According to a recent market study published by Growth Market Reports titled, “Global PET shrink film market by type, end-user, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 1,034.6 Million in 2019 and is expected to grow at a healthy growth rate of 6.6% by the year 2027. The PET shrink film market volume is anticipated to grow at a considerable CAGR of around 5.3% by the year 2027. Polyester or polyethylene terephthalate (PET) shrink film is a crystal clear, high strength, thermoplastic made from ethylene glycol and dimethyl terephthalate (DMT).

The PET film has higher resistance to friction, superior dimensional stability, low absorption moisture, and good physical properties preservation as compared to other common plastics films. This also has a superior resistance to UV, good electric properties, strong optical clarity, strong shine, good gas obstacles; however, mild moisture barrier. This is the ideal film for printing and lamination of good quality and is a good choice for a highly effective plastic substrate. It is fairly highly molten and is ideal for applications needing high temperature sterilization. Use of PET shrink film has become more common in the past few years, as they are recyclable, environmentally friendly, and pasturable.

The global PET shrink film market is fragmented based on type, end-user, and region. In terms of type, the market is segmented into low shrink films, medium shrink films, and high shrink films. On the basis of end-user, the market is segmented into food & beverages, industrial applications, personal care & cosmetics, printing & stationery, and others. Based on region, the global PET shrink film market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

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The effect of COVID-19 is anticipated to be strongly felt in the consumer durable industry due to high dependency of different global industries for imports. Moreover, the pandemic situation has led to the closure of several non-essential businesses reducing the demand for consumer durables in the world, which in turn, is impeding the packaging industry. Since the COVID-19 pandemic is diminishing the end- user demand for daily packaging products worldwide, the demand for PET shrink films is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain has at the same time slowed down due to restrictions on national borders.

As per Growth Market Reports industry analyst Akshata Ahire, “The global PET Shrink Film Market is anticipated to witness significant growth during forecast period 2021-2027 driven by cost-efficient, rapid urbanization and industrialization, and Rising demand in food and beverages packaging are boosting the market. The PET shrink film market is growing significantly due to the high demand for these films for packaging, preserving, and bundling of products during distribution and warehousing. Increasing global emphasis on the use of sustainable packaging materials and the growth of organized retail sectors are key drivers of the packaging and labels industries.”

Key Takeaways from the Study

  • The Dow Chemical Company, Bemis Company Inc., Sigma Plastics Group, Far Eastern New Century Corporation, US based Berry Global, Inc., holds approximately one fourth of the market share of the global PET Shrink Film market in year 2019.
  • Asia Pacific accounts for a major share of the market in terms of value, followed by North America. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
  •  In terms of value, the medium shrink film segment is anticipated to expand at a significant CAGR during the forecast period.
  • Physical stores require many employees and high fixed costs (rent) to run stores and thus are unable to offer a wide selection of goods due to the presence of limited space, which offers opportunities for online sales channels. Online retailers can deliver a vast selection of products without having to pay as many workers and needing access to shipping companies to sell their products.
  • Many businesses with both an online and offline presence (physical stores) view the two different channels as way to increase sales & revenue and expand the business regionally.
  • The Middle East & Africa and Latin America are expected to generate large revenue during the forecast period owing to growing population, increasing urbanization, and replacement of many metals by industries such as automobile and home appliances. PET Shrink Film consumption has increased considerably in these regions in the past few years.

Report Scope

Report Metric

Details

Market Value in 2019

USD 1,034.6 Million

Market Growth Rate (from 2021 to 2027)

6.6%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2021 - 2027

Units Considered

Value (USD Million) & Volume (Tons)

Market Segments

By Type, By End-users

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Germany, France, Italy, U.K, Spain, Russia, Rest of Europe, China, Japan, South Korea, India, Australia, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, UAE, Rest of MEA

Key Companies Profiled

Anchor, Bemis Company Inc., Berry Global, Inc.
Far Eastern New Century Corporation, Fuji Seal International Inc., Sealed Air Corporation, The Dow Chemical Company, Klöckner Pentaplast, NAN YA PLASTICS CORPORATION, Sigma Plastics Group,
Clysar LLC.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: PET shrink film manufacturers, raw material suppliers, primary respondents, and distributors.
  • Demand Side: research & development facilities, chemical factories, semiconductor & electronics, solar devices, medical equipment, etc.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
  • Associations and Industry Bodies: Environmental Protection Agency (EPA), International, Organization for Standardization (ISO), Organization of Plastics Processors of India (OPP), Ministry of Health, Labor and Welfare (MHLW), World Trade Organization (WTO), Occupational, Safety and Health Administration (OSHA), American National Standards Institute(ANSI), Indian Centre for Plastics in the Environment (ICPE).