Polyethylene Terephthalate (PET) Shrink Films Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Type (Low Shrink Film, Medium Shrink Film, and High Shrink Film), End-user Industry (Food and Beverage, Industrial Packaging, Personal Care and Cosmetics, Printing and Stationery, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa)

Market Snapshot

Market Summary - Polyethylene Terephthalate (PET) Shrink Films Market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %

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Market Overview

The global polyethylene terephthalate shrink films market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factor driving the growth of the market studied is increasing demand from the food & beverage industry.

  • Availability of substitutes for PET shrink films is likely to hinder the markets growth.
  • Growing demand for eco-friendly material for packaging is likely to create opportunities for the market in the coming years.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Scope of the report

The global polyethylene terephthalate shrink films market report includes:

Type
Low Shrink Film
Medium Shrink Film
High Shrink Film
End-user Industry
Food and Beverage
Industrial Packaging
Personal Care and Cosmetics
Printing and Stationery
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from the Food and Beverage Industry

  • PET shrink films are used for the packaging of individual food products such as muffins, cookies, candies, and other confectionary products. For bundling multiple products, these films can be used as primary packaging coming into direct contact with the food product.
  • PET is one of the most commonly used material for shrink wrapping because it can be produced in a range of different densities and modified with additives to perform many functions.
  • Additionally, these films are also used for the purpose of bundling smaller units and lumber. Supermarket tray wraps are also manufactured using PET shrink films.
  • The ASEAN food and beverage industry is expected to grow strongly during the forecast period, due to the target set by the Industry Ministry of Indonesia for the national food and beverage industry in the country. A significant rise in commodity prices in Indonesia has boosted the purchasing power of people, with the rise in population in the country, particularly in the regions that have huge amount of production of commodities.
  • Owing to all these factors, the market for polyethylene terephthalate shrink films is likely to grow across the world during the forecast period.
Polyethylene Terephthalate (PET) Shrink Films Market - Segmentation Trends

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific dominated the global market with a share of more than 40%. With growing packaging and healthcare industries in countries like China, India, Japan, and South Korea, the consumption of PET shrink films is increasing in the region.
  • China has the second-largest packaging industry in the world. The country is expected to witness a consistent growth during the forecast period, owing to the rise of customized packaging, increased demand for packaged consumerist goods.
  • Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) sector in the recent past. The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products by the middle-class consumers in the country.
  • Additionally, India has the fifth-largest packaging industry worldwide which is growing at a significant rate. The country’s packaging industry is majorly driven by growing innovation in industries to make their products compact and portable.
  • Due to all such factors, the market for polyethylene terephthalate shrink films in the region is expected to have a steady growth during the forecast period.
Polyethylene Terephthalate (PET) Shrink Films Market - Regional Trends

Competitive Landscape

The polyethylene terephthalate shrink films market is partially consolidated in nature. Some of the major players in the market include Allen Plastic Industries Co., Ltd., Bonset America Corporation, Polyplex, Flint Group, and Klöckner Pentaplast, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Food & Beverage Industry

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Availability of Substitutes for PET Shrink Films

      2. 4.2.2 Impact of COVID-19 Pandemic

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porters Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Low Shrink Film

      2. 5.1.2 Medium Shrink Film

      3. 5.1.3 High Shrink Film

    2. 5.2 End-user Industry

      1. 5.2.1 Food and Beverage

      2. 5.2.2 Industrial Packaging

      3. 5.2.3 Personal Care and Cosmetics

      4. 5.2.4 Printing and Stationery

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Allen Plastic Industries Co., Ltd.

      2. 6.4.2 Bonset America Corporation

      3. 6.4.3 Flint Group

      4. 6.4.4 Hubei HYF Packaging Co., Ltd.

      5. 6.4.5 Klockner Pentaplast

      6. 6.4.6 KWC Korea

      7. 6.4.7 Plastic Suppliers, Inc.

      8. 6.4.8 Polyplex

      9. 6.4.9 Triton International Enterprises

      10. 6.4.10 Vintech Polymers Pvt.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand for Eco-Friendly Material for Packaging

**Subject to Availability

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Frequently Asked Questions

The Polyethylene Terephthalate (PET) Shrink Films Market market is studied from 2016 - 2026.

The Polyethylene Terephthalate (PET) Shrink Films Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Allen Plastic Industries Co., Ltd., Bonset America Corporation, Polyplex are the major companies operating in Polyethylene Terephthalate (PET) Shrink Films Market.

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