Stretch films market players are focusing on boosting production and launching innovative products to maintain their market position
DUBAI, UAE / ACCESSWIRE / December 30, 2020 / According to FMI, the stretch films market is projected to expand at a steady CAGR of 4.7% during 2020-2030. Stretch films are gaining popularity amid various end-use industries owing to their cost-efficiency, user-friendliness, and more energy-efficient in contract to substitutes such as stretch hoods and strapping. Rise in demand in food & beverages and ecommerce sector for bulk packaging is projected to fuel the market expansion. However, the market will be experiencing a slump in demand owing to disruptions all over several end use sectors.
"Prominent market players are committing to sustainability by presenting recycled stretch films. The market will be gaining momentum since it transitions towards eco-friendly substitutes of polyethylene along with other plastics utilized as material sources." states the FMI analyst.
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Stretch Films Market- Important Highlights
- North America will leading among other regions, however, East Asia will record lucrative growth prospects in the market.
- Food & beverage end use segment will continue to lead, due to increasing demand for packaged foods.
- Polyethylene will be majorly preferred among other materials throughout the forecast period.
- Cast stretch films will see surging demand in food & beverage segment throughout the projected period
Stretch Films Market - Drivers
- Growing construction and food & beverage sectors will be bolstering market growth throughout the forecast period.
- Increasing adoption of bio-based polymer among manufacturers in packaging industry encouraging market growth.
- Properties such as durability, time saving packaging and provision of recycling or incineration following usage is driving market expansion.
Stretch Films Market - Restraints
- Growing raw material costs and availability of substitutes are constraining growth in the market.
- Strict regulations implemented due to growing environmental concern over plastic use is posing as a threat to the market players.
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COVID-19 Impact on Stretch Films Market
The COVID-19 outbreak has impacted majority of sectors incorporating the stretch films market. The market has foreseeing a drop in demand and lack of accessibility of raw materials owing to fluctuating material prices and transport restrictions.
As per FMI, in 2020 the market's expansion regressed below CAGR of 1%. However, it is projected to slowly recover 2021 onwards. Growing demand for safe packaging is likely to boost growth in the market amid the crisis.
Competitive Landscape
The stretch films market is becoming more competitive with the entrance of a number of newcomers. Market players are engaged in adopting several strategies such as mergers & acquisitions and R&D exercises to extend their portfolio and footprint. Some of the prominent players identified in the stretch films market are Allen Plastic Industries Co. Ltd, Vishakha Polyfab, Griff paper and film, four star plastics, International plastics Inc, CS Hyde company, Italdibipack group and Bagla group of companies.
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About the Study
The study offers readers a comprehensive assessment of the stretch films market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of material (polyethylene (linear low density polyethylene [LLDPE] and low density polyethylene [LDPE]), polypropylene (PP), polyvinyl chloride (PVC) and others)manufacturing process (cast stretch film and blown stretch film), end use(constructions, food & beverages, pharmaceuticals, consumer product, paper, textile and chemicals & fertilizers), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Product USPs / Features
5. Global Stretch Films Market Demand Analysis 2015-2019 and Forecast, 2020-2030
5.1. Historical Market Volume (‘000 Tonnes) Analysis, 2015-2019
5.2. Current and Future Market Volume (‘000 Tonnes) Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
6. Global Stretch Films Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. Pricing Break-up
6.3. Global Average Pricing Analysis Benchmark
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Explore FMI's Coverage of the Packaging Industry
Cast Stretch Films Market: Get insights on the cast stretch films market through FMI's report covering detailed quantitative and qualitative analysis for projection period 2019-2029.
Stretch Films Packs Market: FMI's exhaustive study on the global stretch films packs market covers the latest trends, innovations, key players, and popular strategies for the period 2017-2027.
Stretch Hood Films Market: Obtain detailed analysis on the stretch hood films market through FMI's report covering competitive analysis, key regions, and segmental analysis for 2019-2029.
About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact
Mr. Abhishek Budholiya
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Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
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SOURCE: Future Market Insights