The Europe stretch and shrink wrap market size witnessed significant growth in the past and is expected to grow at a CAGR of 4.6% during the forecast period (2022-2030).
Stretch wrap is a thin, flexible plastic sheet to lock and secure cased items onto a pallet. It is commonly constructed of polyethylene. When heated, shrink wrap can be used to cover products loosely. Once heated, the shrink wrap secures the goods.
The Stretch and Shrink Wrap Market is driven by palletizing technology, majorly influencing the market demand. Environmental Concerns act as restraints for this market. On the other hand, increasing e-commerce and retail sectors provide opportunities for the Stretch and Shrink Wrap market.
Compared to other pallet unitization techniques, stretch and shrink films are the most recent palletizing technology that provides the most extensive advantages. In recent years, manufacturers of stretch and shrink films have improved packing quality and technique and the quality of the raw materials used to assure better performance. The manufacturing of stretch and shrink films with less thickness and higher flexibility is currently being worked on by stretch and shrink film manufacturers. Stretch and shrink films' efficient load stability and high elasticity have made it possible to serve end-use sectors like construction, food and beverage, textile, and logistics.
Stretch and shrink wrap sales are severely constrained by rising environmental consciousness and laws governing the handling of plastic waste. These goods are mostly made of plastics, which increases trash production and environmental damage. The implementation of strict rules on single-use plastics and the rising demand for sustainable packaging substitutes may constrain market growth.
The stretch and shrink wrap market has many prospects thanks to the expanding e-commerce and retail sectors. There is an increasing need for safe and protected packaging materials due to the growth of online shopping and the necessity for effective packaging solutions. Products are delivered intact because of the exceptional protection offered by stretch and shrink wrap. Manufacturers can take advantage of this chance by providing specialized packaging solutions catered to the unique needs of retail and e-commerce companies.
The Europe stretch and shrink wrap market is segmented based on Type, Product, Distribution Channel, and Country.
Based on material, the market is segmented by Hoods, Sleeves, Labels, and Wraps.
Sleeves and Labels dominated the market and are expected to register a CAGR of 5.3% over the forecasted period.
Based on Resin, the market is segmented by LLDPE, LDPE, PVC, and Others.
LDPE dominated the market and is expected to register a CAGR of 4.3% over the forecasted period.
Based on End-Users, the market is segmented by Food and Beverage, Industrial Packaging, Consumer Goods, and Pharmaceuticals.
Food and Beverage dominated the market and is expected to register a CAGR of 5.1% over the forecasted period.
The Europe stretch and shrink wrap market is segmented based on country by Germany, France, UK, Italy, Spain, and the Rest of Europe. The rest of Europe dominates the country market and is expected to grow at a CAGR of 3.0% during the forecast period.
With more than 500 pharmaceutical businesses producing drugs worth USD 39.2 billion in 2019, Germany is a major producer of drugs in Europe. With the country's COVID-19 vaccine production, the value will increase even more in 2020. The leading pharmaceutical firms include Merck, Boehringer Ingelheim, and Bayer. Because they are better for cleanliness and contamination avoidance than other films, stretch and shrink films are used in far greater quantities in the pharmaceutical business than other films. This is anticipated to spur market expansion in the area during the next years.
Furthermore, the region's food and beverage industry has profited from the government's numerous programs to promote Made in Italy products. For instance, the Italian farmers' union Coldiretti proposed in March 2020 a strategic strategy to increase the Made in Italy agri-food exports with a USD 52.7 billion investment. Stretch and shrink films are needed widely because of the continual growth of the Italian food and beverage industry, which is projected to increase supply and transportation for the sector. Over the next years, the market is anticipated to profit from this.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
"Find new revenue generation opportunities"