Growing demand in the logistics industry, globally for unitizing items on a pallet through wrapping and increasing preference for packaged food are projected to be the key drivers fuelling the global stretch films market, expanding at a moderate CAGR of 4.6%. From an estimated value of more than US$ 8.06 Bn in 2018, revenue from the sales of stretch films is projected to cross US$ 12.59 Bn by 2028, during the assessment period of 2018-2028.
Moreover, burgeoning consumption in the retail sector as a preferred packaging material, is further contributing to the growth of global stretch films market, predicts Future Market Insights.
FMI’s recently published report on the global stretch films market, offers a 10-year forecast, delivering critical insights on market dynamics influencing the growth of the market. The report also assays a comprehensive competitive landscape offering insights on key market leaders and their forward market strategies, defining the future course of the stretch films market.
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With positive outlook in key regions including Asia Pacific, North America, and Western Europe, the food sector would significantly contribute to the sale of stretch films, accounting for nearly 37% of the total market share. In terms of material, polyethylene is estimated to account for more than 85% of total share of the global stretch films market, considering its superior adhesion properties.
However, pallet unitization will remain the largest application, taking into account key benefits including lower handling costs, transportation and labor saving, reduced damage and pilferage, and easier identification of inventories. Broadly, expanding manufacturing and warehousing sectors that requires efficient and damage-proof packaging and bundling of good, is further intensifying the demand for stretch films, globally.
Regulations Banning Plastics Will Open Doors for Biodegradable Stretch Films; Material Innovation Would Further Drive Stretch Films Consumption
In a bid to reduce pollution at all levels, stringent government regulations calling for a ban on plastics, especially those below 50 micron, is resulting in a gradual shift towards biodegradable films, including bio-plastics. Increasing demand for bio-based products has emerged as a critical opportunity for key players to develop biodegradable stretch films that has the same strength and tensile properties as conventional stretch films. To ride the tide favoring biodegradable stretch films demand, higher speed lines of wider and thinner films is gaining ground among manufacturers.
Moreover, manufacturers are utilizing metallocene polyethylene combined with a unique EVA copolymer to produce a stretch film with enhanced performance. Innovations like the light-weight and environmental friendly coreless pallet wrap, would ensure stretch films market growth. Additionally, other material innovations to enhance the efficiency of stretch films, manufactured through multilayered and polymer blend technology, is also a key factor contributing to the growing adoption of stretch films.
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In a Highly Fragmented Stretch Films Market, Key Players Taking the Acquisition Route
Key players in the global stretch films market are consolidating through strategic mergers and acquisitions and explore new market opportunities to cater to the growing demand for stretch film. Moreover, players are also collaborating resources for novel innovations to pace up with the increasing adoption of stretch films across various end-use industries. Key players profiled in the report by Future Market Insights include AEP Industries Inc, Intertape Polymer Group Inc, Smurfit Kappa Group, Paragon Films, Berry Global Group Inc, and Scientex Berhad.
Geographically, FMI predicts intense competition in U.S and Europe considering high density of key players in the stretch films market. Manufacturers in APEJ too, are likely to face stiff competition from entrants. However, APEj is anticipated to witness increased consumption of stretch films considering burgeoning demand for Ready-To-Eat food coupled with material innovations in ASEAN, China, and India, further felicitating the growth of global stretch films market.
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