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Plastic sheets that can be stretched to a great amount are called stretch films. For storage and shipping, they are widely used to wrap and secure products. They are made of various materials, such as polyethylene, polypropylene, and PVC, and available in a variety of widths, thicknesses, and colours. Between 2022 and 2030, the stretch film market is expected to develop linearly (at a CAGR of 4.7%), reaching US$ 3.7 billion.
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The demand for flexible packaging solutions is growing across several industries, including food & beverage, pharmaceuticals, and electronics, and this is expected to cause the global stretch film market to develop significantly over the coming years. The need for stretch film has grown as a result of the expansion of e-commerce and online shopping for the secure transportation of goods.
The expansion of the food and beverage industry is one of the main factors driving the stretch film market. Stretch films are now more frequently used in food packaging because they prolong shelf life, guard against contamination, and provide tamper-evident packaging. Stretch film is another packaging material used by the pharmaceutical industry to ensure the secure transportation of pharmaceuticals.
Stretch wrap packaging are used by the electronics industry in addition to the food, beverage, and pharmaceutical sectors to package and safeguard electronic components during storage and shipping. The region’s stretch film market is anticipated to increase as a result of the expansion of electronic manufacturing in Asia Pacific.
The rising need for eco-friendly packaging options is another factor boosting the market for stretch films. Stretch film manufacturers are increasingly turning to recyclable and biodegradable materials as they seek to lessen their carbon footprint and the environmental harm caused by packaging trash.
However, the stretch film industry is having trouble competing with alternative packaging materials like paper and bioplastics due to variable raw material costs. Stretch film demand is being impacted by growing environmental consciousness regarding the negative effects of plastic packaging.
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Because of the region’s expanding population and rising standard of living in nations like China and India, the Asia Pacific region is anticipated to lead the stretch film market. Stretch film consumption in the region is anticipated to rise as a result of rising consumer demand for packaged goods and food as well as the expansion of e-commerce.
In conclusion, the market for stretch films is anticipated to expand significantly over the next few years as a result of the rising need for flexible packaging solutions across numerous industries. The market is expanding as a result of the use of stretch films in the pharmaceutical, electronics, and food and beverage sectors. Yet, the market is struggling due to shifting raw material costs and escalating competition from non-traditional packaging options. To fulfil the evolving requirements of consumers and increase their market share, businesses are putting a strong emphasis on product innovation and development.
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Competitive Landscape
The key players in stretch films market are onto price discounts and reductions for getting an access to wider customer base. Customization is another strategy on the anvil.
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Key Segments Covered in Stretch Films Industry Research
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The post Rising Demand for Stretch Films in E-commerce and Logistics Sectors to Propel Market Growth 2022 to 2030 appeared first on Future Market Insights.