Future Market Insights
Heat Shrink Packaging: Market Introduction
Heat shrink packaging is gaining traction among packaging manufacturers for wrapping food, gift baskets, boxes etc. Shrink films possess unique properties like lightweight, easy moulding, clarity etc. making it a better choice for packaging of products. Heat shrink packaging consists of various plastic films which are shrunken after application of heat. Heat shrink packaging is used to secure and unitize loads. The most common application of heat shrink bags is to bundle multiple products together and secure the product over transportation. Heat shrink bags offer high clarity to consumers view the product inside. Heat shrink packaging is used for packaging of both edible and non-edible products. Heat shrink packaging is made of a recyclable material such as poly vinyl chloride (PVC), polyolefin, poly ethylene (PE) etc. which can be further reused. Heat shrink packaging offers flexibility in packaging as multiple products can be bundled together. Heat shrink packaging offers packaging solutions to various industries such as food and beverages, healthcare, electronics etc. Heat shrink bags are used to wrap both primary and secondary packaging.
Heat Shrink Packaging: Market dynamics
The key factor driving the manufacturers of heat shrink packaging market is the consumers’ preferences for packaged food due to changing lifestyle, freshness, convenience and hygiene. The factors accentuating the market growth of the heat shrink packaging market are rapid industrialization, rising demand for consumer goods, increase in retail outlets etc. Increased traction of heat shrink packaging in humid regions for providing protection against rain, moisture, and other liquid contents is expected to propel the demand of heat shrink packaging market. In addition to the barrier properties, heat shrink packaging is easy to open and pack, which in turn increases the efficiency of the end-user heat shrink packaging. Heat shrink packaging offers in the reduction in overall packaging size which further helps in reduction in transportation cost. Heat shrink packaging is recyclable and reusable which helps in driving the market value of heat shrink packaging. The key factor heightening the demand of heat shrink packaging is that heat shrink packaging eliminates the need of additional fitments or loose fills such as peanut fills or paper cushioning etc. Heat shrink packaging offers flexibility over other packaging solutions as different products can be packed in the same films.
Despite the favourable conditions for the growth of heat shrink packaging market, there are certain factors that hinder the growth such as government stringent policies against the use of plastic films. Heat shrink packaging material may interact with the consumable products which further can contaminate the product.
Heat Shrink Packaging: Market segmentation
Heat shrink packaging has been segmented on the basis of material type, applications, end-use type, and region.
On the basis of material type, heat shrink packaging market can be segmented as
On the basis of an application. Heat shrink packaging market can be segmented as
On the basis of end-use industry, heat shrink packaging market can be segmented as
Heat Shrink Packaging: Regional outlook
Heat shrink packaging market has been segmented on the basis of the region into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America is expected to dominate the market share of heat shrink packaging market due to changing lifestyle towards fast food consumption. Europe is expected to follow North America in terms of CAGR. Asia pacific is expected to show growth in CAGR over the forecast period due to low-cost availability of raw materials.
Heat Shrink Packaging: Key players
Some of the key players in the field of heat shrink packaging market are Smurfit Kappa Group, Traco Manufacturing, Inc., Polypack, Texwrap Packaging Systems, EDL Packaging Engineers, Inc., International Plastics Inc.
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