Rising demand for lightweight and environmentally sustainable materials for packaging is expected to propel growth in the stretch films market, finds Future Market Insights (FMI) in a new study. Stretch films are highly engineered stretchable films used in packaging applications due to their elasticity and pliability. They are used to provide superior packaging since they possess moisture and air resistance properties.
Increasing demand in ecommerce and food & beverages sector for bulk packaging is expected to drive the market growth. These films ensure strong and time saving packaging, making it a popular product in the market. Increasing caution regarding hygiene and concerns regarding the environment have increased demand for stretch films as they provide air tight packaging and can be recycled or incinerated following usage.
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Key Takeaways from the Stretch Films Market Report
" Restrictions imposed on single use plastic and plastic bags across various nations have been posing threat to market players. These regulations have been encouraging paradigm shift to eco-friendly materials. Some of the leading manufacturers are committing to sustainability by introducing recycled stretch films. The market is expected to gain momentum as it transitions towards eco-friendly alternatives of polyethylene and other plastics used as material source s," says an analyst at FMI.
COVID-19 Impact Analysis
The COVID-19 pandemic has affected most sectors including the stretch films market. There had been a decrease in demand for stretch films, which has in turn adversely affected the industry. Lack of availability of raw materials due to transport restrictions and fluctuating material prices have been hindering growth. According to FMI, the market’s growth receded below 1% CAGR in 2022. Nonetheless, it is expected to gradually recover 2023 onwards. Increasing demand for safe packaging is expected to increase growth in the market following the pandemic.
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Who Is Winning?
Companies operating in the market are alternatives to increase sustainability. Innovations and advancements by leading players are intended to gain competitive advantage in the market.
Megaplast introduced 'Fiber Stretch Films' that contain 30% PCR content that enable recycling and are an eco-friendly choice.
Barbier Group's Recyplast is integrated using 20% of real post consumer waste. Their down gauged films display 15% cost reduction.
Some of the key players in the stretch films market are Dow Chemical Company, Norflex, ERGIS Group, Veritiv Corporation, Berry Plastics, Paragon Films, Intertape Polymer Group, AEP Industries Inc., Sigma Stretch Film Crop., Anchor Packaging Inc., Scientex Berhad, Coveris Inc., Smurfit Kappa Group, Vishakha Polyfab, Allen Plastic Industries Co. Ltd., Interplast Group and Manuli Stretch.
Valuable Insights into The Stretch Films Market Report
Future Market Insights (FMI) has presented a detailed analysis on the stretch films market with an assessment for the years 2020-2030. The market has been segmented in order to provide enhanced comprehension. On the basis of material, the market is divided into polyethylene (linear low density polyethylene [LLDPE] and low density polyethylene [LDPE]), polypropylene (PP), polyvinyl chloride (PVC) and others. The LLDPE segment is predicted to dominate the market due to its strong packaging abilities and varied usage.
The market is segmented based on the manufacturing process into cast stretch film and blown stretch film. On the basis of end use, the market is segregated into constructions, food & beverages, pharmaceuticals, consumer product, paper, textile and chemicals & fertilizers. The food and beverages industry display major growth due to increased demand for air resistant materials in packaging. Based on the geography, the market is divided into North America, Latin America, Europe, East Asia, South Asia, Middle East & Africa and Oceania.