The stretch films packs market is forecasted to experience a growth of 3.3% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 15,817.30 million in 2023.
This growth is driven by several key factors, including the increasing demand for efficient and cost-effective packaging solutions across various industries such as food and beverage, pharmaceuticals, and logistics. The rising trend towards sustainability and the adoption of eco-friendly packaging materials are also propelling the market forward. Technological advancements in manufacturing processes, leading to the production of high-quality stretch films with enhanced strength and durability, are further boosting market expansion.
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Additionally, the growing e-commerce sector, which requires reliable and secure packaging solutions for shipping and transportation, is significantly contributing to the demand for stretch films packs. The versatility and ease of use of stretch films, along with their ability to reduce product damage and contamination, make them an essential component in modern packaging practices. As companies continue to prioritize packaging efficiency and sustainability, the stretch films packs market is expected to witness robust growth over the forecast period.
Top Highlights from the FMI’s Analysis of the Stretch Films Packs Market:
- Presently, North America holds dominance in the stretch films industry, with a market share of 35%.
- The United States is expected to hold a massive share of the market in the forthcoming years.
- Europe is the second leading country, recording a share of 21% in the global market.
- Asia Pacific is predicted to expand at a vigorous rate in the next ten years.
Key Developments in the Market
- In February 2022, Canada’s federal government authorized the utilization of recycled plastics in stretch films and other products. The Environment and Climate Change Canada (ECCC) and Federal Environment Agency issued a notice that it is planning to draft a regulation for the least recycling content, probably by 2022 end. In general, the government of Canada plans to mandate a 50% proportion of plastic packaging to be constituted of recycled content by 2030.
- In August 2021, C-P Flexible Packaging, which is a flexible packaging vendor, declared that it had acquired Prestige-Pak Inc., a private Wisconsin manufacturer that primarily develops shrink and other film types for the retail food market. With a recent acquisition, C-P Flexible widened its multi-plant manufacturing base to offer robust response and print quality.
- Innovia Films, which is a subsidiary of CCL Industries, introduced a new film in its Propafilm offering of transparent specialty packaging films in November 2021. CHS offers enhanced thermal resistance and contraction properties as opposed to conventional polypropylene films. The new offering is designed to replace traditional outer web films in laminates for applications like lidding and pouches in diverse food markets.
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Key Segments in the Stretch Films Packs Market
By Type:
- LLDPE
- LDPE
- PVC
- Others
By Product:
- Hoods
- Sleeves and Labels
- Wraps
By Application:
- Wine Packaging
- Crockery Packaging
- Glassware Packaging
By Industry:
- Food & Beverage
- Consumer Goods
- Pharmaceutical
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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.
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