Shrink Films Market Analysis, Types, Applications, Forecast and COVID-19 Impact Analysis 2027

Shrink Films Market: Over 35% of the Total Sales Are Estimated to Be Generated by the Meat, Poultry, and Seafood Segment in Food by 2027

The global market for shrink films was valued at US$ 4.16 Bn in 2018 and is projected to expand at a CAGR of 5.1%, during the forecast period (2018-2026).

Among the packaging industry, flexible packaging is one of the fastest growing segments and is widely replacing rigid packaging segment for various applications. Shrink films are flexible packaging films that are sealed around a product and shrink tightly when heat is applied. Shrink films find wide usage in packaging of food items and other consumer goods.

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Shrink films find applications in packaging of food such as meat, poultry and seafood, bakery & confectionary, and various others. Shrink films are primarily made up of polyethylene material which is cost efficient as compared to other raw materials. On the other hand, polypropylene shrink films have high heat resistance and provide good transparency as compared to polyethylene and polyvinyl chloride shrink films. The global shrink films market is mainly structured in regions such as Western Europe and North America whereas, the Asia Pacific region is expected to provide a broader opportunity during the forecast period. The global shrink films market is influenced by the high demand from the food and beverage industry.

Growing e-commerce industry driving the demand for shrink films

Globalization has led to rapid growth of import and export businesses of manufacturers worldwide. This has resulted in large supply chains and increased the role of logistics, with companies adopting flexible packaging to optimize packaging systems for efficient and effective delivery. Therefore, driving the demand for shrink films in the market. Low-cost, lightweight, and damage-resistant features of shrink films packaging make it the highly-sought after packaging product in the transport industry. Also, rigid packaging is being rapidly replaced by flexible packaging, due to its characteristics such as enhanced barrier resistance, re-sealable closures, cost efficiency, and lightweight qualities. Among several variants of flexible packaging, shrink films find numerous applications throughout the supply chain. There is an increasing demand for shrink films for packaging and transportation in every sector.

Moreover, e-commerce players have taken to shrink films seeing their advantages over stretch and other films. Key features of shrink films such as cost efficiency, high barrier resistance, and damage control packaging characteristics have proved beneficial for e-commerce players to ensure convenient and efficient delivery of their products. However, increasing government rules and regulations towards plastic packaging can hinder the shrink films market in the near future.

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Global Shrink Films Market: Taxonomy

The global shrink films market has been segmented on the basis of material type, barrier type, thickness, packaging application, end use, and region.

On the basis of thickness, the shrink films market study includes below 15 microns, 15 to 30 microns, 30 to 50 microns, and above 50 microns segments. Of these, shrink films of thickness 15 to 30 microns account for the major share of the global shrink films market.

The barrier type considered in the shrink films market study includes low barrier, medium barrier, high barrier, and ultra-high barrier films. Of these, the medium barrier shrink films segment accounts for the major share of the global shrink films.

On the basis of material, the shrink films market has been segmented into various categories such as polyethylene, polypropylene, PET, EVOH, PVC, PVDC, and PA respectively. Of these, the polyethylene segment will grow at a healthy CAGR in the global shrink films market.

On the basis of packaging applications, the shrink films market has been segmented into three categories such as wraps, bags and labels. Of these, the wraps segment will grow at a healthy CAGR in the global Shrink films market.

On the basis of end use, the global shrink films market has been segmented into seven segments that are food, beverage, electrical and electronics, personal care and cosmetics, textile and apparels, and other consumer goods. The beverage segment in the global shrink films market is expected to heavily dominate the market during the forecast period.

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Global Shrink Films Market: Competitive Landscape

The key manufacturers in the shrink films market profiled in this report include– Sealed Air Corporation, Kureha Corporation, Winpak Ltd.,  Flexopack S.A., Coveris Holdings S.A., PREMIUMPACK GmbH, Schur Flexibles Group, Kuplast Matejka Kumar S.P., Buergofol GmbH, Allfo Vakuumverpackungen Hans Bresele Kg, Atlantis-Pak Co. Ltd., Inauen Group, Gap Foil, Allen Plastic Industries Co., Ltd., Transcontinental Inc., BP Plastics Holding Bhd, Crawford Packaging, SYFAN USA and Idemitsu Unitech CO., Ltd. Many local and unrecognized players are expected to contribute to the global shrink films market during 2018-26.

Global Shrink Films Market: Key Developments

There are multiple players operating in the global stretch and shrink films market. However, there is an increasing shift in dynamics toward market consolidation. This is attributed to mergers and acquisitions by major companies operating in the U.S. and Europe in order to capitalize on untapped market potential in APAC and Africa.

  • In August 2018, sealed air corporation further expanded its portfolio and design capabilities with the acquisition of AFP, Inc., a leading manufacturer of barrier films such as stretch and shrink films.
  • In October 2015, Berry Plastics acquired AVINTIV Inc. to further strengthen its global presence in plastics packaging, especially in films segment.

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