Market Synopsis

Stretch and Shrink Film Market Size was valued at USD 15.9 billion in 2021. The stretch and shrink film market industry is projected to grow from USD 16.8 billion in 2022 to USD 24.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2022–2030). The expansion of the worldwide stretch and shrink film market is anticipated to be fueled by an increase in demand for lightweight materials for industrial packaging. Transportation of cargo and goods to diverse regions around the world is a byproduct of ization. These are projected to serve as market drivers for market advancement.

Market USP Covered:

Market Drivers:

The flourishing food processing sector worldwide will have a tremendous impact on the worldwide market. Widespread demand for vegetables, fruits, and various food products will also enhance the use of stretch and shrink films in the years to come. Raw material developers like Arkema S.A. and BASF SE manufacture a variety of materials such as polyvinyl chloride and polyethylene, made from chemicals including vinyl chloride and ethylene. 

Traditional packaging materials are increasingly being replaced by stretch and shrink films, which could be one of the top reasons for the robust market growth in the United States. A large number of local and international manufacturers present in the country combined with the surging demand for secondary packaging will ensure consistent market expansion in the country. The US is one of the leading developers of processed foods, which is a prominent application of stretch and shrink films in primary as well as secondary packaging. The use of LLDPE-based films in the food processing sector will see considerable growth, thanks to the provision of high transparency and impressive performance as a food contact material.

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Market Competitive Landscape:

Prominent companies in the stretch and shrink film industry are

• Dow
• Berry Plastics
• Vitopel
• Anchor Packaging
• Intertape Polymer Group
• Bemis Company
• Paragon Films
• FUJI

Market Restraints:

Stretch and shrink films are typically developed using polyethylene plastic, and polyolefin plastics respectively. Fluctuating prices of raw materials affect the production rate of these films, which can prove to be a huge restraint for the manufacturers active in the market.

COVID 19 Analysis

The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.

The pandemic has had a brutal impact on almost every sector since the majority of the countries are under lockdowns with transportation restrictions. This has brought down the production and demand rate of stretch and shrink films Industry Analysis. However, the soaring popularity of the e-commerce sector will prove to be favorable for the worldwide market, helping it gain traction again in the years to come.

Market Segmentation

By Resin

LLDPE, LDPE, and PVC are the key resin-based segments in the market.

LLDPE stretch and shrink films will witness considerable demand over the review period, owing to the thriving e-commerce sector. Factors like the surging health consciousness among consumers and the rising preference for smaller-sized packing among nuclear households will further encourage the sales of LLDPE stretch and shrink films.

Furthermore, the polyvinyl chloride-based film segment can expect to record significant growth as well, on account of the surging use in secondary packaging. Impressive sealing properties and the ability to remain high quality in manual, as well as automated operations, will further augment the product demand.

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By Product

Hoods, Sleeves Labels and Wraps are the major products specified in the report.

Stretch hoods’ widespread use in palletizing goods is a major reason for the segment’s rapid growth in the market. Significant demand from prominent exporting countries like China and India owing to the mounting need to bring down transportation costs and ensure product integrity will enhance the demand for stretch hoods. Stretch hoods also find widespread use in secondary packaging of different food products like vegetables and fruits, which will further impel the segment’s growth in the future.

By Application

Food Beverage, Industrial Packaging, Consumer Goods, and pharmaceuticals are the top applications of stretch and shrink films.

Food and beverage segment has emerged as the biggest application of stretch and shrink films, considering the substantial demand for packaged foods such as frozen meals, ready-to-eat meals, bakery products, and snack foods. Additionally, soaring demand for these films for packaging frozen and fresh food items like fruits, vegetables and meat will drive the market demand.

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Regional Insights

Asia Pacific can expect to be the market leader in the coming years and will maintain dominance all through the review period. Recording the fastest growth rate, the regional market will benefit from the thriving food beverage sector, especially in China as well as India. Heightened preference for packaged food combined with the mounting disposable incomes of consumers in the region will foster the demand for stretch and shrink films in the forthcoming years.

The European market will however experience limited growth. This could be due to the declining demand for stretch and shrink films in the packaging in line with the strict regulations banning the use of plastics in the food sector. Nevertheless, France and Germany can continue to be the top markets in the region, as the majority of the manufacturers in these countries ensure adherence to the mandated regulations.

North America is a promising market for stretch and shrink films, thanks to the mounting knowledge about the benefits and the high focus on maintaining the quality of processed food products. The market will also be driven by the contribution of several consumer goods manufacturers, such as Groupo Bimbo. Stretch and shrink films are increasingly being used in the region for the packaging of personal care, household products, and beverages.

Markets in Latin America and the Middle East Africa will show moderate, with the majority of the demand being generated by GCC countries.

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