According to Future Market Insights research, during the anticipated period, the heat shrink packaging market was valued at around US$ 4.3 Bn in 2021. Heat Shrink Packaging sales are anticipated to increase at a CAGR of 4.6% and top a valuation of US$ 7.0 Bn by 2032.
The food & beverage end-use segment is projected to hold the major portion of the global heat shrink packaging market. The target segment is estimated to hold around 49% of the global heat shrink packaging market by the end of 2032.
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Historic Market Outlook for Heat Shrink Packaging Market
The heat shrink packaging market created an incremental opportunity of US$ 736 Mn during the historic years 2015-2021 and held the market value of US$ 3.5 Bn in 2015 and reaching around US$ 4.3 Bn by the end of 2021. Thus, the market for heat shrink packaging is expanding at a remarkable rate over the last few years.
The rapidly growing demand for packaged food and beverages, electronics, healthcare, etc. is driving the heat shrink packaging market. Due to high demand in these industries manufacturing units have started increasing their capacity to cope with the demand and satisfy their consumers. Heat Shrink packaging is generally used to increase its durability by combining multiple products into one package unit. This works best in packaging small products together in one combined package unit as it allows seamless and smooth transportation. It helps in lowering cost-effective methods and increases the shelf life of these products.
Also due to increasing economic growth all around the globe, there is a rise in demand for packaged foods. And this in turn is increasing the demand for the heat shrink packaging market.
Which factors are driving the demand for Heat Shrink Packaging Market?
The heat shrink packaging market has increased widely in recent years. The food & beverage sector and healthcare sector have majorly been a part of the huge profit in the market. Heat shrink packaging is used for the packaging of various products. Heat shrink packaging is made of recyclable material such as polyolefin, polyethene (PE) polyvinyl chloride (PVC), etc. which can be further reused. With the recyclable feature, these heat shrink packaging bags are in huge demand.
Heat plays a vital role in the shrink packaging market. Heat machines are used to shrink-wrap the products to combine into one unit. So protection is the second major factor driving the heat shrink packaging market. When heat is generated to wrap the shrink bags to products, it makes a tight seal and combines the small products into one. Once this is done it gets very easy for transportation, as well as the product packaged, stays safe for a longer time. This helps the product to stay safe from moisture or dust from the environment. Also, heat shrink packaging bags are very affordable and it saves the space of bulky packages like boxes saving money and space for the manufacturers.
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What Are the Latest Market Trends for the Heat Shrink Packaging Market?
The packaging industry has changed drastically in recent years. It has made many positive changes and has flourished enormously. The same is with the heat shrink packaging market. With increasing lifestyle changes, sustainability is the most important change everyone is trying to adopt. Manufacturers in this market are also looking for sustainable packaging solutions by eliminating toxic substances from the shrink packaging materials. This in turn recycles the product and helps to maintain the product performance.
When the products are shrink-packed and sealed, it is easy to identify if any tampering is done after the packaging as it holds its shape tight without loosening. Due to this many food and health care companies shrink their products now for the safety of their products to rectify the tampering if done in future. Thus these are the latest market trends driving the heat shrink packaging market.
Competitive Landscape
The heat shrink packaging market is differentiated due to the presence of many market players around the world. With the presence of different regional and local competitors in the market, the heat shrink packaging market is highly competitive. Key players are focusing on various different strategies to increase their revenue and market share in the global market such as capacity expansion, mergers & acquisitions, expansions, collaborations, and partnerships.
Some of the recent developments in the market are as follows –
- November, 2021 – EDL Packaging Inc, a top leader providing packaging solutions and systems, inaugurated a new and improved a shrink bundling system which is double tight wrap DTW 25. The system is built with an easy-to-clean design that allows constant cleaning and meets regulatory needs.
- June, 2022 – Amcor Plc, a global leader in building and providing best packaging solutions, declared rebranding of product to provide sustainable packaging solutions to the customers to give a clear and holistic view.
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Heat Shrink Packaging Market by Category
By Material type, Heat Shrink Packaging Market is Segmented as:
- Polyethylene (PE)
- Polyolefin (POF)
- Polyvinyl Chloride (PVC
- Polypropylene (PP)
By End Use Industry, Heat Shrink Packaging Market Segmented as:
- Food & Beverage
- Electrical & Electronics
- Healthcare
- Automotive
- Consumer Goods
- Others (Personal Care & Cosmetics, Homecare)
By Region, Heat Shrink Packaging Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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