In the world of packaging, where efficiency, protection, and sustainability are paramount, stretch films stand out as versatile solutions with a wide array of applications. Among the regions embracing this innovation, North America stands as a key player, boasting a thriving market for stretch films.
Stretch films, also known as stretch wrap, are thin plastic films primarily used to wrap around products and secure them to pallets during transportation and storage. Their elasticity allows them to tightly conform to the shape of the product, providing stability and protection against dust, moisture, and tampering.
Request a Sample Report! https://www.futuremarketinsights.com/reports/sample/rep-gb-7387
The North American stretch films market has witnessed significant growth in recent years, driven by:
- E-commerce Boom: With the surge in online shopping, the need for efficient packaging solutions has never been higher. Stretch films play a crucial role in ensuring the safe delivery of goods, reducing the risk of damage during transit.
- Manufacturing and Logistics: Industries such as manufacturing, warehousing, and logistics heavily rely on stretch films to streamline operations. Whether it’s securing loads for shipment or organizing inventory, stretch films offer unmatched convenience and cost-effectiveness.
Global Stretch Film Market Overview:
The stretch film market value is expected to rise from US$ 2.8 billion in 2024 to US$ 4.1 billion by 2034. This growth is expected to be driven by a sluggish CAGR of 3.90% over the next decade.
The stretch film packaging is driven by the robust eCommerce industry and expanding hypermarket and retail industries, where product safety and packaging are the paramount concerns. Additionally, the premium product presentation and preserved package integrity afforded by stretch films are also increasing their uptake in end-use industries, especially the food and beverage sector.
In the next decade, the stretch film market is projected to transform as manufacturers focus on bringing sustainability concepts to life. Key players can be seen formulating stretch films with higher recycled content or using bio-based materials to develop stretch films.
Key Takeaways from the Stretch Film Market Report
- The stretch film market generated a revenue of US$ 2.4 billion in 2019. In 2023, the revenue expanded to reach US$ 2.7 billion. Meanwhile, the market registered a CAGR of 3.1% through 2034.
- The cast stretch film is the top manufacturing process and is projected to acquire a market share of 66.1% in 2024.
- Based on the end-use sector, the food and beverages segment is expected to capture a market share of 26.2% in 2024.
- In North America, the United States and Canada are projected to record CAGRs of 2.1% and 3.7%, respectively, over the forecast period.
- In Europe, the United Kingdom is anticipated to expand at a CAGR of 3.8% through 2034.
- Markets in Asia Pacific are estimated to account for significant growth. For instance, India and China are assessed to register CAGRs of 6.4% and 5.7%, correspondingly, through 2034.
Get in Touch with Our Sales Team to Secure Your Copy of the Report Now! https://www.futuremarketinsights.com/checkout/7387
“Key players recognize that the future of stretch films is green as they make substantial efforts in developing eco-friendlier stretch film packaging,” says an analyst at Future Market Insights.
Key Players
- Allen Plastic Industries Co. Ltd
- Vishakha Polyfab
- Four Star Plastics
- Griff Paper and Film
- CS Hyde Company
- International Plastics Inc.
- Bagla Group of Companies
- Others
Competitive Landscape
Stretch film players are focusing on product innovation and investing in smart film technologies to differentiate from competitors. Additionally, players are concentrating on supply chain optimization by collaborating with logistics partners and suppliers for various purposes. Leading companies are further investing in advanced machinery to increase their production capacity and develop better film quality.
Market participants are targeting new applications and expanding in high-growth geographies to raise their annual revenue. Additionally, players are forming strategic partnerships and acquisitions to increase their market share. Manufacturers are also seen capturing eco-conscious consumers by developing stretch films that are composed of bio-based materials and recycled content.
Latest Developments in the Stretch Film Market
- In June 2023, Paragon Films, which is a market leader in ultra-high-performance, value-added stretch film products, officially reported the launch of Power Edge PCR. It is the first-of-its-kind thin-gauge stretch film that helps promote circularity as less virgin plastic is used in their development.
- In December 2023, MOPI, which is a market-leading pallet stretch film provider, introduced Hunter NanoPac Stretch Film, which is the latest groundbreaking product. The product is a revolutionary version of its petroleum-based stretch film. The latest films are crafted with the environment in mind, as they are developed with a minimum of 30% recycled plastic. Additionally, the product features nanotechnology, which adds more durability, strength, and stretchability to the product.
Market Segmentation
By Material:
- Polyethylene (PE)
- High – Density Polyethylene (HDPE)
- Low – Density Polyethylene (LDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Others
By Manufacturing Process:
- Cast Stretch Film
- Blown Stretch Film
By End Use:
- Constructions
- Food and Beverages
- Pharmaceutical
- Consumer Product
- Paper
- Textile
- Chemicals and Fertilizers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
