ALBANY, New York, May 3, 2017 /PRNewswire/ --
Some of the leading players in the global stretch and shrink film market are Fuji Seal International, Inc., Dow Chemicals, and Berry Plastics. Transparency Market Research (TMR) observes that prominent players in this market are actively making collaborations and tie-ups with regional distributors and adopting geographical expansion as the key strategy to consolidate their market shares. Top companies are making substantial investments in expanding their operations in developing regions to gain a competitive edge over others. For instance, Bemis Company, Inc., a global manufacturer of innovative packaging products, has invested significant resources in strengthening their operations in India, China, and various countries of South America.
Considering the presence of lucrative opportunities, in recent years, several companies have entered into the market. However, the market is witnessing a marked shift toward consolidation and in the coming years this is expected to significantly influence the competitive dynamics, notes TMR.
The global market for stretch and shrink films was valued at US$14.1 bn in 2015 and is projected to reach US$21.1 bn by 2024. In terms of sales revenue, the market is projected to expand at 5.2% CAGR from 2016 to 2024.
Asia Pacific Market to Exhibit Sustained Growth throughout Forecast Period
The major regional markets for stretch and shrink films are Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, the Asia Pacific market contributes the major revenue and is projected to lead the global market through the forecast period. The substantial demand for stretch and shrink films in Asia Pacific is attributed to a spike in investments in the manufacturing sector, availability of cheap resources, swift pace of urbanization, and a surge in disposal incomes.
On the basis of end use, the stretch and shrink films market is segmented into food & beverage, pharmaceuticals, electronics, and paper and textile industries. Among these, the food and beverages industry is one of the most prominent end users. The market for stretch and shrink films is driven by the soaring demand for packaged products and the increasing application of flexible packaging solutions in the industry.
Get PDF Sample for this Research Report @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9809
Expanding Demand from Several End-use Industries to Catalyze Market Growth
The substantial demand for packaging in the food and beverages industry and the growing popularity for flexible packaging for various applications, such as in transportation and logistics industry, are the key factors propelling the stretch and shrink films market. The versatility and light weight features of shrink wraps make them popular for packaging a variety of food items such as meat, vegetables, and dairy products. In addition, a steady growth of the retail industry is expected to fuel the demand for various types of packaging made from stretch and shrink films.
On the downside, mounting concerns related to environmental and ecological impact of packaging materials are expected to hamper the demand for stretch and shrink films. Also implementation of stringent government regulations aimed at sustainability in various regions has led to a marked decline in the demand for starch and shrink packaging made from non-biodegradable materials. Furthermore, owing to significant cost involved, a large number of small manufacturer are reluctant to shift to eco-friendly methods of production, thereby hindering the market to an extent.
Nevertheless, the growing demand for flexible packaging in the pharmaceutical sector to keep the products free from contamination and extend their shelf-life is expected to open exciting opportunities for manufacturers.
Get more information from Research Report Press Release: http://www.transparencymarketresearch.com/pressrelease/stretch-shrink-film-market.htm
The study presented here is based on a report by Transparency Market Research (TMR) titled "Stretch and Shrink Film Market (Product - Stretch and Shrink; Materials - Polyvinyl Chloride (PVC), Low Density Polyethylene (LDPE), Linear Low Density Polyethylene (LLDPE), and Polypropylene; End-use - Food & Beverage, Pharmaceutical, Electronics, and Paper & Textile) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024".
The global stretch and shrink film market is segmented based on:
- Stretch Films
- Shrink Films
- Linear Low Density Polyethylene (LLDPE)
- Low Density Polyethylene (LDPE)
- Food & Beverage
- Paper & Textile
- North America
- Latin America
- The Middle East & Africa
- Asia Pacific (APAC)
Top Most Research Reports by TMR:
- Flexible Packaging Market: http://www.transparencymarketresearch.com/asean-flexible-packaging-market.html
- Lubricant Packaging Market: http://www.transparencymarketresearch.com/lubricant-packaging-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
US Office Contact:
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
SOURCE Transparency Market Research