Stratistics MRC’s Global Shrink Plastic Film Market value is expected to reach $3.83 billion growing at a CAGR of 5.5% during 2022-2028.
Shrink film is a flexible polymer material used for finished goods packaging. A conveyor heat tunnel or an electric or gas heat gun is used to apply heat to the film, causing it to shrink closely around the item placed within. The growing retail and hypermarket industries, as well as the rising e-commerce business, as well as the requirement for product packaging and safety, are the key factors driving market expansion. The films provide advantages such as extended shelf life for one wide range of food items, reduced leakers while packing stiff or sharp-edged products, major intensity and puncture resistance, and high impact and puncture resistance. Furthermore, it provides premium product presentation, kept durability at freezing conditions, and preserved package integrity, all of which contribute to market growth.
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Europe is projected to have the highest CAGR over the forecast period, owing to due to rising food and beverage consumption, particularly in the United States and Canada. Growing demand for packaged food, combined with rising consumer disposable income, is predicted to drive demand for flexible packaging over the projection period. Furthermore, regulatory support targeted at encouraging domestic foreign direct investments as a result of political change, particularly in the United States and Canada, aimed at increasing the country’s industrial output is predicted to magnify food and beverage growth.
Some of the key players profiled in the Shrink Film Market include Coveris Holdings Sa, Baroda Packaging, Ceisa Semo, Amcor Plc, Plastotecnica SpA, RKW Group, Clondalkin Group, Brentwood Plastic, Inc, Elite Plastics Ltd., Xinjiang Rival Tech Co. Ltd, Poly-Pack Verpackungs-GmbH & Co. KG, Allied Propack Pvt. Ltd, Don Polymer, Sandeep Polymers, Clearpack group, Aintree Plastics Limited, Huan Yuan Plastic Film Co. Ltd, Jiangyin Bairuijia Plastics Science & Technology Co., Ltd., Berry Global Inc and Sarkina.
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