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 share of US$ 4.67 billion by 2033 while it is likely to be valued at US$ 3.13 billion in 2023
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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 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.
- 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.
Key Points
- The United States market leads the plastic shrink wrap market in terms of market share in North America. The United States region held a market share of13.8% in 2022. The growth in this region is attributed to the high penetration of e-commerce, online shopping, and high number of supermarkets and hypermarkets. North America’s market held a share of 23.6% in 2022.
- Germany’s market is another important market in the Europe region. The market held a market share of 5.8% in 2022. The growth is attributed to many businesses advancing their packaging capacity, keeping the bundles and packages clean. Europe’s market held a market share of 20.1% in 2022.
- India’s plastic shrink wrap market thrives at a CAGR of 5.4% between 2023 and 2033. The growth is attributed to the expanding warehouses, e-commerce penetrations, and increased per capita income.
- China’s market also thrives at a CAGR of 2.9% during the forecast period. The flourishing growth is caused by enhanced manufacturing and packaging lines.
- Based on the material type, polyethylene terephthalate glycol (PETG) leads the market as it held a significant share of 66.3%in 2022.
- Based on application type, the shrink sleeves segment leads the market as it held a notable market share of 41.1% in 2022.
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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.\
- r IKEA
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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