The global packaging industry is expected to grow in the forecast period due to wide applications in industries like healthcare, food and drinks, cosmetics and other consumer as well as industrial good industries. Stretch films are highly engineered polythene films which are used in packaging goods. These films are used because of their elasticity and flexibility. Stretch films are primarily used to wrap the pallet loads because of their special properties of being moisture and air resistant which prevents the goods from getting damaged and thus enhancing the quality of these goods.
Demand for stretch films is expected to grow in future because of the rising demand of packaging industry for the protection of goods during distribution. Stretch films market is expected to grow with a high CAGR and is one of the most lucrative segments of the packaging sector. Stretch films market is a growing market and is expected to create a lot of opportunities in future. Stretch films are commonly used in packaging industry to combine small individual items into pallets and it also protects these products from getting damaged during storage or shipment.
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The biggest driving force for stretch films market is that, it is cost effective, user-friendly, more energy efficient, faster and a better option than shrink film products. The other driving force for the stretch films market is the growing R&D’s which produce new products that provides more efficiency than the older ones. The growing retail industry and hypermarkets which are usually cited outside the city requires stretch film products to send their goods resulting in increasing the demand of stretch films.
Few of the major restraints in the stretch films market are the rising raw materials cost, availability of cheap alternatives, and environmental concerns. Growing demand of packaging products has increased the consumption of plastics which requires a proper disposal of these products resulting in increasing the environmental concerns among the stretch films manufacturers.
The stretch films market is segmented on the basis of the product type, by materials used, application, and region.
On the basis of the type of products, the stretch films market is divided into wrap, hoods, stretch labels, and sleeves.
On the basis of the type of materials used, the stretch films market is segmented into polyethylene, polypropylene, and poly vinyl chloride.
On the basis of the applications, the stretch films market is segmented into product packaging, food packaging which includes meat, poultry and seafood, dairy, fresh produce, other foods, beverages, paper and textile products, consumer products and other packaging products.
On the basis of geographies, the stretch films market is segmented across 7 key region; Latin America, North America, Japan, Asia Pacific excluding Japan, Western Europe, Eastern Europe and Japan. Stretch films market has the highest market in North America because of the increasing sales in retail items and the increased use of stretch films in industries. But Japan, Western Europe and North America are mature markets for packaging industry and the market is expected to grow only on the basis of demographics or new products launch. China is expected to have a high market share in the stretch films market because of the growing urbanization.
Key Market Players:
Few of the major key players active in the stretch films market includes Allen Plastic Industries Co. Ltd, Vishakha Polyfab, four star plastics, Griff paper and film, CS Hyde company, International plastics Inc, Bagla group of companies, and Italdibipack group.
Stretch films market is expected to grow considerably in the coming years because of the amount of opportunities it creates by designing innovative packaging products for the consumers and industries.
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