Shrink Films Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Material (Polyethylene, Polypropylene, PVC, PET, Polyamide, Others), By End-User (Food And Beverage, Cosmetics, Electronics, Pharmaceuticals, Others), And By Geography - Forecasts From 2019 To 2024

The 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 that shrink tightly over the product when heated up. It further keeps the product safe from outside elements and increases the 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, and electronics. Healthcare and cosmetics among others. Furthermore, the growing disposable income and increasing consumption of packed foods in developing economies like India and China are anticipated to boost the market growth for shrink films. However, the concerns regarding environmental concerns owing to the difficult recycling of plastic are expected to hinder the market growth.

DRIVERS

• Rising demand for packed foods.
• Increasing demand in the E-commerce industry.

RESTRAINTS

• Government rules and regulations regarding the use of plastic.

INDUSTRY UPDATES

• In August 2018, sealed air corporation acquired AFP Inc., to further expand its product portfolio.

The major players profiled in the shrink films market include 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.

Shrink Films Market Scope:

Segmentation

The shrink films market has been analyzed through the following segments:

• By Material
  • Polyethylene 
  • Polypropylene
  • PVC
  • PET
  • Polyamide
  • Others
• By End-User
  • Food and Beverage
  • Cosmetics
  • Electronics
  • Pharmaceuticals
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others