In 2021, the heat shrink packaging market was estimated to be worth around US$ 4.3 Bn, based on research by Future Market Insights. Sales of heat shrink packaging are projected to grow at a CAGR of 4.6% and reach US$ 7.0 Bn by 2032.
The largest share of the global heat shrink packaging market is anticipated to belong to the end-use category for food and beverages. By the end of 2032, the target sector is anticipated to control around 49% of the global heat shrink packaging market.
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Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Heat Shrink Packaging
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Heat Shrink Packaging market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Heat Shrink Packaging Market Takeaways and Projections
- The U.S. is expected to lead the North America Heat Shrink Packaging market, projecting the fastest growth in the region between 2022 and 2032
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2032.
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Report Benefits & Key Questions Answered
- Heat Shrink Packaging Historical Market Analysis: The detailed survey by FMI, examines key factors in the Heat Shrink Packaging market that affected the growth in the market for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Heat Shrink Packaging market for the forecast period 2022-2032.
- Heat Shrink Packaging Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Heat Shrink Packaging for the assessment period. As per the study, the demand for Heat Shrink Packaging will grow at a robust CAGR between 2022 and 2032.
- Heat Shrink Packaging Market Trend Analysis: The latest study by FMI on the Heat Shrink Packaging market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Heat Shrink Packaging market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
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Heat Shrink Packaging Market by Category
By Material type, Heat Shrink Packaging Market is Segmented as:
- Polyethylene (PE)
- Polyolefin (POF)
- Polyvinyl Chloride (PVC
- Polypropylene (PP)
By End Use Industry, Heat Shrink Packaging Market Segmented as:
- Food & Beverage
- Electrical & Electronics
- Healthcare
- Automotive
- Consumer Goods
- Others (Personal Care & Cosmetics, Homecare)
By Region, Heat Shrink Packaging Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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