Report

The global shrink film market size was valued at $4.7 billion in 2021, and projected to reach $8.0 billion by 2031, with a CAGR of 5.4% from 2022 to 2031.
Shrink film is a material made up of polymer plastic film. When heat is applied, it shrinks tightly over whatever it is covering. Heat can be applied with a handheld heat gun (electric or gas), or the product and film can pass through a heat tunnel on a conveyor.
Shrink film wraps are thin plastic films�typically used for sealing food items in containers to keep them fresh over a longer period of time. The presence of massive transformation in every sector, be it hypermarkets or retail E-Commerce. Manufacturers and retailers invest and put significant amount of efforts for their products so that they can meet the performance goals. Faulty packaging can affect consumers' choice for a lifetime. Bag packaging of shrink films are mostly used in the packing of food products such as meat, bread, and other products which need tight sealing of the product from atmosphere in order to retain the freshness. In addition, it is also used in the packaging of boxes which are put in the transportation in trains and other moving services to protect the customer products.
Electronic packaging is defined as design and production of enclosures for electronic devices ranging from individual semiconductors to complete systems such as mainframe computer. This protects from mechanical damage, cooling, radio frequency noise emission, and electrostatic discharge. Efficient electronic and semiconductor packaging is used during manufacture of consumer electronic products such as smartphones, TVs, tablets, set-top boxes, digital media adapters to protect from electrostatic discharge, water, harsh weather condition, corrosion, and dust. Rise in adoption of consumer electronic devices such as smartphones, tablets, wearable devices, television and digital cameras containing innovative packaging products such as air bubble wraps and air pillows to protect from harsh weather conditions primarily drive the market growth. In addition, demand for all-weather protective packaging for fragile electronic products such as routers, network servers, and sensors further fuels the electronic packaging in shrink film market.
Europe also accounted for a significant share of the global market revenue in 2021. The presence of developed countries in this region such as Germany, UK, and other has led to increase in the utilization of shrink films in the packaging industry. Being a developed region and consumers which high level of education compared to other parts of the world has led to the demand for various electronic products in order to seek comfortable life. The presence of demand for consumer electronics and other goods through e-commerce such as Amazon, E-Bay in this region will increase the demand for shrink films as they are used in packaging industry.� On the other hand, the market in Asia Pacific is estimated to register the fastest growth rate over the forecast period.
The shrink film market is segmented on the basis of material type, thickness, packaging application, end-use and region. On the basis of material type, it is classified into polyvinyl chloride (PVC), polyolefin (POF), polyethylene (PE), and others. In material type, the polyethylene segment is further divided into High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), and Linear Low-Density Polyethylene (LLDPE). On the basis of thickness, the market is categorized into Less than 50 micron, 50-100 micron, 100-150 micron, and Above 150 micron. On the basis of packaging application, the market is fragmented into wraps, bags, and labels. On the basis of end-use, the market is segmented into food, beverages, healthcare and pharmaceuticals, electronics and electricals, and others. Furthermore, the food segment is further segregated into meat, poultry, and seafood, snacks, bakery and confectionary, and others.�Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
Impact of Covid-19 on Global Shrink Film Market
The global COVID-19 pandemic has negative impact on the shrink film market. The outbreak of the COVID-19 pandemic in 2020 positively affected the ready-to-eat food segment due to the government restrictions and consumer apprehensions about having outside food. The pandemic has compelled consumers to focus on safety and hygiene, which has made packaged food a preferential choice over food cooked in restaurants. The lockdown restrictions severely impacted the sales of the foodervice industry, which resulted in a decline in sales of packaging materials such as shrink films.
With the ease in lockdown norms, the various industries started to produce products which are in huge demand for consumers. Food & beverage industries have started production of snacks and other food items. The increase in the demand for fast food and rise in awareness among the people regarding the importance of packaging of food materials during pandemic outbreak is also another factor which led to surge in shrink film industry.
Competitive Landscape
The major companies profiled in this report include Intertape Polymer Group Inc., Sealed Air Corporation, SYFAN USA, Clysar, Bollore Group, Kureha Corporation, Winpak Ltd., Flexopack S.A., Coveris Holdings S.A., PREMIUMPACK GmbH, Schur Flexibles Group, Kuplast Matejka Kumar S.P., Buergofol GmbH, Atlantis-Pak Co. Ltd., and Crawford Packaging. Additional growth strategies such as expansion of storage capacities, acquisition, partnership and research & innovation in the customized packaging technologies for medical and personal care products have led to attain key developments in the global shrink film market trends.
Key Benefits For Stakeholders
-This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the shrink film market analysis from 2021 to 2031 to identify the prevailing shrink film market opportunities.
-The market research is offered along with information related to key drivers, restraints, and opportunities.
-Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
-In-depth analysis of the shrink film market segmentation assists to determine the prevailing market opportunities.
-Major countries in each region are mapped according to their revenue contribution to the global market.
-Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
-The report includes the analysis of the regional as well as global shrink film market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Packaging Application
- Wraps
- Bags
- Labels
By End Use
- Food
- Type
- Meat, Poultry and Seafood
- Snacks
- Bakery and Confectionary
- Others
- Beverages
- Healthcare and Pharmaceuticals
- Electronics and Electricals
- Others
By Material Type
- Polyvinyl Chloride (PVC)
- Polyolefin (POF)
- Polyethylene (PE)
- Type
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Linear Low-Density Polyethylene (LLDPE)
- Others
By Thickness
- Less than 50 micron
- 50-100 micron
- 100-150 micron
- Above 150 micron
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Turkey
- Saudi Arabia
- Rest Of LAMEA
- Key Market Players
- Intertape Polymer Group Inc.
- Sealed Air Corporation
- SYFAN USA
- Clysar
- Bollore Group
- Kureha Corporation
- Winpak Ltd.
- Flexopack S.A.
- Coveris Holdings S.A.
- PREMIUMPACK GmbH
- Schur Flexibles Group
- Kuplast Matejka Kumar S.P.
- Buergofol GmbH
- Atlantis-Pak Co. Ltd.
- Crawford Packaging