According to Technavio Research Report, "Global Shrink Plastic Films Market by application (food and beverages, healthcare and pharmaceuticals, consumer goods, and others) and geographic regions (APAC, Europe, North America, South America, and MEA) is expected to grow by 2.47 billion, at a CAGR of 7% during 2019-2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190531005252/en/
Technavio has published a new market research report on the global shrink plastic films market from 2019-2023. (Photo: Business Wire)
Free sample report contains market size and forecast, drivers, challenges, trends, and more - Request for Samplehttps://www.technavio.com/talk-to-us?report=Shrink%20Plastic%20Films%20Market%20by%20Application%20and%20Geography%20-%20Global%20Forecast%20and%20Analysis%202019-2023&type=sample&src=report
Global shrink plastic films market: Increasing adoption of polyolefin shrink plastic films
Polyolefin shrink plastic films are highly durable and versatile. In addition, these films possess outstanding tensile strength and can be used for bundling multiple items together. Cross-linked polyolefin film also helps in preventing the buildup on the sealing components of machinery. These properties of polyolefin shrink plastic films often make them an ideal choice for the packaging industry. In addition, as these films are FDA-approved and are considered as a food-safe material, they are largely being deployed in the food packaging industry as well. Hence, with growing awareness of the several advantages and applications of polyolefin films, the demand for shrink plastic films is likely to surge in the forthcoming years.
"Polyolefin shrink plastic films possess remarkable seal strength and puncture resistance, which helps in providing excellent protection to irregular shaped items throughout its supply chain lifecycle. Therefore, packaging manufacturers are increasingly using polyolefins due to their versatile properties and cost-efficiency. This will further drive the shrink plastic films market in the forthcoming years," says a senior research analyst at Technavio.
Global shrink plastic films market: Segmentation analysis
This market research report segments the global shrink plastic films market by application (food and beverages, healthcare and pharmaceuticals, consumer goods, and others) and geographic regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to the increasing consumption of shrink plastic films in different applications including food and beverage and consumer goods. In addition, the steady growth of the manufacturing sector will boost the demand for shrink plastic films during the forecast period.
Speak to Research Expert https://www.technavio.com/talk-to-us?report=Shrink%20Plastic%20Films%20Market%20by%20Application%20and%20Geography%20-%20Global%20Forecast%20and%20Analysis%202019-2023&type=customization
Global shrink plastic films market: Growth in retail sector to boost the market
A key factor driving the growth of the global shrink plastic films market is the continuous growth in the retail sector. Owing to the hectic lifestyles and work schedules, consumers are increasingly looking for comfort and convenience which is leading to the growth of the organized sector. Large organized retail stores stock different brands to offer a variety of consumer products including consumer appliances, household products, and other home décor products under one roof. This has created significant opportunities for the shrink plastic films market as these films are increasingly being used to pack consumer products. Therefore, the growth of the organized retail segment and the online channel will lead to the growth of the market during the forecast period.
Few Major Players for the shrink plastic films market are:
- Bemis Co. Inc.
- Berry Global Inc.
- Coveris GmbH
- LyondellBasell Industries Holdings BV
- Sealed Air Corp.
Browse Industries Reports Chemicals
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190531005252/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com
