PET Shrink Films are defined as thermoplastic polymer resin of the polyester family, and they are known to be the best scuff resistance shrink film as they have heat resistance options and are a very high gloss percentage and have the best shrinkage performance. In addition, it is a clear and tough material, which has excellent water and moisture barrier properties. It is majorly used by various industries such as food and beverages for packaging of food products such as bakery and processed food and beverages including healthy drinks, juices, and soft drinks. Also, the growing adoption of eco-friendly packaging materials is likely to provide growth opportunities to the PET shrink films market players during the forecast period.
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The PET Shrink Films Market is expected to grow at a steady rate of around 6% owing to the growing demand for eco-friendly materials and sustainable materials for packaging. Major companies in the market offer PET shrink films for food and beverage and logistics and warehousing applications with technologically advanced features. For instance, NiRY Group alliance with Far Eastern New Century (FENC), for the flexible packaging and packaging decorations fields. TopGreen® polyester film is eco-friendly meeting APR’s PET bottle Critical Guidance for recycling.
According to UnivDatos Market Insights (UMI)’ research report “Global PET Shrink Films Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing demand in various industries such as food beverage, industrial packaging, personal care cosmetics, printing stationery, and others.
Based on type, the market is segmented into low shrink film, medium shrink film, and high shrink film. low shrink film category is to witness higher CAGR during the forecast period as it requires less heat to shrink and seal faster, reducing sealing time and increasing production capacity. In addition, the low PET Shrink Films are used for packaging heat-sensitive electronics products. Hence, the quality feature offered by low temperature shrink film is superior seal strength, low shrink and seal temperature, food safety, and puncture resistance.
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Based on end-user, the PET shrink films market has been classified into food beverage, industrial packaging, personal care cosmetics, printing stationery, and others. The food beverage category is dominating the market and it is expected to witness higher adoption of PET shrink film during the forecast period. This is mainly used for the packaging of several food products such as dairy and bakery products, takeaway food, processed food, meat, and beverages. In addition, it is also used for the packaging of stationery materials such as books, art supplies, pen pencils, and others.
APAC to witness extensive growth
For a better understanding of the market adoption of the pet shrink films industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the growth of the packaging and healthcare industry in countries such as China, India, Japan, and South Korea, the consumption of PET shrink film in this region is growing. In addition, China's packaging industry is leading the region. Additionally, the increasing customized packaging and growing demand for consumer-packaged goods are expected to witness steady growth during the forecast period within the region. In recent years, the rapid growth in the fast-moving consumer goods (FMCG) sector is increasing the spending of the domestic middle-class consumers on quality and healthier products. Moreover, the region’s packaging industry is mainly driven by the growing innovations in the industry to make products compact and portable. Hence, with all these factors, the PET shrink film market in the region is expected to grow steadily over the forecast period.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the PET Shrink Films market are Berry Global Inc., The Dow Chemical Company, Allen Plastic Industries Co. Ltd., Bonset America Corporation, Flint Group, Polyplex Corporation Ltd., Sealed Air Corporation, Anchor Packaging Inc., Sigma Plastics Group, Clysar LLC.
“Global PET Shrink Films Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (low shrink film, medium shrink film, and high shrink film)
- By End-User (food beverage, industrial packaging, personal care cosmetics, printing stationery, and others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Berry Global Inc., The Dow Chemical Company, Allen Plastic Industries Co. Ltd., Bonset America Corporation, Flint Group, Polyplex Corporation Ltd., Sealed Air Corporation, Anchor Packaging Inc., Sigma Plastics Group, Clysar LLC)
Key questions answered in the study:
- What are the current and future trends of the global PET Shrink Films industry?
- How the industry has been evolving in terms of type, and end-user?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global PET Shrink Films industry?
- What is the customer orientation, purchase behavior, and expectations from the global PET Shrink Films suppliers across various region and countries?
