Global Shrink Packaging Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Shrink Packaging Market”, which is a report produced by Trusted Business Insights, provides deep insights into the market in a confident manner. Presentation of revenue details, both historical and projected, provide an understanding of the potential in the market currently as well as over the next 10 years. Trends, drivers, restraints, opportunities, and threats are also explained. The report offers insightful and detailed profiles of the top players in the market, and has been segmented based on material type, product, end-use industry, and region.

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Overview

Shrink packaging is a type of packaging method in which sheets of transparent plastic film are wrapped around a product to form a solid, resistive packaging layer. This type of packaging is ideally used to overwrap packed packages. These can include cartons, canned beverages, boxes, and pallet loads to name a few. This method entails heating, stretching, and cooling the film prior to it being used for overwrap items.

Dynamics

Use of shrink packaging products such as hoods, sleeves, and wraps has been increasing significantly for wrapping of poultry products. Increasing demand for chicken, meat, and eggs from a growing global population is driving market growth to a significant extent.  In addition, shrink wrapping ensures an extra layer of protection from possible contamination or contact with dust or bacteria etc. Increasing consumer preference towards healthy and hygienic food and increasing use of e-Commerce platforms to purchase products online is also driving use of shrink packaging products. Flexibility and easy handling features of shrink wrap packaged products is another factor driving preference in the packaging industry globally. Being transparent, shrink wrap products are ideal for wrapped products to be displayed in retail and wholesale outlets, and also for general marketing purposes. Recent trend indicates that manufacturers offering these products are focusing on differentiating their products by providing a robust and unitized packing format in the form of shrink wrap packaging. However, stringent regulations on packaging material waste and recycling is expected to hamper growth of the shrink packaging market.

Region Analysis

Geographically, the global shrink packaging market is segmented on the basis of major regions which include North America, Europe, Asia Pacific, Latin America and Middle East & Africa.  Asia Pacific accounts for the largest revenue share in global shrink packaging market owing to presence of robust food & beverage and automotive industries in countries in the region. In addition, trend of online purchasing is rapidly increasing and gaining traction in India and China, and use of e-Commerce platforms is substantially high. Availability of raw materials and low labor cost are among other factors having positive influence on growth of the regional market. Moreover, increasing consumption of different beverages and demand for ready-to-drink fruit juices has increased demand for shrink films in the beverage packaging industry.

Global Shrink Packaging Market Segmentation:

Segmentation by Material type:

Linear Low Density Polyethylene (LLDPE)
Low Density Polyethylene (LDPE)
Poly vinyl chloride (PVC)
Others (Polyethylene Terephthalate (PET), EPS Foam)

Segmentation by Product

Hoods
Sleeves and labels
Wraps

Segmentation by of End-use industry: 

Food & Beverages
Pharmaceuticals
Automotive
Others (Paper & Textile Products, Personal Care, and Chemical)