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The form sector of the shrink packaging is small yet dynamic and is an element of the wider packaging industry. The shrink packaging process utilizes the application of heat to melt plastic film enabling it to wrap tightly around products, manifesting a sealed compacted container. This method is an all-popular way that is most commonly used in a diverse category of products from food and drinks, consumer goods, and industrial products. The essence of market dynamics of these kinds of packages is to evaluate main causes that encourage the growth of the market, trends, as well as challenges that are not obvious.
Great multiplicity of application is the number one the factor of the market for the shrink packaging. Shrink packaging is one size fits all when it comes to product shapes and sizes and is therefore liked by manufacturers in the different industry sectors. Shrink packaging is a close fit for any packaging requirement. The article is made a perfect for the bad and oddly shaped thing. This increases page visibility which is key for your product as a consumer good. Alternatively, product integrity is guaranteed with shrink-packaging it also offers a seal which can be seen to be broken once the package has been opened.
Along with the cost-effectiveness, market gains are in part due to the shrink packaging trend. The material chosen for shrink packaging is relatively inexpensive and involves the use of polyethylene and polypropylene films, which are commonly used. This supports companies in manufacturing scenarios where the target is the lowest packaging processes costs while keeping the quality of the products intact. Apart from all the aspects mentioned above, the fact that shrink films handle easy and can be also stored easily with no problems is another factor that contributes to the overall effectiveness of the cost of this packaging solution.
Online retailing is a noteworthy implication that has brought changes to the shink wrapping industry. Everything ships in a package and with the growing number of internet shoppers in need has created a blast in the demand for packaging that can get product to the customer in the perfect condition. MINI packaging, as opposed to the conventional packaging, give off a protective barrier which minimizes risk of damage during the transit. Similarly, its small size, light weight, and easy storage is essential in using up less space in warehouses and fulfillment centers and incur a lower cost of shipping.
As the environment becomes the focal point of the packaging industry, and the need for shrink wrapped packages goes along with it. Accordingly, the transition from traditional shrink films made out of plastics to more popular eco-friendly replacements is gathering momentum. Biodegradable, as well as recyclable shrink films, are gaining momentum as businesses are getting more inclined to the eco-friendly versions of the packaging solutions by considering both the public goals and customer preferences.
In the context of the market factors, one should never forget about the difficulties the industry faces shrink packaging. One such issue is the demand for the further development of technological solutions to promote the efficiency of the shrink wrapping and reduce energy consumption in it. Plentiful research and development efforts are necessary to respond to these facts and better sustain the form of shrink wrapping.
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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