The global shrink films market is witnessing a fragmented vendor landscape due to the presence of various large and small number of players operating in the market, states Transparency Market Research. Entry of local and unorganized players is likely to further expand competition in this market. Moreover, the e-commerce players are also anticipated to parti8cipate in the market due to its growing advantages over stretch and other films.
Leading players in the market are proactively using business advancements strategies such as collaboration, expansion, partnership, innovation, and mergers and acquisition. For instance, Sealed Air Corporation acquired AFP, Inc. to expand its portfolio and design capabilities. Other prominent players are also analyzed in the report that included Kuplast Matejka Kumar S.P., Schur Flexibles Group, Inauen Group, Allfo Vakuumverpackungen Hans Bresele Kg, Buergofol GmbH, and Atlantis-Pak Co. Ltd.
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Statics presented by TMR’s report shows the global shrink films market is likely to progress at 5.1% CAGR over the forecast period between 2018 and 2026. In 2018, the market valuation was US$4.16 bn.
In terms of end-users, the demand for shrink films is high in the beverages segment as the product is likely to get spilled during transportation. This segment is projected to hold maximum share in the market as compared to other segments. Geographically, developing countries are most likely to hold a dominant share in the global shrink films market. India and China in the Asia Pacific are offering lucrative growth opportunities in the growth of this market. The rapid increase in demand for packaged food and beverages in developing countries is the major reason for the growth of the Asia Pacific shrink films market.
Increasing Imports and Exports Businesses to Aid Shrink Films Growth
Globalization has significantly boosted global trade of numerous products that have largely fueled growth in the global shrink films market. Increasing imports and exports businesses has forced the manufacturers to use advanced packaging to ensure proper delivery of products. Moreover, managing supply chains and increased role of logistics has also provided a fillip in the global shrink films market.
As the role played by the e-commerce players has increased in the delivery of products, they are using shrink-wraps and stretch pallets to meet the growing demand for products. High barrier resistance, cost-effective, and damage control packaging are the few key properties of shrink films that have boosted demand in this market. In addition, growing technological innovation, especially in the stretch films that provided load stability for the packaging of food products, has fueled demand in the global shrink films market.
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Fluctuating Prices Of Raw Material to Dampen Market Prospects
Despite the presence of various positive factors driving demand in the global shrink films market, few restraints might obstruct growth in this market. Fluctuating prices of raw material the key aspect that could refrain manufacturers opting for shrink films. Strict government regulations related to the use of plastics below 50 microns is also expected to deter the growth of shrink films. Moreover, rising competition from other packaging films like stretch films is also expected to hamper growth in the global shrink films market.
However, high demand for packaged food products and the growing use of advanced technologies would assist the growth in the global shrink films market. Moreover, the growing application of shrink films in various industries is also expected to expand the global shrink films market.
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