Stretch and Shrink Film Market
NEW YORK, Jan. 18, 2022 /PRNewswire/ — 48% of the growth will originate from APAC for the stretch and shrink film market. China, India, and Japan are the key markets for stretch and shrink film in the region. Market growth in APAC will be faster than the growth of the market in the rest of the regions. The significant increase in industrialization will facilitate the stretch and shrink film market growth in APAC over the forecast period. Technavio has been monitoring the stretch and shrink film market and it is set to grow by USD 4.28 billion from 2020 to 2025. The report projects the market to progress at a CAGR of 5.50%.
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Stretch and Shrink Film Market: High elasticity and stretchable properties to drive growth
The high elasticity and stretchable properties are some of the key drivers for the stretch and shrink film market share growth. Stretch films are specially prepared to easily stretch and wrap around objects (depending on the type of the film) to protect them from damage or loss. These films protect the objects from load tampering and also reduce packaging and transportation costs to a great extend. Moreover, these stretch films have a smooth surface for placing shipping labels, documents, and other information and protecting the surrounding boxes from damages & losses. Whereas, shrink films are used to wrap large objects in various sizes and shapes. Moreover, these films are thicker than the stretch films and have high transparency and strength, and are widely used by global manufacturing industries. Therefore, both the stretch and shrink films are highly elastic and durable in their own uniqueness and these factors are estimated to drive the stretch and shrink film market during the forecast period.
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Stretch And Shrink Film Market: Segmentation Analysis
This market research report segments the stretch and shrink film market by Application (Food and beverages, Industrial/bulk, Consumer goods, and Others), Type (Stretch film and Shrink film), and Geography (APAC, North America, Europe, South America, and MEA).
The stretch and shrink film market share growth by the food and beverages segment will be significant for revenue generation. Due to their high strength and durability, these films are used in fresh food and beverages packagings such as dairy products, poultry, seafood and meat, fruits, and vegetables. Additionally, these films are also used to wrap baked products as they are moisture-resistant and are also suitable for packaging heavy loads. Also, these films offer a clear display of the food products through their packaging solutions. Thus, the stretch and shrink film market growth is expected to boost especially through its food and…
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