ALBANY, New York, January 14, 2019 /PRNewswire/ --
Transparency Market Research states the global stretch and shrink film market to witness notable growth in coming years owing to the rise in the number of growing operations in order to maintain their position among the top most players at a global level. Major players are focusing on merger strategies in order to combine in terms of power and thus, contribute lion's share in the overall market for stretch and shrink films.
Important players of the global stretch and shrink films market are Intertape Polymer Group, Dow Chemical Company, Anchor Packaging, Fuji Seal International, Berry Plastics, and DuPont (EI) de Nemours. Some of the players are highlighting on expanding their geographical efforts in order to improve their ability to perceive better revenue in the market.
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According to TMR, the global stretch and shrink films market is anticipated to be worth US$21.1 bn by the end of 2024, which was previously recorded to be US$14.1 bn as per the 2015 records. The CAGR is projected to be 5.2% within the forecast period of 2016 to 2024. The market is expected to be dominated by the shrink films segment on the basis of product segmentation. Geographically, the market is seen to be dominated by the Asia Pacific region, as it is the fastest growing region and may continue dominating during the forecast period.
Need for Stretch and Shrink Films in Beverage and Food Packaging to Boost Market Growth
The market for stretch and shrink films is mainly propelled by the rising substitution of other traditional means of packaging. The presence of a number of national and international players along with their merger strategies are seen to further boost the market. The demand for stretch and shrink products for packaging is increasing by the day in all parts of the world. Additionally, there is also higher demand for food products like vegetables and fruits which is further estimated to accelerate the overall market growth in the coming years.
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The stretch and shrink films market is prognosticated to be gaining more revenue currently due to the rise in substitution of products by other packaging materials like polyvinyl chloride and polyethylene. These materials are created from chemicals like vinyl chloride, and ethylene. The presence of numerous local and international manufacturers in the economy is adding to increase the product penetration level, based on secondary packaging. This is also an important factor to boost the overall market for stretch and shrink films market in the coming years.
Government Regulations on Crude Oil Preservation to Restrict Market Growth
The prices of raw materials depict a high volatile degree because of the fluctuating price of crude oil. This imparts an uncertainty in the price of shrink films. The fluctuating prices of crude oil and government regulations on protecting natural resources may act as a restrain in the growth of the global stretch and shrink films market during the forecast period.
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The information presented above is based on the findings of a research report, titled," Stretch and Shrink Film Market (Product Type - Stretch, Shrink; Materials Type - Polyvinyl Chloride (PVC), Low Density Polyethylene (LDPE), Linear Low Density Polyethylene (LLDPE), Polypropylene; End-use - Food & Beverage, Pharmaceutical, Electronics, Paper & Textile) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024".
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The global Stretch and Shrink Films Market has been segmented as follows:
Global Stretch and Shrink Films Market by Product
Global Stretch and Shrink Films Market by Material
Global Stretch and Shrink Films Market by End Use
Global Stretch and Shrink Films Market by Geography
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