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Shrink Packaging Market Share

ID: MRFR//2911-HCR | 185 Pages | Author: Pradeep Nandi| April 2024

In the dynamic landscape of the Shrink Packaging Market, companies employ various market share positioning strategies to establish a strong foothold and gain a competitive edge. One prevalent approach is differentiation, where companies emphasize unique features or attributes of their shrink packaging solutions to stand out from the competition. This might involve innovative materials, eco-friendly packaging options, or advanced technologies that enhance the performance of the shrink packaging.

Another key strategy is cost leadership, where companies aim to become the low-cost provider in the market. By optimizing production processes, streamlining supply chains, and achieving economies of scale, companies can offer competitive prices without compromising on quality. This approach is particularly effective in price-sensitive markets where customers are keen on obtaining cost-effective shrink packaging solutions.

Strategic partnerships and collaborations play a pivotal role in market share positioning. Companies often seek alliances with suppliers, distributors, or even competitors to strengthen their market presence. Through such partnerships, companies can leverage shared resources, access new markets, and capitalize on each other's strengths. Collaborations also provide opportunities for research and development, enabling companies to bring innovative shrink packaging solutions to market faster.

Market segmentation is another critical strategy employed in the Shrink Packaging Market. By identifying specific target markets or customer segments, companies can tailor their products to meet the unique needs of different industries or regions. This targeted approach allows for more efficient marketing and better alignment with customer preferences, ultimately leading to increased market share.

Customer-centric strategies focus on building strong relationships with clients by understanding their needs and preferences. This involves providing excellent customer service, customization options, and continuous communication. Satisfied customers are more likely to become loyal and act as advocates, contributing to positive word-of-mouth marketing and brand reputation, which are essential factors in gaining market share.

Innovation is a driving force behind successful market share positioning in the Shrink Packaging Market. Companies that invest in research and development to create cutting-edge technologies, materials, or designs can gain a competitive advantage. Whether it's developing more sustainable packaging solutions or introducing smart packaging with tracking capabilities, innovation attracts customers looking for modern and efficient shrink packaging options.

Global expansion is a strategy often pursued by companies aiming to increase their market share. By entering new geographic markets, businesses can tap into untapped customer bases, diversify their revenue streams, and mitigate risks associated with dependence on a single market. However, global expansion requires a thorough understanding of local regulations, cultural nuances, and market dynamics.

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

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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