Global Shrink Plastic Film Market Size, Trends & Analysis - Forecasts to 2026 By Type of Application (Alcoholic Beverages, Water, Carbonated Soft Drinks, and Other Drinks); By Type (Unprinted, and Printed); By Multipack (3X2, 4X2, 4X3, 6X3); By Packaging (Can, Bottle, and Brick); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Shrink Plastic Film Market Insights
The global shrink plastic film market will witness a moderate growth rate between the forecast period (2020-2026). Shrink plastic film is made by using polymer plastic film which is used to cover the product and on heating get shrink tightly over the product. This cover is generally used to cover food, boxes, bottles, and others. Factors such as increasing demand for canned and bottled products in various regions are the key factors prevailing shrink plastic market in the coming years. The in-build characteristics of shrink plastic film to get mold according to the shape, size, and purpose of storage, transportation of edible items which further enhance the application range and demand of the shrink plastic films in the market.
However, the availability of alternative plastic material, high manufacturing cost, and instrumentation cost required for operation are quite high in comparison to normal plastic films for product packaging which turn out to be the factors hampering the shrink plastic film market. Currently global pandemic demands hygiene of packaging products coupling with the safety of the product therefore leading to restraint the growth of the market in the coming years.
Shrink Plastic Film Market: By Type of Application
Given by application, the market is explained into the water, alcoholic beverages, and carbonated soft drinks, among others. The water segment will dominate the market between the forecast period (2020-2026). Both water and carbonated soft drink companies utilize the shrink plastic films on a high rate for packaging and advertising their products and hence end up uplifting the market share.
Shrink Plastic Film Market: By Type
The market is segmented into unprinted and printed based on type segment. The unprinted segment is expected to dominate the shrink plastic market in the forecast years due to properties such as cost efficiency, versatility, and lesser cost in comparison with the printed segment. Furthermore high demand for the unprinted segment for transportation of beverages and sealability is the additional driving factor for the shrink plastic film market.
Shrink Plastic Film Market: By Multipack
One the basis of the multipack, the market is bifurcated into 3X2, 4X2, 4X3, 6X3. The 4X2 size is most likely to dominate the market as most of the end-users such as craft beer, and soft drinks use this arrangement for selling product. However, with the increasing number of beverages based companies, the 4X3 size segment is projected to grow at the fastest rate in the coming years as they favor to sell high volume product in a single go.
Shrink Plastic Film Market: By Packaging
Based on packaging, the market is segmented into can, bottle, and brick. The bottle is the most dominating packaging segment in comparison to other segments. As the bottle is stable and safer for transportation of products, therefore, are preferred by several key beverages’ players to protect the product and deliver without any loss. The bottle is more transparent and appealing for advertisement which is a very important criterion to attract customers and hence lead to an increase in the product demand.
Shrink Plastic Film Market: By Region
Based on the region, the market is segmented into North America, Asia-Pacific, Europe, Middle East, and Africa, and Central & South America. Europe region holds the largest share
in the global market. The increased demand for ready-to-drink beverages which can be consumed anywhere is the driving factor for the global market setup.
Asia-Pacific and North America are the other regions that are expected to show the fastest growth of shrink plastic film market in the coming years. The rising application of shrink plastic film market and changing preference in the food & beverage industries, are the leading reasons for the demand for the product and hence end up building up a great business in these regions.
Shrink Plastic Film Market Share and Competitor Analysis
The key companies involved in shrink plastic films include Aintree Plastics Limited, Elite Plastics Ltd., Xinjiang Rival Tech Co. Ltd, Poly-Pack Verpackungs-GmbH & Co. KG, Huan Yuan Plastic Film Co. Ltd, Clondalkin Group, Coveris Holdings Sa, Amcor Plc, Ceisa Semo, Plastotecnica SpA, RKW Group, Allied Propack Pvt. Ltd., Baroda Packaging, Berry Global Inc, Sarkina, Clearpack group, Don Polymer Jiangyin Bairuijia Plastics Science & Technology Co., Ltd., and Sandeep Polymers among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In September 2020, Amcor Plc in collaboration with Nestle launched the world's first recyclable pouch for pet food, which will improve up to 60% of the environmental carbon footprint.
In August 2020, RKW Group (Germany) launched the RKW ProVent bag for packaging. The bag is meant for powder-based good which is a sustainable, recyclable, and most cost-efficient plastic alternative to paper bags.
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The Global Shrink Plastic Film Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Shrink Plastic Film Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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