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Shrink Packaging Market Size

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

Shrink packaging, also known as shrink wrapping, is a widely used packaging technique that involves wrapping a product or a group of products in a shrink film. This film is then heated, causing it to shrink and tightly conform to the shape of the enclosed items. The primary purpose of shrink packaging is to provide a protective covering for products, enhancing their shelf life, and improving their visual appeal.

One of the key drivers of the shrink packaging market's growth is its versatility. Shrink packaging is applicable to a wide range of products, including food items, beverages, electronics, pharmaceuticals, and consumer goods. This flexibility has led to its widespread adoption across various industries, as manufacturers seek efficient and cost-effective ways to package their products securely.

The food and beverage industry is a major contributor to the growth of the shrink packaging market. Shrink wrapping helps in preserving the freshness of food products, preventing spoilage, and extending their shelf life. Additionally, the transparency of shrink film allows consumers to see the product, which can be a significant factor in influencing purchasing decisions. For the beverage industry, shrink packaging offers tamper-evident seals, ensuring the integrity of the product from the manufacturer to the consumer.

The rise of e-commerce has also played a crucial role in the expansion of the shrink packaging market. With the increasing popularity of online shopping, the need for secure and durable packaging has become paramount. Shrink wrapping provides a protective barrier against external elements, reducing the risk of damage during transportation. Furthermore, it enhances the aesthetics of the packaged items, creating a positive impression when customers receive their orders.

Environmental concerns and sustainability have become prominent factors influencing packaging choices. In response to this, manufacturers are exploring eco-friendly shrink packaging options. Biodegradable and recyclable shrink films are being developed to address environmental issues associated with traditional plastic films. This shift towards sustainable packaging reflects the industry's commitment to reducing its ecological footprint.

The pharmaceutical sector is another significant consumer of shrink packaging. The pharmaceutical industry requires packaging solutions that ensure product integrity and comply with stringent safety standards. Shrink wrapping provides a tamper-evident seal, safeguarding pharmaceutical products from contamination and counterfeiting. Additionally, the ability to print important information directly onto the shrink film enhances traceability and compliance with regulatory requirements.

In terms of technology, advancements in shrink packaging machinery have further fueled market growth. Modern machines offer increased efficiency, higher speeds, and improved energy efficiency. Automated systems are becoming more prevalent, reducing the need for manual intervention and enhancing overall productivity. These technological advancements contribute to cost savings for manufacturers and make shrink packaging a more attractive option.

Despite its widespread adoption, challenges persist in the shrink packaging market. The environmental impact of traditional plastic films and the disposal of used packaging materials remain concerns. However, ongoing research and development efforts are focused on finding sustainable alternatives and recycling solutions to address these issues.

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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