Stretch Film Market Value Anticipated US$ 4.1 billion by 2034: Key Players Invest in Latest Technologies to Develop Superior-quality Stretch Films | Future Market Insights Inc.
The demand for stretch films in Canada is anticipated to experience steady growth, with a projected Compound Annual Growth Rate (CAGR) of 3.7% over the forecast period. The growing shipping and logistics sector is driving demand for efficient bundling and palletization solutions, like stretch films, which offer cost-effective and reliable packaging.
NEWARK, Del, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The stretch film market value is expected to rise from *US$ 2.8 billion in 2024 to US$ 4.1 billion by 2034*. This growth is expected to be driven by a sluggish *CAGR of 3.90%* over the next decade.The stretch film packaging is driven by the robust eCommerce industry and expanding hypermarket and retail industries, where product safety and packaging are the paramount concerns. Additionally, the premium product presentation and preserved package integrity afforded by stretch films are also increasing their uptake in end-use industries, especially the food and beverage sector.
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In the next decade, the stretch film market is projected to transform as manufacturers focus on bringing sustainability concepts to life. Key players can be seen formulating stretch films with higher recycled content or using bio-based materials to develop stretch films.
*Key Takeaways from the Stretch Film Market Report*
· The stretch film market generated a revenue of US$ 2.4 billion in 2019. In 2023, the revenue expanded to reach US$ 2.7 billion. Meanwhile, the market registered a CAGR of 3.1% through 2034.
· The cast stretch film is the top manufacturing process and is projected to acquire a market share of 66.1% in 2024.
· Based on the end-use sector, the food and beverages segment is expected to capture a market share of 26.2% in 2024.
· In North America, the United States and Canada are projected to record CAGRs of 2.1% and 3.7%, respectively, over the forecast period.
· In Europe, the United Kingdom is anticipated to expand at a CAGR of 3.8% through 2034.
· Markets in Asia Pacific are estimated to account for significant growth. For instance, India and China are assessed to register CAGRs of 6.4% and 5.7%, correspondingly, through 2034.
*“Key players recognize that the future of stretch films is green as they make substantial efforts in developing eco-friendlier stretch film packaging,” says an analyst at Future Market Insights.*
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*Key Players*
· Allen Plastic Industries Co. Ltd
· Vishakha Polyfab
· Four Star Plastics
· Griff Paper and Film
· CS Hyde Company
· International Plastics Inc.
· Bagla Group of Companies
· Others
*Competitive Landscape*
Stretch film players are focusing on product innovation and investing in smart film technologies to differentiate from competitors. Additionally, players are concentrating on supply chain optimization by collaborating with logistics partners and suppliers for various purposes. Leading companies are further investing in advanced machinery to increase their production capacity and develop better film quality.
Market participants are targeting new applications and expanding in high-growth geographies to raise their annual revenue. Additionally, players are forming strategic partnerships and acquisitions to increase their market share. Manufacturers are also seen capturing eco-conscious consumers by developing stretch films that are composed of bio-based materials and recycled content.
*Latest Developments in the Stretch Film Market*
· In June 2023, Paragon Films, which is a market leader in ultra-high-performance, value-added stretch film products, officially reported the launch of Power Edge PCR. It is the first-of-its-kind thin-gauge stretch film that helps promote circularity as less virgin plastic is used in their development.
· In December 2023, MOPI, which is a market-leading pallet stretch film provider, introduced Hunter NanoPac Stretch Film, which is the latest groundbreaking product. The product is a revolutionary version of its petroleum-based stretch film. The latest films are crafted with the environment in mind, as they are developed with a minimum of 30% recycled plastic. Additionally, the product features nanotechnology, which adds more durability, strength, and stretchability to the product.
*Market Segmentation*
By Material:
· Polyethylene (PE)
· High - Density Polyethylene (HDPE)
· Low - Density Polyethylene (LDPE)
· Polyvinyl Chloride (PVC)
· Polypropylene (PP)
· Others
By Manufacturing Process:
· Cast Stretch Film
· Blown Stretch Film
By End Use:
· Constructions
· Food and Beverages
· Pharmaceutical
· Consumer Product
· Paper
· Textile
· Chemicals and FertilizersBy Region:
· North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and the Pacific
· East Asia
· Middle East and Africa
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*Author*
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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· Based on the latest analysis conducted by Future Market Insights (FMI), the micro perforated films packaging market is poised for optimistic growth until 2023, with a projected year-over-year sales increase of 3.6%. By the end of 2023, the market is anticipated to reach a valuation of US$1.46 billion. Looking ahead, between 2023 and 2033, the market is forecasted to maintain a steady growth trajectory, exhibiting a compound annual growth rate (CAGR) of 4.5%. By 2033, it is expected to surpass the US$2.28 billion mark.
· The food cling film market in Japan is poised for growth, with a projected valuation of US$29.6 million expected in 2023. Over the subsequent decade, sales of food cling film throughout Japan are forecasted to experience a steady increase, with a compound annual growth rate (CAGR) of 3.8%. By the conclusion of 2033, the industry is anticipated to achieve a noteworthy milestone, reaching a valuation of US$43.0 million.
· Global sales of breathable films reached approximately US$ 2.9 billion in 2023. Industry analysis suggests that the global breathable films market is poised for growth, with a projected compound annual growth rate (CAGR) of 3.8%. By the year 2033, it is anticipated that the market will achieve a valuation of US$ 4.2 billion.
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