The shrink plastic films market is expected to grow by USD 2.47 bn during 2019-2023, according to the latest market research report by Technavio. Request latest free sample report of 2020-2024
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Technavio has announced its latest market research report titled Global Shrink Plastic Films Market 2019-2023 (Graphic: Business Wire)
The growing popularity of organized retailers due to convenience and wide variety of consumer products will boost the growth of the shrink plastic films. Moreover, increasing internet penetration has led to a shift in consumer preference in favor of online retail. This high growth of the retail and e-commerce industry has resulted in the growing demand for primary and secondary packaging, including shrink plastic films. Shrink plastic films help in protecting the products from damage thereby avoiding financial losses and damage to brand reputation. Hence, the growth of the retail sector will be a significant factor that will drive the shrink plastic film market growth during the forecast period.
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As per Technavio, the increasing adoption of polyolefin shrink plastic films will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Shrink Plastic Films Market: Increasing Adoption of Polyolefin Shrink Plastic Films
Polyolefin shrink plastic films are highly durable and versatile. In addition, these films possess outstanding tensile strength and can be used for bundling multiple items together. Cross-linked polyolefin film also help in preventing the build-up on the sealing components of machinery. These properties of polyolefin shrink plastic films often make them an ideal choice for the packaging industry. In addition, as these films are FDA-approved and are considered as a food-safe material, they are largely being deployed in the food packaging industry as well. Hence, with growing awareness of the several advantages and applications of polyolefin films, the demand for shrink plastic films is likely to surge in the forthcoming years.
"Polyolefin shrink plastic films possess remarkable seal strength and puncture resistance, which helps in providing excellent protection to irregular shaped items throughout its supply chain lifecycle. Therefore, packaging manufacturers are increasingly using polyolefins due to their versatile properties and cost-efficiency. This will further drive the shrink plastic films market in the forthcoming years," says a senior research analyst at Technavio.
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Shrink Plastic Films Market: Segmentation Analysis
This market research report segments the shrink plastic films market by application (food and beverages, healthcare and pharmaceuticals, consumer goods, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
With a complete study of the growth opportunities for the companies, it has been identified that the APAC region will account for the highest share of the shrink plastic film market throughout the forecast period. The increasing consumption of shrink plastic films in the food and beverage and consumer goods applications will fuel the shrink plastic films market growth in this region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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