Shrink Plastic Films Market by Application and Geography - Global Forecast and Analysis 2019-2023

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Jun 17, 2019, 19:21 ET

NEW YORK, June 17, 2019 /PRNewswire/ -- About This Market

Manufacturing industries across the world shrink consume plastic films. An increase in the manufacturing activities across various sectors will be conducive to the growth of the global shrink plastic films market. By 2025, India has planned to achieve around 10% of its GDP through the manufacturing industry. To encourage investments in domestic manufacturing, the country launched the Make in India initiative in 2014. The initiative attracted investments from over 170 companies across the world. Many such initiatives will accelerate industrial activities and subsequently drive the growth of the global shrink plastic films market.

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Market Overview

Growth in the Retail Sector

To cater to the increasing demography of consumers that seek convenience while shopping large organized retail stores are offering a variety of consumer products under one roof. The high penetration of organized retail sector has helped consumers in making informed purchase decisions. Availability of such products is also increasing the demand for shrink films to cater to the packaging needs. This is enabling vendors of the global shrink film market to leverage online platforms to expand their geographical reach.

Safety Concerns Related to Shrink Plastic Films

Shrink plastic films do not degrade easily and increase environmental concerns. The lack of adequate disposal system is resulting in the accumulation of shrink plastic film wastes in the environment, which will pose a threat for several land and marine creatures.

Competitive Landscape

The market appears to be fragmented with the presence of many companies. The competitive environment is quite intense with the inclusion of Bemis Co. Inc. and Berry Global Inc. Factors such as the growth of the industrial sector in emerging countries and the growth of the retail sector across the world will provide considerable growth opportunities for shrink plastic films manufacturers. Bemis Co. Inc., Berry Global Inc., Coveris GmbH, LyondellBasell Industries Holdings BV, and Sealed Air Corp. are some of the major companies covered in this report.

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