The plastic shrink wrap market is anticipated to flourish at an average CAGR of 4.1% between 2023 and 2033. The market is expected to hold a market share of USD 4.67 billion by 2033 while the market is likely to reach a value of USD 3.13 billion in 2023.
Plastic shrink wrap is made up of polymer plastic film, especially polyvinyl chloride (PVC), polyethylene terephthalate glycol (PETG), or oriented polystyrene (OPS). It is covered with plastic and then made to shrink tightly by using heat. It not only seals the product tightly but also helps in providing stability during transportation.
Shrink plastic wrap is widely used for wrapping packaged foods and boxes. Polyethylene terephthalate glycol is the most preferred plastic film due to its high sustainability factor. Benefits of using polyethylene over other film packaging include high durability and strength for packing large and heavy items. As these plastic films are printable, manufacturers can print valuable information on them.
| Attributes | Details |
|---|---|
| Plastic Shrink Wrap Market CAGR (2023 to 2033) | 4.1% |
| Plastic Shrink Wrap Market Size (2023) | USD 3.13 billion |
| Plastic Shrink Wrap Market Size (2033) | USD 4.67 billion |
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The global plastic shrink wrap market captured a CAGR of 2.9% over the historical period from 2018 to 2022. Busy lifestyles and rising consumption of packaged food are projected to boost demand for plastic packing materials like plastic shrink wraps in the upcoming decade.
Plastic films are used for various industrial and commercial applications due to their robust strength and high tear resistance. Further, industries such as packaging, wrapping individual products, bundling, e-commerce, logistics, and food & beverage packaging are set to extensively utilize PVC shrink bags in the evaluation period.
Increasing consumption of packaged food and pharmaceutical products might also create substantial demand for shrink wrapping systems. Owing to the aforementioned factors, the global plastic shrink wrap market is estimated to thrive at a CAGR of 4.1% from 2023 to 2033.
Increasing Demand for Polyolefin to Push Plastic Shrink Wrap Sales
Demand for packaged food items has increased due to significantly changing lifestyles. Growing demand for packaged food has further pushed the need for plastic shrink wrap packaging in various industries. Also, plastic shrink wraps made of polyolefin can make them recyclable and companies can print information on them easily.
Easy availability of biodegradable plastics is another crucial factor that could propel market growth. Shrink wraps are also cost-effective, as compared to other packaging materials since they require less energy and resources during the manufacturing process. Additionally, these can also reduce wastage of products and surge their shelf life.
Urgent Need for Sustainability and Durability Augmenting Plastic Shrink Wrap Demand
High-quality graphics can be printed on them to attract many consumers as plastic wraps are easily printable. These can be also used to add a glossy shine to improve a product’s visual appearance. Plastic shrink wrap is cost-effective, environmentally friendly, and has a strong shelf appeal.
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). They are also considered to be ideal for those industries that are looking for sustainability, durability, low cost, and high strength for the packaging of heavy items.
Cheap cotton sheets deteriorate fast with time, causing thinning and tearing. This is likely to decline the plastic shrink wrap market size. Moreover, with any new style or trend, bamboo sheets have become increasingly popular, yet it tends to be costly than other sheet types, which is also one of the restraints in the market.
| Countries | Revenue Share % (2022) |
|---|---|
| The United States | 13.8% |
| Germany | 5.8% |
| Japan | 7.9% |
| Australia | 2.1% |
| North America | 23.6% |
| Europe | 20.1% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 2.9% |
| India | 5.4% |
| The United Kingdom | 2.3% |
Surging Clear Plastic Shrink Wraps Demand in the United States to Aid Growth
The United States plastic shrink wrap market held a market share of 13.8% in 2022 while the overall North America region held a market share of 23.6% in 2022. According to the Plastics Industry Associations, the total plastic industry shipment in 2020 was USD 398.9 million and the United States plastic industry is significantly growing. Hence, demand for plastic shrink wraps is expected to remain high in the foreseeable future.
