The plastic shrink wrap market is anticipated to expand its roots at an average CAGR of 4.1% between 2023 and 2033. The market is expected to have a market share of US$ 4.67 billion by 2033 while it is likely to be valued at US$ 3.13 billion in 2023
The rising demand for flexible packaging that covers the maximum area possible is adding value to the market. It is designed to carry a shrink-wrap bag. Furthermore, the usage of it to secure lids and caps is also garnering the attention of manufacturers and packagers.
The high protection and durability, and tamper-proofing capabilities are expected to increase its adoption of plastic shrink wraps. Alongside this, high preservation and convenience is delivered through these packaging styles.
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The new opportunities with expanding e-commerce and regular maintenance are likely to garner market growth. They are temperamental with different ranges of temperatures, forming brittleness when too cold.
New high quality with 100% recyclable materials along with durable, versatile, and affordable wraps are anticipated to make the change in the flexible packaging sector. Moreover, the elements like low-density polyethylene, linear low-density polyethylene, and high-density polyethylene are helping different types of applications.
Key Points
- The United States market leads the plastic shrink wrap market in terms of market share in North America. The United States region held a market share of13.8% in 2022. The growth in this region is attributed to the high penetration of e-commerce, online shopping, and high number of supermarkets and hypermarkets. North America’s market held a share of 23.6% in 2022.
- Germany’s market is another important market in the Europe region. The market held a market share of 5.8% in 2022. The growth is attributed to many businesses advancing their packaging capacity, keeping the bundles and packages clean. Europe’s market held a market share of 20.1% in 2022.
- India’s plastic shrink wrap market thrives at a CAGR of 5.4% between 2023 and 2033. The growth is attributed to the expanding warehouses, e-commerce penetrations, and increased per capita income.
- China’s market also thrives at a CAGR of 2.9% during the forecast period. The flourishing growth is caused by enhanced manufacturing and packaging lines.
- Based on the material type, polyethylene terephthalate glycol (PETG) leads the market as it held a significant share of 66.3%in 2022.
- Based on application type, the shrink sleeves segment leads the market as it held a notable market share of 41.1% in 2022.
Competitive Landscape
The key vendors focus on sustainable material and 100% recyclable products. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Amcor plc has introduced a broad range of shrinkable thermoforming films that come with the adapted barrier and sealing properties for dairy. The product comes with high O2 barrier to enhance the shelf life.
- J K Polyfilm has launched the lope shrink film, heat shrink film, shrink wrap film, and VCI film.
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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.
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
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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