The global stretch and shrink film market endows several opportunities for growth and development for the market vendors. The importance of stretch and shrink films in the packaging industry is at the forefront of market growth. Moreover, the ease of manufacturing and procuring polyvinyl chloride and polyethylene used for manufacturing these films has also impelled market growth. There is humongous demand for high-strength packaging materials, and this propensity shall give a thrust to market growth. Moreover, mass packaging of food products has emerged as a key driver of sales across the global stretch and shrink film market. It is legit to expect that this market would become the epicentre of revenue generation in the years to follow.
Transparency Market Research (TMR) finds that the global stretch and shrink film market would grow at a CAGR of 5.20% over the period between 2016 and 2024. The total value of the global stretch and shrink films market is expected to touch US$21.1 bn by 2024, rising up from a value of US$14.1 bn in 2015.
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The need for safety in transport of retail products is at the forefront of growth within the global market. Moreover, demand for light-weight packaging has also ushered an era of growth and development within the global stretch and shrink films market.
Need for High-End Packaging to Aid Market Growth
Assertions related to the growth of the global stretch and shrink film market are based on advancements in the packaging industry. Resilient and high-end packaging has become a necessary requirement for several industries, including electronics, textiles, and food and beverages. Furthermore, the relevance of stretch and shrink films in the food and beverages industry can be gauged from the rising demand for packaged foods. Therefore, the stretch and shrink film market is expected to ascend on the ladder of market maturity in the years to follow. A stellar industry for packaging is the cornerstone for growth across the global stretch and shrink film.
Transporting Food and Bottle Stacks fuels Demand
Bottles and food packets are transported along long distances before they can reach the site of retail. Furthermore, several other retail products need to be stacked together with films in order to protect them from damage. Therefore, the total demand within the global stretch and shrink film market is set to increase by leaps and bounds. The use of stretch and shrink film in the packaging industry, be it food, beverages, or consumer goods, has played a central role in market growth.
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The leading players operating in the global stretch and shrink films market are making ardent efforts to capture a greater consumer base. The strategies of these vendors would depend on the type of product their films cater to.