Market Size of Polyethylene Terephthalate (PET) Shrink Films Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
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*Disclaimer: Major Players sorted in no particular order |
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Polyethylene Terephthalate Shrink Films Market Analysis
During the forecast period, the polyethylene terephthalate shrink films market is estimated to register healthy growth at an estimated CAGR of over 4%.
COVID-19 negatively impacted the market in 2020. Several countries worldwide went into lockdown to curb the virus spreading due to the pandemic scenarios. However, the condition recovered in 2021, benefiting the market growth studied over the forecast period.
- The primary factor driving the studied market's growth is increasing demand from the food & beverage industry.
- Substitutes' availability for PET shrink films will likely hinder the market's growth.
- Growing demand for eco-friendly packaging material will likely create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
