American cast stretch films Market, predominantly centered in North America and Europe, is experiencing significant developments, particularly in North America, which is witnessing a surge in advanced manufacturing techniques and technologies. Manufacturers are increasingly focusing on improving the retention force in these films, a move that promises to reduce film consumption, lower costs, and enhance availability on a global scale.
This commitment to innovation in North America is bringing about notable improvements in film quality, thickness consistency, and load retention properties. These enhancements are aligning the industry with the evolving needs of various sectors relying on casting stretch films for packaging and shipping purposes.
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Furthermore, the presence of stringent regulations and guidelines concerning the safety and quality of packaging materials is compelling North American manufacturers to develop cast stretch films that meet these standards. Compliance with these regulations is not only a regulatory requirement but also a key selling point for market players, assuring customers of the safety and reliability of their products. As a result, North America is projected to maintain a healthy Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period, underscoring its pivotal role in the cast stretch film industry.
The global cast stretch films industry is anticipated to reach a valuation of US$ 2.6 billion in 2023, driven by rising demand for efficient packaging solutions. The trend is expected to create new opportunities for the industry, leading to a projected CAGR of 4.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 4.1 billion by 2033.
One of the major factors contributing to the growth of the cast stretch films industry is the growth of eCommerce. The explosive growth of e-commerce has transformed the retail landscape, placing heightened emphasis on reliable and secure packaging for goods shipped directly to consumers. Cast stretch films offer a protective barrier that keeps products intact and prevents pilferage, making them an essential component of e-commerce packaging.
Cast stretch films contribute to supply chain optimization by enhancing the stability of palletized loads, which leads to fewer instances of product damage, minimizing waste, and reducing the need for costly returns or replacements. Businesses recognize the cost savings and operational efficiencies gained through improved supply chain management.
Industries are shifting towards more sustainable packaging solutions, with increasing environmental concerns. Cast stretch films made from recyclable materials, biodegradable polymers, or those with reduced material usage align with sustainability goals and appeal to environmentally conscious consumers.
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Key Takeaway:
- Global cast stretch films industry was valued at US$ 2.5 billion by 2022-end.
- From 2018 to 2022, the industry demand expanded at a CAGR of 2.1%.
- North America is expected to hold a dominant CAGR of 4.6% during the forecast period.
- By material type, linear-low density polyethylene (LLDPE) segment is expected to constitute a CAGR of 4.6% in 2033.
- On the basis of end use industry, the food & beverages segment is expected to dominate the market with a CAGR of 4.6% in 2033.
- From 2023 to 2033, cast stretch films industry is expected to flourish at a CAGR of 4.7%.
- By 2033, the industry value of cast stretch films is expected to reach US$ 4.1 billion.
Advancements in material science, across the globe, is a major factor that is expected to propel the growth of the cast stretch films market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the cast stretch films industry are Sigma Plastics Group, Inc., BP Plastics Holding Bhd, Clondalkin Group Holdings BV, Borealis AG, Bischof + Klein, Winpak Ltd., Berry Global Inc., Jindal Poly Films Limited, SML Maschinengesellschaft mbH, and Amcor Plc., among others.
Recent Developments:
- In 2023, Berry Global acquired Clondalkin Group Holdings BV, a leading manufacturer of cast stretch films.
- In 2022, BP Plastics Holding Bhd. launched its new line of high-barrier cast stretch films.
- In 2022, Jindal Poly Films Limited expanded its production capacity for cast stretch films in India.
- In 2021, Clondalkin Group Holdings BV acquired the assets of AEP Industries, a leading manufacturer of cast stretch films in North America.
Key Companies Profiled:
Sigma Plastics Group, Inc
BP Plastics Holding Bhd
Clondalkin Group Holdings BV
Borealis AG
Bischof + Klein
Winpak Ltd.
Berry Global Inc.
Jindal Poly Films Limited
SML Maschinengesellschaft mbH
Amcor Plc.
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Key Segmentation:
Material Type:
- Polyethylene (PE)
- Linear Low-Density Polyethylene (LLDPE)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polyamide (PA)
- Others
Thickness:
- Up to 30 micron
- 31 micron – 50 micron
- 51 micron – 70 micron
- Above 70 micron
Layer Type:
- Single Layer
- Multi – Layer
End Use Industry:
- Food & Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Electrical & Electronics
- Home Care
- Chemicals
- Other
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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