Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global heat shrink packaging market stood at US$ 4.48 billion in 2022, and the global market is projected to reach US$ 7 billion in 2032. The global electric actuator market is anticipated to expand at a CAGR of 4.6% between 2022 and 2032.
The burgeoning demand for packaged food and beverage products is a potent catalyst for the growth of the heat shrink packaging market. This escalating demand can be attributed to a shifting consumer landscape, particularly among the working population, who increasingly favor convenient, ready-to-consume products. Heat shrink packaging proves indispensable in this context, as it enhances product safety, offers easy identification, and ensures that items retain their shape without loosening during transit.
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The heat shrink packaging market is witnessing a significant uptick in demand from online platforms. The hectic schedules of modern consumers are driving them to prefer the convenience of packaged food products that can be easily ordered and delivered. This shift further amplifies the market's growth trajectory.
Manufacturers diligently focus on innovation to remain competitive and meet evolving consumer preferences. They channel investments into research and development activities to introduce novel features and products that stand out in the crowded marketplace. One notable advancement is the development of plastic film options for heat shrink packaging solutions, focusing on down gauging. This process involves making shrink bags thinner, allowing for easier stretching and shrinking.
Key Takeaways of Market Report
- Global heat shrink packaging market to generate absolute dollar opportunity worth US$ 4.3 billion in 2021.
- Global heat shrink packaging market is valued at US$ 4.48 billion in 2022.
- The global heat shrink packaging market will possibly generate an absolute dollar opportunity worth US$ 7 billion in 2032.
- The market value of the global heat shrink packaging market management from 2018 to 2022 was 3.9%.
Heat Shrink Packaging Market: Growth Drivers
- The flourishing e-commerce industry has transformed how consumers shop, with a growing willingness to purchase goods online through various platforms.
- The trend is particularly prominent in the case of packaged food products, as busy schedules drive consumers to seek convenience in their shopping experience. E-commerce offers a range of benefits, including fast delivery, diverse payment options, and, often, free shipping.
- Increasing disposable incomes fueled by economic growth drive consumers toward adopting modern lifestyles. A growing working population has led to a surge in the preference for takeaways and ready-to-eat food products.
- In response, manufacturers emphasize packaged foods' quality, freshness, and hygiene to cater to these evolving consumer preferences. This shift is further amplified by rapid urbanization, reshaping consumption patterns and bolstering the demand for heat shrink packaging solutions in the market.
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Heat Shrink Packaging Market: Regional Landscape
- The Asia Pacific region stands at the forefront of the global heat shrink packaging market in terms of value, with several factors contributing to its prominence. The escalating demand for fresh produce has been a significant driver as consumers increasingly seek quality packaging to preserve and protect these goods.
- Lenient rules and regulations in the region have created a conducive environment for market growth. The rapid expansion of e-commerce platforms has opened up lucrative opportunities in Asia's heat shrink packaging market, accentuating its leading position.
- North America's heat shrink packaging market outlook is characterized by optimism and growth. The region's market benefits from ongoing innovations and substantial investments toward enhancing packaging solutions. The North American market's dynamism is driven by a commitment to product upgrades and innovations, reinforcing its position as a critical player in the global heat shrink packaging landscape.
Global Heat Shrink Packaging Market: Key Players
- Today, Amcor, a global leader in developing and producing responsible packaging solutions, announced that it has closed the acquisition of a world-class flexible packaging plant in the Czech Republic.
- Berry Global began constructing its new manufacturing facility and global Centre of Excellence in India.
- Based in Sira, close to the company's operation in Bangalore, the new factory will offer world-class capabilities to serve the healthcare and other key market sectors.
Global Heat Shrink Packaging Market: Segmentation
By Material Type
- Polyethylene (PE)
- Polyolefin (POF)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
By End Use Industry
- Food & Beverage
- Electrical & Electronics
- Healthcare
- Automotive
- Consumer Goods
- Personal Care & Cosmetics
- Homecare
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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