The stretch film industry in Korea is poised for substantial growth up to 2034, with the adoption of this solution in both the South Gyeongsang and North Jeolla regions anticipated to show a robust CAGR of 4.4% through 2034.
The demand for stretch film has evolved into a mainstream industry in Korea, and this trajectory is set to drive the sector to an estimated valuation of USD 93.6 million in 2024. With a promising outlook and consumers growing reliance on online shopping platforms, the projected demand for stretch film in Korea is expected to reach USD 144.2 million by 2034.
| Attributes | Details |
|---|---|
| Demand Analysis (2024) | USD 93.6 million |
| Demand Forecast (2034) | USD 144.2 million |
| CAGR Estimation (2024 to 2034) | 4.4% |
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South Gyeongsang, renowned for its industrial prowess, is set to be a trailblazer in the stretch film industry. The region's robust manufacturing infrastructure positions it as a hub for innovative production processes. With an emphasis on technological advancements and industrial efficiency, South Gyeongsang is anticipated to lead in the adoption of smart packaging technologies within the stretch film sector.
The region's strategic location and well-established trade connections contribute to its prominence in the global supply chain, fostering growth and collaboration within the stretch film industry.
In North Jeolla, a distinctive focus on sustainability intertwines with the agricultural landscape, shaping the dynamics of the stretch film industry. Recognizing the growing demand for eco-friendly packaging solutions, North Jeolla is poised to champion sustainable practices within the stretch film manufacturing processes.
The region deep-rooted connection to agriculture creates a unique demand for specialized stretch films tailored to the needs of the farming sector. As North Jeolla embraces eco-conscious initiatives, manufacturers in the region are expected to pioneer the adoption of recyclable materials, aligning with global sustainability goals.
The table below highlights how cast and food and beverage will lead the manufacturing process and end-use in 2024.
| Category | Industrial Share in 2024 |
|---|---|
| Cast | 66.7% |
| Food and Beverage | 25.5% |
The cast category is anticipated to emerge as the cornerstone of industrial manufacturing, commanding a substantial share of 66.7% in 2024. This category encompasses diverse processes, including casting metals and materials integral to various industrial applications.
The robust industrial share signifies the widespread utilization of casting techniques in the automotive, construction, and machinery sectors. With its versatile applications and reliability, the Cast category is set to drive the manufacturing landscape, contributing significantly to the production processes.
The Food and Beverage category is poised to exert a notable influence, particularly in the end-use sector, capturing a considerable share of 25.5% in the industrial market in 2024. This underscores this category critical role in the manufacturing chain, extending from production to consumption.
The significant share suggests a growing demand for manufacturing processes dedicated to the food and beverage industry. As consumers increasingly seek diverse and innovative food products, manufacturers in this category are anticipated to provide quality and diverse offerings, shaping the consumer market and driving growth.
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| Attribute | Details |
|---|---|
| Estimated Industry Size in 2024 | USD 93.6 million |
| Projected Industry Size in 2034 | USD 144.2 million |
| Anticipated CAGR between 2024 to 2034 | 4.4% CAGR |
| Demand Forecast for the Stretch Film Industry in Korea | 2024 to 2034 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing the Stretch Film Industry in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
| Key Provinces Analyzed | South Gyeongsang; North Jeolla; South Jeolla; Jeju |
| Key Companies Profiled | Cosmo Film Limited; PLASTECH CO. LTD; Dongwon Chemical Co. Ltd; SHIN HEUNG CHEMICAL CO. LTD; Berry Global Group Inc.; AEP Industries Inc.; Sigma Stretch Film Corp.; Anchor Packaging Inc.; Coveris Inc.; Smurfit Kappa Group; Paragon Film Inc.; Four Star Plastics; Griff Paper and Film |
By 2024, the estimated valuation of the Stretch Film industry is USD 93.6 million in value terms.
The anticipated CAGR for the Stretch Film ecosystem through 2034 is 4.4%.
By 2034, the demand for the stretch film industry will reach USD 144.2 million.
Cast stretch film is estimated to surpass the valuation of the on-premise model soon.
From 2019 to 2023, the market valuation rose to a CAGR of 3.3%.
| Estimated Market Size (2024E) | USD 2.8 billion |
|---|---|
| Projected Market Value (2034F) | USD 4.1 billion |
| Value-based CAGR (2024 to 2034) | 3.9% |
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Stretch Film Industry Analysis in Korea
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