MarketResearchReports.Biz has announced addition of new report "Global Stretch and Shrink Film Market 2016-2020" to its database.
Market outlook of the global stretch and shrink film market
Technavios market research analyst estimates the stretch and shrink film market to attain a CAGR of over 5% during the forecast period of 2016 to 2020. Much of this growth can be attributed to factors like the high efficiency of film manufacturing and layering, growing sales of retail items, and the increasing use of stretch and shrink hoods and beverage and pallet unitization wraps.
Rapid growth in the food and beverage (F&B) sector is the key driver for the growth of this market. This sector is predicted to be the major customer for plastic packaging and stretch and shrink films during the forecast period. Since products in this sector are fast moving, they need to be light and cheap to reduce the transportation cost and facilitate instant disposal. The inherent property of plastics to mold into various shapes and sizes for the consumption, storage, and transportation of edible items is expected to facilitate market growth during the forecast period.
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Application-based segmentation of the stretch and shrink films market
Consumer product packaging
Industrial/bulk product packaging
Material goods packaging
In this market research report, analysts estimate the food packaging segment to lead the global market for stretch and shrink films during the forecast period. This segment is envisaged to account for a market share of more than 39% by 2020 and is closely followed by segments like industrial/bulk product packaging, material goods packaging, beverages packaging, and consumer product packaging segments. Factors like the healthy expansion of the industrial and manufacturing sectors and the recent increase in demand for product packaging are expected to account for this segments high market dominance during the forecast period.
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Geographical segmentation of the stretch and shrink films market
In terms of revenue contribution, the APAC region is predicted to lead the global market for stretch and shrink films during the forecast period. This region is expected to witness a growing demand for stretch and shrink films from the packaging and manufacturing industries, which leads to market growth during the forecast period.
Competitive landscape and key vendors
The presence of many multinational, regional, and local vendors in this market results in intense competition during the forecast period. In this market, the local players offer innovative solutions at a price lower than the international players, which leads to price wars among the vendors. The international players in this market are expected to exhibit inorganic growth during the forecast period as their growth is heavily dependent on the acquisition of local players.