Pallet Shrink Film Packaging Market: Overview
Among the packaging industry, flexible packaging is one of the fastest growing segments and is widely replacing rigid packaging segment for various applications. One of this types of flexible packaging is the shrink films which are highly used across the supply chain. Manufacturers usually use Shrink films packaging to stabilize heavy and unstable load types that are placed on pallets. Shrink wraps/films are loosely covered around a product/loads which are placed on pallets & then this film shrinks tightly when exposed to heat. Shrink films are heated with the use of heat gun that releases hot air or in another case, shrink packed products are passed through shrink tunnels. Pallet shrink film is usually made from polyolefin plastics. Pallet shrink film is typically employed to protect products from external factors such as dust and thus firmly combine smaller objects together. Pallet shrink film is widely used for covering foods & beverages across the globe and is also used for packaging of consumer products, pharmaceuticals, and other industrial products.
Pallet Shrink Film Packaging Market: Drivers and Restraints
The market for pallet shrink film is anticipated to be driven by growth in the consumption of packaged food and beverages products across the globe. Pallet shrink films are weather resistant, provides the least amount of packaging damage during logistics and transportation are also breathable in nature. These all factors appeal the manufacturers across the globe to use pallet shrink films/wraps and thus drive the growth of the global pallet shrink film packaging market. However, higher machine cost used in heating shrink films is the major drawbacks of pallet shrink film. Moreover, Biodegradability has arisen as environmental challenges thus hampering the growth of pallet shrink film market to a great extent. As a result, promotion of bio-based materials by governments of various countries has emerged as an opportunity to develop biodegradable pallet shrink film for market players.
Pallet Shrink Film Packaging Market: Segmentation
The pallet shrink film packaging market is segmented as follows
On the basis of product type, the pallet shrink film packaging market is segmented into:
- Polyolefin plastics
- Linear Low Density Polyethylene (LLDPE)
- Low Density Polyethylene (LDPE)
- Polyvinyl chloride (PVC)
- Polypropylene (PP)
On the basis of applications, the pallet shrink film packaging market is segmented into:
- Food & Beverages packaging
- Industrial/bulk product packaging
- Pharmaceuticals packaging
- Consumer product packaging
Pallet Shrink Film Packaging Market: Regional Overview
Geographically, the pallet shrink film packaging market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
The pallet shrink films markets in Europe and North America are rather in a mature stage and are thus likely to lose a considerable share of the global market to Asia Pacific. Key players that currently operate in developed shrink films packaging markets such as Europe and North America are focusing on APAC to grow in revenue by optimally utilizing the resources available in India and other ASEAN countries at a very low rate.
The Asia-Pacific market is projected to develop as the most lucrative market for the growth of shrink film packaging. Asia Pacific region offers lucrative opportunities for players that operate in the manufacturing of pallet shrink films as a result of the rise in investments in the manufacturing sector, increasing disposal income with growing urbanization. This increase is also attributed to the growth in the packaging of food & beverages, consumer products, Electronic appliances and pharmaceuticals products from the developing economies such as India and China.
Latin America and Middle-east & Africa region are expected to show a positive rate of growth over the forecast period. Higher demand for packaging for food and beverages products, industrial goods, pharmaceutical etc. are some of the primary reason for the growth of pallet shrink film packaging market in this region.
Overall, the pallet shrink film packaging market is estimated to witness a healthy CAGR over the forecast period.
Pallet Shrink Film Packaging Market: Key Players
Some of the key players that operate in the pallet shrink film packaging market across the globe are AEP Industries Inc., Bemis Company, Inc., Amcor Limited, Coveris Holdings S.A., Sigma Plastics Group, Inc., DongGuan HuaYu Packing co., Ltd., Grafix Arts. Clondalkin Group Holdings BV and Berry Global, Inc.
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