The rising demand for flexible packaging that covers the maximum area possible is adding value to the market. It is designed to carry a shrink-wrap bag. Furthermore, the usage of it to secure lids and caps is also garnering the attention of manufacturers and packagers.
The plastic shrink wrap market is anticipated to expand its roots at an average CAGR of 4.1% between 2023 and 2033. The market is expected to have a market of US$ 4.67 billion by 2033 while it is likely to be valued at US$ 3.13 billion in 2023
The high protection and durability, and tamper-proofing capabilities are expected to increase its adoption of plastic shrink wraps. Alongside this, high preservation and convenience is delivered through these packaging styles.
The new opportunities with expanding e-commerce and regular maintenance are likely to garner market growth. They are temperamental with different ranges of temperatures, forming brittleness when too cold.
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New high quality with 100% recyclable materials along with durable, versatile, and affordable wraps are anticipated to make the change in the flexible packaging sector. Moreover, the elements like low-density polyethylene, linear low-density polyethylene, and high-density polyethylene are helping different types of applications.
Market Trends
The surge in the demand for packaged food items, fueled by significant shifts in lifestyles, has led to an increased reliance on plastic shrink wrap packaging across various industries. Notably, plastic shrink wraps crafted from polyolefin are recyclable, offering a sustainable solution, and provide a convenient surface for companies to print essential information.
The versatility of plastic shrink wraps extends to their printability, allowing high-quality graphics that captivate consumers’ attention easily. This printability not only enhances visual appeal but also adds a glossy finish, elevating the overall appearance of the packaged products. Moreover, the cost-effectiveness, environmental friendliness, and strong shelf appeal of plastic shrink wraps make them a preferred choice.
In the packaging industry, there is a growing demand for printed plastic shrink wraps due to their ability to save costs on labeled items and Universal Product Code (UPC). Particularly suitable for industries prioritizing sustainability, durability, cost-effectiveness, and robust packaging for heavy items, printed plastic shrink wraps are emerging as an ideal solution.
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Competitive Landscape
The key vendors focus on sustainable material and 100% recyclable products. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Amcor plc has introduced a broad range of shrinkable thermoforming films that come with the adapted barrier and sealing properties for dairy. The product comes with high O2 barrier to enhance the shelf life.
- J K Polyfilm has launched the lope shrink film, heat shrink film, shrink wrap film, and VCI film.
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Key Players Profiled in the Plastic Shrink Wrap Market
- Amcor plc
- International Plastics Inc.
- Intertape Polymer Group Inc.
- J K Polyfilm
- Coveris Holdings sa
- Clondalkin Group
- CeisaSemo
- Clondalkin Group
- RKW Group
- Berry Global Inc.
- PlastotecnicaSpA
- Clearpack group
- Baroda Packaging
- Brentwood Plastic, Inc.
- Aintree Plastics Limited
- Elite Plastics Ltd.
Key Segments Covered
By Material:
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate Glycol (PETG)
- Oriented Polystyrene (OPS)
By Application:
- Neck Banding
- Shrink Sleeves
- Shrink Bundling
- Wrapping
- Others
By Pattern:
- Floral
- Abstract
- Geometric
- Striped
- Checkered
- Modern
- Paisley
- Character
- Solid
- Ornament
- Polka Dot
Key Regions Covered:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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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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