Cast Stretch Films Market Share, Size, Trends, Industry Analysis Report, By Material Type (Polyethylene, Linear Low-Density Polyethylene, Low-Density Polyethylene, Polypropylene, Polyamide, and Others); By Laser Type; By End Use; By Region; Segment Forecast, 2023 – 2032
- Published Date:Dec-2023
- Pages: 116
- Format: PDF
- Report ID: PM4119
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global cast stretch films market was valued at USD 2.70 billion in 2022 and is expected to grow at a CAGR of 4.6% during the forecast period.
The exponential rise in the preference for flexible packaging across end-use industries due to its numerous beneficial characteristics, including cost-effectiveness, durability, and lightweight, among others, and the popularity of different packaging formats, like stretch films, as they enhance the overall appeal of the product, are the primary factors driving the growth of the market. In addition, the substantial growth in industrial and manufacturing sectors that led to increased need and demand for stretch films for packaging, protecting, and securing goods in warehouses and during transportation is further positively influencing the global market.
To Understand More About this Research: Request a Free Sample Report
- For instance, in April 2023, Berry Global announced the expansion of its manufacturing facilities in Lewisburg. This 25,000 sq. ft expansion will likely support the surging demand for Berry’s highest-performing and sustainable stretch films by creating space for three new cast lines.
The growing incorporation of several types of advanced additives, such as anti-fog agents and anti-block agents, that could significantly enhance the functionality of cast stretch films in specific applications and the rising number of innovations in pre-stretch technology that have led to the creation of high-performance films that can be easily stretched to a higher ratio without need to sacrifice with integrity and strength has also been generating huge growth potential for the cast stretch films market.
For Specific Research Requirements: Request for Customized Report
However, the continuous fluctuation in raw material prices that are used in stretch film production, like polyethylene, and growing environmental concerns regarding plastic waste and sustainability, putting pressure on the industry to develop more environmentally friendly alternatives, are likely to hamper global market growth.
Industry Dynamics
Growth Drivers
- Proliferation for anti-static and UV protection films and automation compatibility
In recent years, there has been an increasing proliferation of anti-static and UV protection features and capabilities in cast stretch films in order to address several specific industry requirements and challenges as well, especially in sectors dealing with UV-sensitive products, sensitive electronic components, and many others, are likely to boost global market growth at a significant pace.
Besides this, the emerging trend of automation computability that is majorly driven by the rising adoption of automated packaging processes across different industries while allowing them to improve efficiency, reduce labor costs, and offer consistent packaging quality is also likely to bode well for global market growth.
Report Segmentation
The market is primarily segmented based on material type, laser type, end use, and region.
|
By Material Type |
By Laser Type |
By End Use |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Material Type Analysis
- Linear low-density segment accounted for the largest market share in 2022
The linear low-density segment accounted for the largest market share. The growth of the market is majorly driven by its growing popularity among various applications as they offer exceptional stretchability and cling and can be significantly extended without losing its shape, coupled with effective load containment and stability during transportation and storage.
Also, LLDPE is gaining huge traction as a cost-effective material for the production of stretch films as compared to other materials available in the market. Due to its easy availability, high processability, and favorable price point, it is being widely adopted as an economical choice for many businesses that are seeking effective load containment.
By Laser Type Analysis
- Multi-layer segment is projected to hold significant market share throughout projected period
The multi-layer segment is projected to hold the majority market revenue share in 2022, which is significantly driven by numerous beneficial characteristics associated with the use of multi-layer films, including better load stability protection for goods, enhanced puncture resistance, high clarity and transparency, and cost-effectiveness compared to other packaging and wrapping materials. The rapidly increasing demand for eco-friendly packaging solutions is a result of increased awareness and regulations about sustainability and environmental concerns, which, in turn, generate lucrative opportunities for multi-layer films with recyclable properties.
The single-layer segment held a substantial amount of share and is growing at a significant pace, as they are widely known for their simplicity in terms of manufacturing and application along with the good stretchability that helps secure loads effectively and reduce the risk of damage during transit.
By End Use Analysis
- Pharmaceuticals segment is expected to witness highest growth over forecast period
The pharmaceuticals segment is expected to grow at the highest growth rate throughout the study period, which is mainly attributable to its ability to provide better product protection and shelf life extension, mainly for those that are sensitive to light, moisture, and oxygen. Also, several leading pharmaceutical companies are aware of the importance of maintaining a positive brand image and consumer trust. Therefore, they are opting for high-quality packaging, such as cast stretch films.
The food & beverage segment led the industry market with a substantial share in 2022, which is majorly driven by the growing need for efficiently packaged food and beverage products due to increasing consumer awareness about hygiene and safety. As these types of films help provide a secure and airtight wrap around the palletized products while preserving the quality, freshness, and taste during transportation and storage, they are gaining huge popularity across the segment.
Regional Insights
- North America region dominated the global market in 2022
The North America region dominated the global market. The regional market growth is largely attributed to the significant adoption of advanced manufacturing techniques and technologies and continuous advancements that enhance film quality, load retention capabilities, and thickness consistency. Additionally, the presence of regulations related to safe packaging and transportation of goods across the region and the need to comply with these packaging standards to keep products safe and secure will also likely propel market growth.
The Asia Pacific region is likely to exhibit a substantial growth rate during the projected period on account of the robust presence of several favorable factors, such as a rapid surge in the region’s population, growing consumption of packaged food as a result of hectic lifestyle adoption and urbanization, and drastic increase in consumer disposable income, allowing them to invest higher in products with sustainable and effective packaging.
- For instance, according to a report published by the National Institute of Urban Affairs, the urban population in India has surged six times since 1951, growing from almost 62.4 million people to approx. 377.1 million people in 2011, and is also likely to continue to grow and reach 590 million by 2030.
Key Market Players & Competitive Insights
Market is highly fragmented in nature with the robust presence of several global players, who are extensively focusing on increasing their profit generation from existing product portfolios. Also, key market players are increasingly emphasizing on boosting their cast stretch films production capacities and looking for business development strategies including collaboration, partnerships, and new product launches, in order to cater to surging demand from numerous industries.
Some of the major players operating in the global market include:
- AEP Industries Inc.
- Amcor Plc.
- Bagla Group of Companies
- Berry Global Inc.
- Bischof+ Klein
- Borealis AG
- BP Plastics Holding Bhd
- Clondalkin Group
- Griff Paper and Film
- International Plastics Inc.
- Jindal Poly Films Limited
- Paragon Films Inc.
- Sigma Plastics Group Inc.
- Sigma Stretch Film Corporation
- Winpak Ltd.
Recent Developments
- In February 2022, Coveris introduced a new range of stretch films containing 30 percent less recycled content to reduce reliance on virgin plastics. These are made from recycled polythene, recovered from post-consumer waste & company’s efforts towards a circular process mechanism.
- In August 2023, COLINES introduced its new Polyblown 5-layer POD series, which is specifically designed for manufacturing polyolefin films and is highly suitable for processing post-consumer recycled resins.
Cast Stretch Films Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 2.82 billion |
|
Revenue forecast in 2032 |
USD 4.24 billion |
|
CAGR |
4.6% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Material Type, By Laser Type, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
© 2024 Polaris Market Research and Consulting. All rights reserved
