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The collation shrink films market in the United States and Canada has exhibited remarkable growth, reaching a substantial size of US$ 1,014.8 million in 2023. This upward trajectory is expected to continue with a projected 5.2% compound annual growth rate (CAGR) from 2023 to 2030, propelling the market valuation to an impressive US$ 1,451.1 million by the end of the decade.
A key feature of this market is the prominence of the top 5 companies, which are poised to collectively capture around 50% to 55% of the market share, indicative of a consolidated and competitive landscape.
The United States and Canada collation shrink films industry is on track to expand significantly, estimated to grow 1.7 times its current value during the forecast period. The latest report highlights an enticing incremental growth opportunity of US$ 467.0 million by 2030, reflecting the market’s resilience and potential for businesses operating in this sector.
A major driver of this growth is the food and beverage sector, which held a substantial 25% market share in 2023. The continued rise in the application of collation shrink packaging in this industry underscores its importance as a primary end-user segment.
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When compared to the rigid dome container and paperboard folding container, collation shrinks films provide an 81% reduction in packaging weight, which aids in fuel efficiency during transit.
Collation shrink film is a form of flexible packaging, which offers 6 times more product-to-package ratio as compared to the paperboard folding container. These films can tightly hold multiple products together and protect them from external factors.
Not only does collation shrink films reduce the packaging weight but also adds advantages like reduced product shift in transit and a decrease in the breakage of the product and/or product waste.
Collation shrink films are naturally transparent as well as printable. They are available in various thicknesses and sizes which provide the benefit of increased utility, driving the United States & Canada collation shrink films market.
Thanks to numerous benefits, various end-use industries are shifting from traditional packaging solutions to collation shrink films for bulk packaging. This gradual shift is expected to drive market growth to a certain extent.
Key Takeaways from the United States & Canada Collation Shrink Films Market
“Collation shrink film market is being catapulted into new heights in the United States and Canada as these films are lightweight and thin which enables them to take up little to no space in the inventory. At the same time, they offer high-barrier and damage-resistant protection to goods of any size and shape.” says an FMI analyst
Inclusion of PCR Plastics Solution to Facilitate Market Expansion
Plastic waste is a key challenge for the key players in packaging films. Further, to minimize carbon footprints, government authorities are taking initiatives for limited plastic use.
To reduce the impact of these factors, key players in the collation shrink films market are switching towards the use of PCR plastic for the reuse of plastic scrap products.
Post-consumer recycled plastic is less wasteful than other plastic forms such as PE, PP, PET, etc. It reduces the amount of waste produced and collected and aids the zero-waste revolution. It has several environmental advantages such as alleviating the environmental burden by recycling and repurposing the use of existing plastic.
PCR plastic also reduces the toxicity in the environment, which is caused due to keeping tons of toxic plastic waste out of landfills and oceans. The inclusion of recycled content (PCR) is an important step towards reducing the carbon footprint of packaging.
As per the research conducted by NORTHEAST Recycling Council (NECR), a non-profit organization, the recycled plastic processing capacity in North America has rapidly increased since 2017. This report showed that a total of 15 new and 10 expanding facilities are established in 2017 that will process plastic.
Increasing plastic recycling facilities is expected to create exponential growth opportunities for the United States & Canada collation shrink films market.
Who is Winning?
ITP – Industria Termoplastica Pavese, Armando Alvarez Group, Macchi North America Plastic Machinery Inc., Accredo Packaging, Inc., Transcontinental Packaging, Dow Inc., Berry Global Inc., Pyramid Shrink Film, Plastixx FFS Technologies, Sealed Air Corporation, NOVA Chemicals Corporation, Packman Packaging Pvt. Ltd. are the leading manufacturers of collation shrink films across the United States and Canada.
Key players are working on market strategies such as new product launches, mergers, acquisitions, facility expansions, and partnerships to strengthen their presence across North America.
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United States & Canada Collation Shrink Films Market Segmentation
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Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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