Stretch wraps or shrink films can prove inefficient in protecting the packages completely. As a result, an increasing number of manufacturers are inclined towards automation and reducing labor work as much as possible. As per a new study by Future Market Insights (FMI), this will enable growth in the stretch hood films market, which is expected to surpass US$ 767.9 Mn by 2022.
In some countries lack of labor is one of the key factors which makes automation a more efficient solution in the long run. Furthermore, unlike stretch wraps and shrink wraps, stretch hood films provide all surface protection. Stretch hood films are gaining traction among the end users as they do not require separate heating unit like shrink films when combined with the stretch hood wrappers. Thus, they save consumables and energy which are essential in heat shrink systems. Therefore, stretch films are predicted to hold a major pie in the global packaging market in near future.
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Besides this, stretch hood film provides improved quality of wrapping. It gives a perfect presentation to the wrapped products eliminating the appearance of folds and creases which is common in shrink wrapping. Most of the consumers are gradually shifting to stretch hood films from tradition packaging and wrapping approaches as these films gives enhanced aesthetic looks, transparency, and gloss to show the contents of the load.
Stretch hood packaging offers great efficiency for securing pallet unit loads. Products packaged with stretch hood films enable maximum coverage as the package is covered horizontally and in transverse directions as per the packaging application.
Who is Winning?
- Sigma Plastics Group,
- Coveris Holdings S.A.,
- Novolex Holdings, Inc.,
- AEP Industries Inc.,
- Integrated Packaging Group Pty Ltd,
- Trioplast Industrier AB,
- Muller Load Containment Solution,
- RKW Group,
- Muraplast d.o.o.,
- Thrace Synthetic Packaging Limited,
- Rosenflex(UK) Limited,
Manuli Stretch S.p.A, Shields Bag and Printing Co., UAB Umaras, Gebr Duerrbeck Kunststoffe Gmbh Limited, Aalmir Plastic Industries and NPF Polyfilms Pvt Ltd are prominent players in the stretch hood films market. The stretch hood films market is fragmented and the key players in the market hold 15–20% share in the global stretch hood films market.
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Polyethylene stretch hood films are highly sought-after. As per FMI, polyethylene will be used in the production of nearly 70% of stretch hood films produced through 2031. Among end users, the demand from the construction sector also is expected to rise in the coming years.
Key Takeaways of Stretch Hood Films Market Study
- Stretch hood films sales are poised to surge, enabling the market exhibit 2.8% y-o-y growth in 2021, after a period of setback in 2020
- With manufacturing rising consistently, coupled with the demand for advanced packaging solutions, the U.S. will account for over 88% of sales in North America
- While 2020 proved uneventful, the U.K. market will register a positive 3.7% y-o-y growth in 2021
- Expansion of construction sector will fuel demand for stretch hood films in Japan and South Korea
- South Korea will exhibit higher rate of growth yet China will remain the dominant market for stretch hood films in East Asia
“Closed film hoods lead to better theft protection compared to stretch wrapping. Stretch hood films further prevent dirt and moisture from damaging the products during loading and shipment.” says an FMI analyst.
Stretch Hood Films Find Application in Diverse Industries
Stretch hoods machine is one of the latest palletizing technology and offers benefits when compared to other palletizing methods. In recent times, stretch hood films manufacturers have not only improved the packaging technique and quality, but also emphasized on the quality of raw materials used to enhance performance. Stretch hood films manufacturers are continuously working on production of stretch hood films with more elasticity and reduced thickness.
Using stretch hood films reduces plastic consumption by 20%-30% as compared to shrink hoods or stretch film. It encourages manufacturers to grab this opportunity and innovate products which are less harmful to the environment. These films can be recycled easily so it drastically brings down the recycling cost.
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Increasing opportunities created by innovative product offerings are anticipated to induce established players to invest in research and development activities to further improve performance of stretch hood films. Increased load stability and elasticity of stretch hood films has created lucrative opportunity for the manufacturers of stretch hood films to cater multiple end use industries such as food & beverage, textile, shipping and construction among others.
Impact of COVID-19 on Stretch Hood Films Market
E-commerce and cargo shipments have been transporting huge number of products. Stretch hood films ensure load stability for transportation at the same time provide total visibility to the contents of a pallet. In the recent years, logistics industry has gained prominence due to rising technology. However, the outburst of COVID-19 pandemic has turned the normal functioning of the logistics sector.
Sudden drop in consumer demand created an immediate impact on shipping and port operations activity levels and altered corporate strategies. Lockdown across multiple geographies led to port congestion and reduced demand of stretch hood films from logistics industry. Trends in industry such as food & beverage and medical products confirmed resilience for demand of basic goods, which had continuous demand for packaging of goods.
Key Questions Answered in the Report:
(1) What are the growth opportunities for the new entrants in the Global Stretch Hood Films industry?
(2) Who are the leading players functioning in the Global Stretch Hood Films marketplace?
(3) What are the key strategies participants are likely to adopt to increase their share in the Global Stretch Hood Films industry?
(4) What is the competitive situation in the Global Stretch Hood Films market?
(5) What are the emerging trends that may influence the Global Stretch Hood Films market growth?
(6) Which product type segment will exhibit high CAGR in future?
(7) Which application segment will grab a handsome share in the Global Stretch Hood Films industry?
(8) Which region is lucrative for the manufacturers?
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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