India to Showcase High Demand for Plastic Shrink Wrap Rolls
India’s plastic shrink wrap market is projected to expand from an estimated valuation of USD 121.3 million in 2021 to USD 214.3 million by 2032. According to the Federation of Indian Chambers of Commerce & Industry, the plastic packaging industry in India stood at around USD 73 billion in 2020. India’s plastic shrink wrap market is likely to thrive at a CAGR of 5.4% during the forecast period.
| Category | By Material Type |
|---|---|
| Leading Segment | Polyethylene Terephthalate Glycol |
| Market Share% (2022) | 66.3% |
| Category | By Application Type |
|---|---|
| Leading Segment | Shrink Sleeves |
| Market Share% (2022) | 41.1% |
Heat Wrap Plastic Made of Polyethylene Terephthalate Glycol to Gain Impetus
Polyethylene terephthalate glycol (PETG) segment held around 66.3% of the global market share in 2022. For shrink plastic wrapping, polyethylene terephthalate glycol material is most commonly used. Further, the growth is attributed to its high durability and strength. This material is also cost-effective, as compared to other materials.
Polyethylene terephthalate glycol comes in multiple forms such as low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), and high-density polyethylene (HDPE). Polyethylene shrink wraps are also recyclable.
Shrink Wrap Plastics are Highly Preferred by Shrink Sleeve Manufacturers
As per FMI, the shrink sleeves segment held a market share of 41.1% in 2022. Shrink sleeve labels are fully colored and printed labels that require heat during the manufacturing process to conform to the shape of the product. Also, it is becoming one of the most popular packaging options for manufacturing industries and label managers as it provides 360-degree label printing facility on products and is also cost-effective.
Apart from decoration, shrink sleeve packaging provides full tamper-proof protection from dust and other particles as it can extend over the cap and fully cover the product, thereby providing extra security. Moreover, shrink sleeves are also used for the packaging of multiple products to turn them into a single product to create an appealing promotional tool.
The plastic shrink wrap market is fragmented and highly competitive due to the presence of numerous local and regional companies. Key players are using several marketing strategies such as mergers & acquisitions, new product developments, expansions, and collaborations to gain a competitive edge.
The majority of the key competitors in the plastic shrink wrap market are shifting toward renewable and sustainable energy sources for manufacturing new products. Also, leading firms often use new product development as an important strategy for increasing their market presence among clients. These strategies have resulted in the development of long-lasting and tear-resistant shrink wraps.
Recent Developments
Amcor and International Plastics to Create a Positive Impact by the End of 2032
Amcor and International Plastics continue to remain the top two plastic shrink wrap manufacturing hustlers across the globe. Amcor’s range of durable AmPrima polyethylene (PE) recycle-ready shrink films provides the standout graphic appeal, economy, and strength that a company’s products require.
Product lineup has a low carbon footprint, recycled content, ecoguard, and is recycle-ready. It also includes three important materials, namely, AmFoil, AmFiber, and plastic base. Its AmFiber refers to products with minimum paper content by weight of 50%, while AmFoil is referred to as products with minimum aluminum content by weight of 50%. Its line up is also based on rigid and flexible plastic. Its products are designed to be recycled, if dry and clean, through pre-existing store or curbside drop-offs wherever available. The company provides its products to Latin America, North America, and Asia Pacific.
In April 2021, for instance, Amcor announced that several bottled beverage producers have selected its AmPrima recycle ready polyethylene (PE) shrink film over paperboard and corrugated as it utilizes less energy and help in reducing greenhouse emissions. It also does not compromise on machinability and run speeds. PE shrink is considered to be one of the most recycled plastic films in the United States. It is collected through curbside or the 18,000 in-store drop-off locations across North America.
AmPrima films with PCR content can help maintain recyclability with the help of the aforementioned drop off schemes. However, their benefits multiply to deliver sustainable packaging solutions.
International Plastics, on the other hand, provides innovative shrink films for group or unit packaging. Its clients mainly include carton and bottle packaging companies. Its products can shrink under the influence of heat and shrinkage can reach up to 80%.
The company’s unique shrink films are available in a wide range of temperatures and are cost-effective. They are easy to transport owing to their low weight and are heat resistant. Besides, they have high strength and seal, as well as vapor tightness.
The overall plastic shrink wrap market is expected to advance at 4.1% CAGR until 2033.
The total market size is forecasted to reach almost USD 4.67 billion by 2033.
The polyethylene terephthalate glycol segment contributed for 66.3% of total wraps produced in 2022.
The sales of plastic shrink wraps in India to witness 5.4% CAGR through 2023.
Amcor, Intertape Polymer, and J K Polyfilm are the top players in the global market.
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