The global plastic shrink wrap market is projected to grow at a CAGR of 4.1% from 2023 to 2033, expanding its market value from USD 3.13 billion in 2023 to an anticipated USD 4.67 billion by 2033. This steady growth reflects heightened demand for convenient packaging, particularly in the food sector, as well as an increased focus on sustainability and resource efficiency in packaging materials.
With evolving consumer lifestyles, the demand for packaged food products has surged, driving growth in the plastic shrink wrap market across various industries. Plastic shrink wraps, especially those made from polyolefin, have become increasingly popular due to their recyclability and customizable design options, allowing companies to print detailed product information directly on the packaging.
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The shift toward sustainable practices is also contributing to market growth, as biodegradable plastics offer an eco-friendly alternative to traditional materials. Plastic shrink wraps provide an economical and efficient packaging option, requiring less energy and resources in production compared to alternative materials.
Their ability to extend product shelf life and minimize waste adds further value, making them a preferred choice for businesses looking to optimize packaging efficiency and reduce environmental impact.
Key Aspects Related to Plastic Shrink Wrap:
- Material Composition: Plastic shrink wrap is typically made from materials such as polyolefin or PVC (polyvinyl chloride). These materials provide durability, transparency, and flexibility.
- Shrinking Process: The shrink wrap application involves exposing the material to heat, causing it to shrink and conform tightly to the contours of the items it covers. This is often done using a heat gun or a shrink tunnel in industrial settings.
- Types of Shrink Wrap: There are different types of shrink wrap available, including centerfold shrink wrap, shrink bags, and shrink tubing. Each type is suitable for specific packaging applications.
- Applications: Plastic shrink wrap is used in various industries for packaging a wide range of products. Common applications include packaging individual items, creating multi-packs, bundling products together, and protecting items from dust, moisture, and tampering.
- Product Protection: Shrink wrap provides a protective barrier for products, safeguarding them from environmental elements, handling, and potential damage during transportation. It helps maintain the integrity and appearance of packaged goods.
Key Takeaways: Plastic Shrink Wrap Market
- The global plastic shrink wrap market recorded a CAGR of 2.9% during the historical period of 2018–2022.
- In 2022, the United States held a 13.8% share of the plastic shrink wrap market, while the entire North American region accounted for 23.6%.
- India’s plastic shrink wrap market is projected to grow from USD 121.3 million in 2021 to an estimated USD 214.3 million by 2032.
- The Polyethylene Terephthalate Glycol (PETG) segment dominated the global market, representing 66.3% of the share in 2022.
- The shrink sleeves segment held a significant share, accounting for 41.1% of the market in 2022.
Competitive Landscape
The plastic shrink wrap market is fragmented and extremely competitive due to the presence of various local and regional businesses. Key players are gaining a competitive advantage through a variety of marketing techniques, including mergers and acquisitions, new product development, expansions, and collaborations.
The majority of the top rivals in the plastic shrink wrap industry are turning to renewable and sustainable energy sources to create new goods. Furthermore, leading companies frequently use new product creation as a key tactic for expanding their market presence among customers. These efforts have resulted in the creation of durable and tear-resistant shrink wraps.
Key Players Profiled in the Plastic Shrink Wrap Market
- Amcor plc
- International Plastics Inc.
- Intertape Polymer Group Inc.
- J K Polyfilm
- Coveris Holdings sa
- Clondalkin Group
- CeisaSemo
- Clondalkin Group
- RKW Group
- Berry Global Inc.
- PlastotecnicaSpA
- Clearpack group
- Baroda Packaging
- Brentwood Plastic, Inc.
- Aintree Plastics Limited
- Elite Plastics Ltd.
- Xinjiang Rival Tech Co. Ltd.
- Poly-Pack Verpackungs-GmbH & Co. KG
Recent Developments
- From March 2022, Coveris plant in Hungary started using 100% energy from renewable resources, including solar energy and biomass for a sustainable future.
- In June 2019, Amcor announced its acquisition of Bemis Company and it is going to operate as a combined firm called Amcor Plc.
- Coveris Holdings sa has introduced theDuralite R, a next-generation sustainable shrink wrap that is made out of maximum recycled material. The product also offers a lower carbon footprint compared to cardboard alternatives.
- Clondalkin Group has added new product line of shrink sleeves that work on long-lasting technology and delivers higher durability.
Key Segments Covered
By Material:
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate Glycol (PETG)
- Oriented Polystyrene (OPS)
By Application:
- Neck Banding
- Shrink Sleeves
- Shrink Bundling
- Wrapping
- Others
By Pattern:
- Floral
- Abstract
- Geometric
- Striped
- Checkered
- Modern
- Paisley
- Character
- Solid
- Ornament
- Polka Dot
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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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.
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