The global shrink film market revenue was around US$ 4.9 billion in 2022 and is estimated to reach US$ 8.0 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2023 to 2031.

Shrink film is a universal polymer material that is used for the packaging of finished goods. Heat is applied to the film, either a conveyor heat tunnel or an electric or gas heat gun which catalyzes the film to shrink tightly around the item placed within. Most of the raw materials used to produce shrink films are mostly fossil fuels or petroleum byproducts.

Factors Influencing Market Growth

- The growing consumption of fast food and beverage in developed and growing countries across the globe have a substantial effect on the shrink film market.

- The rising government rules and regulations towards plastic packaging can restrict the growth of the shrink film market.

- The growth in the demand for fresh food products like seafood, meat, and others via e-commerce will deliver great opportunities for the development of the global shrink film market during the forecast period.

Impact of COVID-19

The impact of COVID-19 pandemic had a negative influence on the shrink film market, but it affected positively the ready-to-eat food segment due to the government rules and consumer concerns about having outside food. The pandemic has pushed consumers to concentrate on hygiene and safety, which has made packaged food a preferable choice over food cooked in restaurants. The lockdown limitations harshly affected the sales of the food service industry, which led to a decline in sales of packaging materials like shrink films.

Regional Analysis

In 2022, the Asia-Pacific region dominated the global shrink film market. This region is a hub for manufacturing plastic-related products, particularly in countries like Japan, China, and India. Due to low regulation and low labor over the production of this kind of products which are harmful to the environment.

Leading Companies

The leading prominent companies profiled in the global shrink film market are:

- Intertape Polymer Group Inc.
- Sealed Air Corporation
- SYFAN USA
- Clysar
- Bollore Group
- Kureha Corporation
- Winpak Ltd.
- Flexopack S.A.
- Coveris Holdings S.A.
- PREMIUMPACK GmbH
- Schur Flexibles Group
- Kuplast Matejka Kumar S.P.
- Buergofol GmbH
- Atlantis-Pak Co. Ltd.
- Crawford Packaging
- Other prominent key players

Segmentation Outline

The global shrink film market segmentation focuses on Packaging Application, End Use, Material Type, Thickness, and Region.

Segmentation based on Packaging Application

- Wraps
- Bags
- Labels

Segmentation based on End Use

- Food
- Meat, Poultry and Seafood
- Snacks
- Bakery and Confectionary
- Others
- Beverages
- Healthcare and Pharmaceuticals
- Electronics and Electricals
- Others

Segmentation based on Material

- Polyvinyl Chloride (PVC)
- Polyolefin (POF)
- Polyethylene (PE)
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Linear Low-Density Polyethylene (LLDPE)

Segmentation based on Thickness

- Less than 50 microns
- 50-100 micron
- 100-150 micron
- Above 150 micron

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa