PET Shrink Film Market Outlook
The global PET shrink film market was valued at USD 1,034.6 Million in 2019 and is projected to reach USD 1,705.3 Million by 2027, expanding around a CAGR of 6.6% during the forecast period 2020 - 2027. In terms of volume the PET shrink film market is anticipated to grow approximately by CAGR of 5.3% over the coming years. Polyethylene terephthalate (PET) is a thermoplastic polymer resin of the polyester family.
It is a clear and tough material, which has excellent water and moisture barrier properties. It is majorly used by various industries such as food and beverages for packaging of food products such as bakery and processed food and beverages including healthy drinks, juices, and soft drinks.
PET Shrink Film Market Dynamics
The food & beverage segment is driving the PET shrink film market, due to increased demand for this packaging of meat, vegetables, and fruit packaging products. Growth of the market is attributed to an increase in food & beverage consumption due to rise in consumer disposable income, population growth, and easy availability of product on various channels of distribution.
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 usage of sustainable packaging materials and the growth of organized retail sectors are key drivers of the packaging and labels industries. Polyolefin material can be a substitute for PET shrink material due to its high tensile strength and superior resistance over PET films.
Polypropylene shrink films have high heat resistance and good transparency as compared to PET shrink films. PET is an eco-friendly material which can be recycled. It is also one of the most widely recycled plastic globally. Growing adoption of eco-friendly packaging material is likely to create growth opportunities in the PET shrink film market during the forecast period.
PET Shrink Film Market Segmental Outlook
Types Segment Analysis
On the basis of type, the global PET Shrink Film Market is segmented as low shrink films, medium shrink films, and high shrink films. The medium shrink film segment is anticipated to expand at a CAGR of around 6.3% during the forecast period as commonly used in packaging food and cosmetics products. The low shrink films segment is estimated to hold 32.4% share of the market in 2019 as it is used for packaging of heat sensitive electronics products. The high shrink film segment is estimated to hold significant share of the market in 2021 it is eco-friendly materials can be used to replace the PVC shrink films
End-User Segment Analysis
Based on end-users, the market is segmented into food & beverages, industrial applications, personal care & cosmetics, printing & stationery, and others. Food & beverage account for the major share as PET film plays a vital role in the food and beverages industry, as it is majorly used for the packaging of several food products such as dairy and bakery products, takeaway food, processed food, meat, and beverages. PET film is used for the packaging of stationary materials such as books, art supplies, pen pencils, and others
Definitions
By Type
Low Shrink Film – Low shrink film are the low temperature film. These films do not require too much heat for faster shrinking and sealing also it reduces the sealing time, and increase the production capacity. The low temperature shrink film can be used for packaging of food products such as candies and chocolates. These films are also used for packaging of heat sensitive electronics products. Feature offered by low temperature shrink film are superior seal strength, low shrink and seal temperature, food safety, and puncture resistance.
Medium Shrink Film – These films include combination of density and strength, and are commonly used in packaging food and cosmetics products. These transparent packaging films can be used for packaging different shapes of bottles and complex containers. These films do not shrink at room temperature during storage and transportation.
High Shrink Film – These films are made of high-density and strength plastics, which are high in quality and performance. These films are used for packaging complex containers, as they have high suction capacity, high gloss and transparency. These are also easy to print and are majorly used in packaging of beverages bottles, food and cosmetics packaging, electronic products. Moreover, eco-friendly materials can be used to replace the PVC shrink films. High shrink films remain stable at room temperature and thus they are ideal for various printing machine, as they have good surface tension.
Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. In terms of value the region constituted approximately 42.1% share of the market in 2019. The market in the region is projected to expand at a CAGR around 6.7% during the forecast period as there is increase in demand for PET sheets in Asia Pacific, increasing focus of players in development of PET shrink film, rise in government initiatives are some of the factors expected to boost the market growth on the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global PET Shrink Film Market
- Historical, Current and Projected Market Size in terms of Value and volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global PET Shrink Film Market Performance
Segments
By Type
- Low Shrink Film
- Medium Shrink Film
- High Shrink Film
By End User
- Food & Beverage
- Industrial Packaging
- Personal Care & Cosmetics
- Printing & Stationery
- Others
By Region
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Poland
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
- Sigma Plastics Group
- 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
- Anchor Packaging Inc.
- Clysar LLC.
Competitive Landscape
- Key players in the market include Fuji Seal International Inc., Sealed Air Corporation, The Dow Chemical Company, Klöckner Pentaplast. These companies are considered manufacturers of PET shrink film based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the PET shrink film is added in the company’s capacity.
- In 2017, Berry Global Group completes acquisition of AEP Industries Inc. this action of the company helps them to increase market share. Also helps them to increase product portfolio of the company
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