Shrink bags present high durability also extend the shelf life of any product carried. With the shelf life extended as a result of toughness and additional strength. This has increased the implementation of global shrink bags market.
The worldwide market for shrink bags is considered to account for a market valuation in excess of US$ 4500 Million through the end of the calculated period of 2025, up from a market valuation of US$ 2900 Million during 2017.The overall market is anticipated to raise at a sturdy pace to record a value 5.3% CAGR as well as a volume 5.0% CAGR all through the estimation period.
Global Shrink Bags Market Likely to Register a strong CAGR of 5.3% Through 2025
- Based on the barrier type, the overall market includes ultra-high barrier, high barrier, medium barrier and low barrier. The high barrier category will be leading the overall market in value terms as well as expansion rate.
- Based on the product type, the overall market includes side sealed, straight bottom and round bottom. The side-sealed product types are extensively utilized in various applications. The segment will be a lucrative market and will be reaching a valuation over US$ 2 Billion and is estimated to expand at a moderately high CAGR in the said period.
- Based on the material type, the worldwide market includes HDPE, PE, LLDPE, LDPE, PET, PP, PVC, EVOH, PA, PVDC and others. The PE material type is set to record high valuation and a noteworthy growth pace. This category will be dominating the overall market in the approaching years.
- On the basis of the thickness, the overall market includes above 110 micron, 90 to 110 micron, 70 to 90 micron, 50 to 70 micron and up to 50 microns. The 50 to 70 micron thickness is largely lucrative due to increased inclination and is estimated to expand at a high value 5.8% CAGR all through the calculated period.
- On the basis of application, the worldwide market includes meat, food, poultry, seafood, other foods, cheese & dairy, cosmetics & personal care, electronics, industrial, healthcare & pharmaceuticals and others. The food and electronics category will be contributing largely to the expansion of the global market.
- On the basis of the region, the global market is studied across five key regions, namely, Latin America, North America, Europe, APAC and MEA. Asia Pacific market is largely attractive regarding the implementation of shrink bags in numerous end uses, succeeded by Europe.
Key Market Players
The prominent companies operating in the worldwide market for shrink bags include
- Kureha Corporation
- Bemis Company, Inc.
- Winpak Ltd.
- Sealed Air Corporation
- Coveris Holdings SA
- Flexopack S.A.
- Schur Flexible Group
- PREMIUMPACK GmbH
- GAP S.r.l.
- Allfo Vakuumverpackungen Hans Bresele Kg
- BUERGOFOL GmbH
- Spektar d.o.o.
- Inauen Group
- Atlantis-Pak Co. Ltd.