Plastic Shrink Wrap Market to Surpass US$ 4.5 Bn by 2032 Amid Burgeoning Demand for Tamper-proof Packaging in Food Industry | Future Market Insights, Inc.
The U.S. plastic shrink wrap market is anticipated to exhibit growth at a CAGR of 2.1% during the forecast period. Demand for printed plastic shrink wraps in the packaging industry is rising as they can save money on labeled items and Universal Product Code (UPC). Increasing consumption of packaged food and pharmaceutical products would also create substantial demand for shrink wrapping systems
NEWARK, Del, Aug. 11, 2022 (GLOBE NEWSWIRE) -- As per FMI, the global plastic shrink wrap market is projected to exhibit growth at a CAGR of *4.1%* and reach a valuation of *US$ 4.5 **Bn* by 2032. In 2022, the market is anticipated to reach *US$ 3 Bn*.Plastic shrink wrap is generally made of polymer plastic film. In this type of packaging, plastic is shaped as per the shape or size of the product or container. It must be heated to 300 F to be properly applied.
Exposure to moisture or water is reduced by using this method, resulting in fewer chances of damage to the product. It forms a tamper-proof seal to protect the product from dust, pests, insects, or other contaminants. Shrink plastic wrap is majorly used for combining small products, wrapping food & boxes, and packing them to increase their durability.
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The material used in plastic shrink wrap is generally polyvinyl chloride (PVC), polyethylene terephthalate glycol (PETG), oriented polystyrene (OPS), and several other compositions. PVC is the most preferred and commonly used shrink wrap material for retail sales due to its multi-purpose capabilities and lightweight nature.
Polyvinyl chloride is a combination of three elements, namely, hydrogen, carbon, and chlorine. Shrink wraps are experiencing high demand in the food and beverage industry as they are primarily used to preserve food and beverages during shipping. They also help to maintain the temperature of a food product to extend its shelf life.
*Key Takeaways**: **Plastic Shrink Wrap* *Market*
· By material, the polyethylene terephthalate glycol (PETG) segment is expected to hold *68**.1**%* of the shrink wrap market share in 2032.
· By application, the shrink sleeves segment is set to generate about *40%* of the global market share in 2032.
· The U.S. plastic shrink wrap market is expected to be valued at *US$ **512* *Mn* by the end of 2032.
· The India plastic shrink wrap market is projected to reach a valuation of *US$ 214.3 **Mn* by 2032.
· The global plastic shrink wrap market exhibited growth at a CAGR of *3.1%* over the historical period of 2015 to 2021.
*“P**lastic shrink wrap**s* *are expected to gain traction in the next decade du**e to **surging **consumer preference **for **packaged foods**.** Premium* *polyolefin **shrink wraps are **set **to **replace PVC shrink wraps due to** their ability to provide robust** food safety, sustainability**,** and high tensile strength**,**”** c**omments* *a **FMI analyst**.*
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*High Flexibility **and Durability of Plastic Shrink Wraps to Aid Growth*
Plastic shrink wrap is highly flexible and due to this factor, packaging can be easily modified and can retain any shape or size. Flexible plastic wrap can also help in developing a tamper-proof package.
As shrink wrap is highly durable, it is difficult to tear and does not become brittle when it comes in contact with sunlight. Apart from durability and resistance to tearing, flexible wraps can increase the shelf-life of the product. Owing to its characteristics of flexibility, durability, and high tear resistance, several manufacturers are opting for this type of packaging, which is set to drive the global market.
*Demand for Plastic Shrink Wraps **to Surge **in **the **Food Manufacturing Industry*
Due to changing lifestyles and rising consumer preference for packaged food items, demand for plastic shrink wraps is increasing across the globe. Plastic shrink wrap acts as a protective barrier, increases the versatility of labeling, is cost-effective, and is intended to increase the shelf life of products. Plastic shrink wrap is a regular choice of food manufacturing companies as it helps in preserving various food and beverages, as well as extending their shelf life.
*Competitive Landscape: **Plastic Shrink Wrap** Market*
Some of the key players present in the global plastic shrink wraps market are Amcor plc, International Plastics Inc., Intertape Polymer Group Inc., J K Polyfilm, Coveris Holdings sa, Ceisa Semo, Clondalkin Group, RKW Group, Berry Global Inc., Plastotecnica SpA, Clearpack group, Baroda Packaging, Brentwood Plastic, Inc., Aintree Plastics Limited, Elite Plastics Ltd., Xinjiang Rival Tech Co. Ltd., and Poly-Pack Verpackungs-GmbH & Co. KG.
*Get More Exclusive Insights on **Plastic Shrink Wrap** Market*
Future Market Insights, in its new report, offers an unbiased analysis of the global plastic shrink wrap market by material (polyvinyl chloride (PVC), polyethylene terephthalate glycol (PETG), and oriented polystyrene (OPS)) and application (neck banding, shrink sleeves, shrink bundling, wrapping, and others) across seven regions.
*Global Plastic Shrink Wrap Market Outlook by Category*
· Polyvinyl Chloride (PVC)
· Polyethylene Terephthalate Glycol (PETG)
· Oriented Polystyrene (OPS)
· Neck Banding
· Shrink Sleeves
· Shrink Bundling
· North America
· Latin America
· South Asia
· East Asia
· Middle East & Africa
*Report Customization available @ *https://www.futuremarketinsights.com/customization-available/rep-gb-15440
*Table of Content*
*1. Executive Summary*
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
*2. Market Overview*
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
*3. Market Background*
3.1. Market Dynamics
*About the Packaging Division at Future Market Insights*
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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