Albany, New York, November 16, 2016: The global stretch and shrink films market is expected to grow at a healthy pace owing to a high demand for light-weight material for industrial packaging. The demand for stretch and shrink films is also high owing to the superior packaging properties they have such as ease of application, efficient sealing capabilities, enhanced barrier resistance, and also energy efficiency. As a result of these and other drivers, the global stretch and shrink films market is expected to expand at a CAGR of 5.2% between 2015 and 2024, states a latest report that is now available on Market Research Reports Search Engine (MRRSE). The market is projected to rise from US$14.1 bn in 2015 to US$21.1 bn by 2024.
The report is titled, ‘Stretch and Shrink Film Market (Product Type – Stretch, Shrink; Materials Type – Polyvinyl Chloride (PVC), Low Density Polyethylene (LDPE), Linear Low Density Polyethylene (LLDPE), Polypropylene; End-use – Food & Beverage, Pharmaceutical, Electronics, Paper & Textile) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,’ and has been published by Transparency Market Research (TMR). The stretch and shrink film market has witnessed the emergence of many players operating in the global level. The market is heading towards consolidation as more and more players are tying up with other smaller players, in the regional level so as to strengthen their position in the industry.
Players in the market are concentrating on consistent innovations, which is leading to the development of newer and better products. Innovation in packaging has become a must so as to align with the changing dynamics of the market and consumer demands. Players in the market are expected to reap the benefits of low labor cost and cheaper raw material prices in the emerging economies of India, China, and South America. However, strict government regulations regarding the damage to the environment caused due to the packaging industry will restrain the growth of the market and create problems for players in the industry.
The global stretch and shrink films market is segmented on the basis of product, end use, geography, and material. By material, the market is segmented into linear low density polyethylene (LLDPE), PVC, polypropylene, and low density polyethylene (LDPE). Of these, the linear low density polyethylene (LLDPE) segment led in the past and is expected to account for 47% of the market by 2016. On the basis of end use, the market is segmented into pharmaceuticals, food and beverage, electronics, and paper and textile. Of these, the food and beverages sector is anticipated to lead in the market. However, the pharmaceutical sector is expected to witness a higher pace of growth in the coming years.
On the basis of geography, it is most likely that Asia Pacific will lead in the coming years. Asia Pacific led in the past and is also projected to expand at the highest CAGR from 2015 to 2024. Growth in the stretch and shrink films market in Asia Pacific is supported by factors such as growing population, rising disposable income, and a surge in the food and beverage as well as the electronics industry.
Browse Full Global stretch and shrink films market Report with TOChttp://www.mrrse.com/stretch-shrink-film-market
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