Stretch and Shrink Film Industry Overview
The global stretch and shrink film market size was estimated at USD 14.27 billion in 2019 and is projected to register a 5.5% CAGR during the forecast period.
Burgeoning food processing industry is expected to drive the market growth. In addition, high demand for fruits, vegetables, and other food products is expected to further drive the product demand. Raw material manufacturers such as BASF SE and Arkema S.A. manufacture materials such as polyethylene and polyvinyl chloride that are produced from chemicals such as ethylene and vinyl chloride. The companies are mostly backward integrated i.e. they are involved in the production of ethylene and vinyl chloride for product manufacturing.
Gather more insights about the market drivers, restraints, and growth of the Global Stretch and Shrink Film market
Rising replacement of conventional packaging materials with stretch and shrink films can be attributed to the growth of the market in the U.S. The presence of a number of international and local manufacturers in the economy coupled with growing penetration of the products based secondary packaging is expected to benefit the growth. The country is one of the largest manufacturers of processed food which is a major application area for stretch films in both primary and secondary packaging. The demand for LLDPE based films in food processing industry is expected to witness growth on account of high transparency coupled with superior performance as a food contact material.
The manufactured products are primarily distributed through a distribution channel setup by manufacturers or through a third-party distribution channel. Companies such as Allied Plastics, Genuine Package Venture, and AmTopp distribute products through well-established distribution channels. The raw material prices exhibit a high degree of volatility owing to fluctuating crude oil prices which further imparts a degree of uncertainty in the price of shrink films.
Decreasing preference for polyvinyl chloride films is anticipated to fuel the demand for polyethylene-based plastic films in near future. The stretch and shrink film market is expected to witness significant growth owing to growing technological innovations with respect to stretch films. For instance, introduction of highly advanced packaging film by SABIC manufactured through a multilayer and polymer blend technology that offers increase load stability for food product packaging.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
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Market Share Insights
June 2016 - Introduction of highly advanced packaging film by SABIC manufactured through a multilayer and polymer blend technology that offers increase load stability for food product packaging.
Key Companies profiled:
Some prominent players in the global Stretch & Shrink Film market include.
- Dow
- Bemis
- LyondellBasell
- Linpac Senior Holdings Limited
- Bonset America Corporation
- Groupo Barbier rely
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