Latest News- Stretch and Shrink Film Market: Food and beverages expected to lead the Application segment during 2024-2028

The Stretch And Shrink Film Market is being driven by Growth in retail sector

The Stretch And Shrink Film Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3574.8 million. The environmental consciousness of individuals and organizations is driving a significant shift towards biopolymer-based plastics in various industries. Biopolymers, derived from renewable biomass sources such as corn, wheat, and sugarcane, are gaining traction due to their eco-friendly nature. The demand for biodegradable plastic products is surging, particularly in industrial and consumer goods applications, especially packaging. The use of bio-based plastics in stretch and shrink films has broadened their application scope in the industrial and consumer goods sector. The increasing need for effective waste management is fueling the growth of the bio-based plastic industry. With the emergence of bio-based and renewable raw materials in emerging markets, the adoption of bio-based plastics is poised to expand in numerous applications in the future. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Food and beverages
  • Industrial or bulk
  • Consumer goods
  • Pharmaceuticals
• Type
  • Stretch film
  • Shrink film
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in retail sector
• Increasing demand for packaged food and beverage products
• Increasing demand for logistics and warehousing

However, the market also witnesses some limitations, which are as follows:

• Volatility in raw material prices
• Growing concern about plastic degradability
• Easy availability of substitutes

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Market Scope in Stretch And Shrink Film Market Research Report

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Research Analysis Overview

The Stretch and Shrink Film Market encompasses a wide range of plastic films used in various industries, primarily in the Food & Beverage sector and the Cosmetics sector. These films are made from materials like PVC, Polypropylene, and Polyethylene, and are used for packaging applications such as Hoods, Shrink films, and Stretch films. In the Food & Beverage sector, these films ensure good shelf-life for food products by preventing contamination and maintaining freshness. They are also used in transportation for cargo protection due to their impact resistance and ability to prevent leakers. In the Cosmetics sector, these films are used for Skincare, Body care, and Personal care industry products. Lightweight materials like Stretch films are preferred for their ease of use and cost-effectiveness. The demand for Stretch and Shrink films is driven by the increasing need for efficient and effective packaging solutions. These films offer excellent barrier properties, making them ideal for protecting sensitive goods during transportation and storage. Additionally, their ability to shrink or stretch to fit the product snugly ensures minimal product damage and wastage. Overall, the market for Stretch and Shrink films is expected to grow significantly due to their wide range of applications and benefits.

Market Research Overview

The global specialty chemicals industry encompasses businesses specializing in the production of high-value-added chemicals utilized in the manufacturing process of various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by these companies. Factors fueling the expansion of the specialty chemicals market include the increasing preference for specialty adhesives and sealants, driven by the growing demand for these products in various end-use industries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/