Global Stretch & Shrink Films Market was valued at USD 12.38 billion in 2019 which is expected to reach USD 22.27 billion by 2027 at a CAGR 5.8 %.
Stretch and shrink films are the lightweight packaging materials. These are widely used in various sectors for packaging such as Pharmaceutical, Consumer Goods, Industrial Packaging, and Food & Beverages.
Increase in demand for processed food across the world is the key driving factor which is expected to drive the global stretch & shrink films market growth. Furthermore, growing demand for industrial products and consumer goods in developing economies like China and India is expected to propel the global stretch & shrink films industry during this forecast period. Also, increase in replacement of conventional packaging materials with stretch and shrink film will have the positive impact on growth of global stretch and shrink films market. Moreover, availability of number of international and local manufacturers with growing penetration of the products based secondary packaging is expected to fuel the growth of global stretch & shrink films market.
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However, stringent rules and regulations and constantly changing raw material prices are the challenging factors for market which are expected to hamper the global stretch & shrink foilms market growth.
Impact of COVID 19 on Market
Coronavirus (COVID 19) disease is increasingly becoming the major setback for global stretch and shrink film market. The industry facing various challenges due to COVID 19 such as reduced production, supply chain, and others. COVID 19 outbreak is expected to impact moderately global stretch and shribk film market growth.
Global Stretch & Shrink Films Market is segmented into resin such as Polyvinyl Chloride, Low-density polyethylene, and Linear low density polyethylene, by product such as Wraps, Sleeves & labels, and Hoods. Further, Global Stretch & Shrink Films Market is segmented into application such as Pharmaceutical, Consumer Goods, Industrial Packaging, and Food & Beverages.
Also, Global Stretch & Shrink Films Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
· Polyvinyl Chloride
· Low-density polyethylene
· Linear low density polyethylene
· Sleeves & labels
· Consumer Goods
· Industrial Packaging
· Food & Beverages
· North America
· Latin America
· Asia Pacific
· Middle Eat & Africa
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