Key Market Overview:
Polyolefin (POF) Shrink Film Market size was valued at USD 1.45 Billion in 2021, registering a CAGR growth of 5.59 % during the forecast period (2022-2030), and the market is projected to be valued at USD 2.37 Billion by 2030.
Polyolefin shrink film is an extremely durable and versatile premium shrink film. Such shrink films are known for their high clarity, durability, and low cost. Polyolefin shrink films have excellent tensile strength, puncture resistance, and seal strength, making them ideal for packaging irregular-shaped items. Polyolefin shrink film offers 80% shrinking properties along with better transparency and remains odorless when heated and cooled. Moreover, POF shrink films do not emit chloride on heating, which further increases the demand for the product across many end-use industries including food & beverage, pharmaceuticals, electronics, and others. Polyolefin shrink film is FDA approved for food contact and is great for high-speed packaging applications, providing added strength without sacrificing clarity. Furthermore, pre-perforated polyolefin film is also available for an even-shrink surface with no air pockets.
The Asia-Pacific region is expected to dominate the polyolefin shrink films market. Increasing consumer demand for packaged goods, the growing food & beverage industry and the presence of numerous manufacturers in the region are some of the key factors attributing to the dominance of the region across the global POF shrink films market.
- Polyolefin shrink film is used in the food & beverage industry for packaging food and drinks to protect and preserve food products. This increasing demand for polyolefin shrink film in the food & beverage industries is driving market growth.
- The recycled polyolefin shrink film provides an eco-friendly alternative to traditional packaging materials and helps to reduce the carbon footprint of the manufacturing process. Thus, recyclable POF products are one of the key drivers supporting polyolefin (POF) shrink film market growth.
- The cost and availability of polyolefin (POF) shrink films are significantly impacted by the fluctuations in the prices of key raw materials, such as crude oil. This creates major restraints for businesses in the market, as it increases the cost and uncertainty in production. Thus, hindering the market growth of the product.
- Presence of alternative packaging materials such as paper, biodegradable plastics, and glass is restraining the market growth of polyolefin shrink films.
Technological advancements in the production of polyolefin shrink films are anticipated to provide growth opportunities for the market during the forecast period. For instance, the development of improved formulations of polyolefin shrink film, such as high barrier shrink film, to meet specific customer requirements and increase the overall performance and quality of POF shrink film. Moreover, the integration of smart packaging solutions, such as RFID and QR codes, into polyolefin shrink film is expected to further increase the functionality of packaging and enhance supply chain efficiency in the future.
Polyolefin (POF) Shrink Film Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||2.37 billion|
|By Type||General Polyolefin Shrink Film, Cross-Linked Polyolefin Shrink Film, Anti-Fog Polyolefin Shrink Film, UV-Resistant Polyolefin Shrink Film, and Others|
|By Application||Food Packaging, Printing & Paper Products, Pharmaceuticals, Hardware & Housewares, Electrical & Electronics Products, and Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa|
|Key Players||Golden Union Plastic Bag Factory, Intertape Polymer Group Inc., SY Polymer Industries SDN BHD, PT. Tara Fiberindo, Allen Plastic Industries Co., Ltd., Berry Global Inc., Bollor Films, Clysar, LLC., Exxon Mobil Corporation, Flexi Pack, Interplast Co. Ltd, and Hubei HYF Packaging Co., Ltd.|
The type segment is divided into general polyolefin shrink film, cross-linked polyolefin shrink film, anti-fog polyolefin shrink film, UV-resistant polyolefin shrink film, and others. The cross-linked polyolefin shrink film segment holds the highest revenue market share owing to properties such as high strength, puncture resistance, and heat shrink ability. Moreover, cross-linked polyolefin shrink films are high-performance multilayer films, which perform on all sealing systems and shrink tunnels.
The anti-fog polyolefin shrink film segment is anticipated to grow at the fastest rate during the forecast period. Increasing focus on specialized packaging solutions to meet specific customer requirements is the key factor expected to drive the market growth of the segment. Additionally, anti-fog polyolefin shrink films are an ideal overwrap for refrigerated foods owing to properties such as excellent gloss and clarity for point-of-purchase packaging. This is further expected to enhance the application of the product across the food packaging segment, which should drive market growth in the future.
The application segment is categorized into food packaging, printing & paper products, pharmaceuticals, hardware & housewares, electrical & electronics products, and others. The food packaging application segment is dominating the polyolefin shrink film market, accounting for the largest share of the market among the applications. The market growth is attributed to various benefits offered by polyolefin shrink films such as high clarity, good shrinkage, and high resistance to punctures and tears. Owing to the mentioned properties, POF shrink films are considered ideal for packaging food products of varying shapes and sizes. Moreover, the increasing demand for packaged food products due to convenience and increased shelf life is enhancing the application of polyolefin shrink films for packaging purposes. This is further driving the demand for the product across the food packaging application.
The printing & paper products segment is expected to grow at a significant rate during the forecast period. The usage of polyolefin shrink films as a protective packaging solution for printing and paper products such as books, magazines, and calendars is expected to drive the market growth of the product across the segment. POF shrink films are effective in protecting products from dust, moisture, and other environmental factors, thereby enhancing the overall appearance.
The regions include Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia Pacific region holds the largest share of the global polyolefin shrink film market among the regions. The region is dominated by countries such as China, India, Japan, and Australia, which have a large and growing packaging industry, along with a huge consumer base for packaged foods and other products. Furthermore, the growing packaging industry in the region owing to increasing e-commerce activities is further enhancing the application of polyolefin shrink films. Thus, contributing to the market growth of the product.
Moreover, North America is anticipated to grow at the fastest rate during the forecast period. The growing pharmaceutical industry across the region is expected to increase the application of polyolefin shrink films for packaging applications. This is expected to drive the market growth of polyolefin shrink films over the forecast period.
Polyolefin (POF) Shrink Film Market Competitive Landscape:
The polyolefin shrink film market is highly competitive, with a large number of players operating in the market, both regionally and globally. The major players in the market are focused on expanding their product portfolios and strengthening their market presence through investments in research and development, as well as mergers, acquisitions, and partnerships. The key players in the market include-
- Golden Union Plastic Bag Factory
- Intertape Polymer Group Inc.
- SY Polymer Industries SDN BHD
- Tara Fiberindo
- Allen Plastic Industries Co., Ltd
- Berry Global Inc.,
- Bollor Films, Clysar, LLC.
- Exxon Mobil Corporation
- Flexi Pack
- Interplast Co. Ltd
- Hubei HYF Packaging Co., Ltd.
- In December 2022, Gunze, a Japanese plastic film manufacturer announced the launch of a new product GEOPLAS HCT3 which is an eco-friendly heat shrinkable film. The product is manufactured by using 30% chemical recycled raw materials. This further minimizes the use of petroleum-derived raw materials attributing to reduction in the emission of greenhouse gases.
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