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The environment of the shrink packaging market has passed the numerous changes and fluctuations - the signs that the packaging industry dynamics are at work. Shrink packaging involves wrapping the product in bra shrink film that, upon actuation with the use of a heat gun, shrinks tightly around the item. This approach provide variety of benefits, while it become a main reason for its substitution and hopefully for the whole market.
The main one among shrink packaging market trends, the growing customers' choice for 'environmentally friendly solutions' is becoming more and more popular. Consumerization and business organizations are, nowadays, more and more following the path of environmental awareness and thus require packaging products that will not put a burden on the environment. To respond this unstoppable demand, shrink packaging makers all over the industry are more intensively looking for sustainable options of products. Biodegradable / Recyclable shrink films are expected to rule the plastic packaging industry by 2027 since there has been the increasing focus on an environmentally friendly packaging industry allover the world.
The other tendency can be shown by the significant increase in convenience and simplicity of packaging. Tighter packaging ensures that the contents remain safe and also reduces the problem of dealing with them since they are practical to handle and store. Nowadays, consumers prefer a package that is easy to open, close, and also discard e.g., the seamless lid that glides into lock position. A shrink packaging which gives the answer to the two needs, has versatility and conveniently and made it popular among various industry players.
Advanced technologies are undoubtedly acting as the key to the visibility of market innovations. Recent inventions in shrink film components, production practices, and apparatuses have increased the speed and lowered the costs of the production of the company. High-preformance shrink films that exhibit exceptional durability, clarity, and hermetic sealing are now available which inturn has aided in expanding the area of applications for shrink packaging. Furthermore, computer systems in packaging machines have enabled quicker production as well as reducing the labor costs which is also good for companies that aim efficiency and profitability.
E commerce has radically transformed consumers purchasing patterns and thus has led to extremely high demand for the shrink packaging market. Surface shipping has actually caused a demand for packaging solutions rather than just the products that are going to be shipped. These packaging solutions are meant to protect the products from breaking down during transit, as well as make the unboxing each more exciting. Shrink packaging being recordable and appealing without additional visual protection gives a chance for the product to be seen when protecting it from damage.
Personalization and branding are essential segments of packaging, thus, the quotation is not the only part. Shrink films can be printed in great details, which let businessmen decorate their packaging as they wish with unique brand signs and codes. This culture is exhibited most evidentially in the food and beverages industry, where aesthetically pleasing packaging assumes an arduous role in appealing to customers’ preferences in terms of purchase.
Shrink Packaging Market Highlights:
Shrink Packaging Market Synopsis
shrink packaging market is expected to grow USD 15,500 million at a CAGR of 5.70% in the coming years.
The report for Global Shrink Packaging Market of Market Research Future comprises extensive primary research along with detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight into the market and industry performance. The report gives a clear picture of the current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macroeconomic and other governing factors of the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Global shrink packaging market is expected to grow at a CAGR of 4.9% in the coming years. There are many factors affecting the growth of shrink packaging market. In last few years, the market of shrink packaging has been increasing due to increasing demand for products like food & beverage, cosmetics, pharmaceutical items in the developing countries. This is mainly due to the rising disposable income of people and chnaging lifestyle resulting in the consumption of packaged food products.
Moreover, rapid industrialization and urbanization in countries such as China, Japan, and Indonesia are likely to impact the growth of the market positively. The ability of shrink packaging to wrap items of different shapes, sizes and volumes may also be a reason for the growth of the market. Polyolefin is also used as a raw material for manufacturing shrink films due to its easy recyclability as well as superior printability. This quality of polyolefin triggers the people to use of it. However, high cost of shrink wrapping machines may result in their slower adoption and can act as a restraint to the market of shrink packaging.
Regional Analysis of Global Shrink Packaging Market
On the basis of region, the global shrink packaging market has been covered in Asia-Pacific, North America, Europe and the rest of the world. Asia-Pacific is responsible for the largest market share of shrink packaging market. Major countries, particularly China and India, are expected to be the leading consumers because of the growing food & beverage industries and emerging e-commerce platforms in this region. Another reason for growing market in this area is the increasing demand for consumer goods because of the growing population along with the rise in disposable income.
Europe is also expected to be a key revenue contributor during forecast period because of growth in consumables market such as meat and other food products. North America is anticipated to register a healthy growth rate. The growth in this region can be attributable to the presence of many consumer goods manufacturing companies.
Key Players & Industry News
List of the prominent companies in the shrink packaging market include
Deufol SE (Germany), Dow Chemical Company (US), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (US), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (US), Berry Global, Inc. (US), Printpack Incorporated (US), and others.
In Oct. 2010, Bonset America Corporation announced to establish a new plant as the subsidiary of Bonset near Montevideo, Uruguay. The new plant has additional capacity and is also the first high-quality heat shrinkable film manufacturing facility in South America.
In June 2014, Bemis Europe, a division of Bemis Company Inc., increased its shrink bag range and developed ClearShield PRO. This is a PVC-free fully coextruded bag which offers 100% surface protection with abrasion and extremely high puncture resistance.
Segmentation of Shrink Packaging Market
Source: MRFR Analysis
Global shrink packaging market has been segmented based on material, product, application, and region. On the basis of material, the market of shrink packaging is segmented as linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), polyvinyl chloride (PVC). The material segment of the market is dominated by low density polyethylene due to its flexibility and superior transparency. Majority of shrink films are made up of  low-density polyethylene (LDPE). Linear low-density polyethylene (LLDPE), on the other hand, is expected to be the fastest growing segment by material because of its high tensile strength and durability. Polyvinyl chloride (PVC) is a dense material, commonly used in countries like India for manufacturing shrink films. This is because, it is comparatively inexpensive, durable, and has a good shrink ratio.
Based on product, shrink film hoods are expected to register the highest growth rate in the forecast period. The growth is expected to be driven by the increasing demand for hoods in industrial packaging and consumer goods packaging. On the basis of applications, the market is segmented into food packaging, beverages, paper & textile products, and others. Beverages are expected to dominate the application segment of the market owing to increased consumption of beverages on a global level.
Shrink packaging is basically used for a single or bundle of products to protect them from dust and dirt along with moisture damage or weathering. Shrink packaging tends to bind the components or products, especially small items, together. It is one of the best ways to protect the product during transportation and storage from surface damage. Heat is a very important part of overall shrink packaging process.The major components required for shrink packaging are heat machine and shrink wrap. Shrink wrap is a polymer plastic wrap which is made up of polyethylene, polyolefin and polyvinyl chloride (PVC). Polyolefin is a highly consumed raw material in shrink wraps. These wraps or films are also available in a wide array of variants depending on the degree of clarity, strength, shrink ratio and thicknesses. Shrink packaging is done by wrapping and sealing the film tightly around the item or bundle of items by heat gun or a heat tunnel.
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