Global shrink films market is expected to grow at a CAGR of 4.19% to reach a total value of US$9.341 billion by 2024 from US$7.302 billion in 2018. Shrink films is made up of polymer plastics which shrinks tightly over the product when heated up. It further keeps the product safe from outside elements and increases shelf life of the product. The rising demand for packed foods is expected to drive the shrink films market. Further, the increasing use of shrink films in the E-commerce industry owing to cost efficiency and damage control properties is expected to create growth opportunities for the market. The key industries driving the market for shrink films are food and beverage, electronics. Healthcare and cosmetics among others. Furthermore, the growing disposable income and increasing consumption of packed foods in developing economies like India and China is anticipated to boost the market growth for shrink films. However, the concerns regarding environmental concerns owing to difficult recycling of plastic is expected to hinder the market growth.
The major players profiled in the shrink films marketinclude Sealed Air Corporation, Flexopack S.A., BP Plastics Holding Bhd, Kureha Corporation, Schur Flexibles Group,Coveris Holdings S.A., Winpack Ltd., Syfan USA, Crawford Packaging, Gap Foil, Transcontinental Inc.
The shrink films markethas been analyzed through the following segments:
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