Cross-linked Shrink Films Market Overview
The global cross-linked shrink films market is anticipated to expand at a CAGR of ~4.1%, during the forecast period.
The cross-linked shrink films market is expected to witness a soaring growth in 2031 in regard to its strength, high puncture & tear resistance capacity, clarity, versatility, and other benefits. A new forecast by FMI estimates that cross-linked shrink films revenues will nearly double between 2021 and 2031, reaching a million dollars in 2031 with a CAGR of 4.1%
Cross-linked Shrink Films Market: An Overview
The cross-linked polymers are the discovery of the 1880s during the search of finding the way to invent stabilize rubber by Charles Goodyear. The cross-linked shrink films are the flexible packaging material used for various applications.
The cross-linked shrink films are made from polyethylene (LDPE/HDPE) or polypropylene material. These cross-linked shrink films possess exceptional strength, high puncture resistance capacity, toughness, and tear resistance capacity. Moreover, the cross-linked shrink films are recyclable and user-friendly products.
The cross-linked shrink films offer 100% transparency and clarity. The cross-linked shrink films are applicable for every type of machines such as shrink wrapping machines, sealers, and other types of wrapping machines. This factor doubles the attractiveness of the cross-linked shrink film market among the end-use industries.
The cross-linked shrink films due to their toughness and strength can be also used for sharp edge or irregular products for protecting the products as well as offer product integrity to packages. Combining all the characteristics and benefits offered, the sales for cross-linked shrink films is anticipated to increase during the forecasted period.
Which Factors will Drive the Demand for Cross-linked Shrink Films Market?
The cross-linked shrink films have wide application among various end-use industries such as food & beverage, personal care, household, and others due to their excellent strength which increases the scope for cross-linked shrink film market.
The cross-linked shrink films also offer stronger seals as compared to ordinary shrink films, this helps in protecting the packages from damage while in transit. The cross-linked shrink films do not contain toxic material or odour which are best suitable for food & beverage industries as can be used in direct contact with food items.
Also, these films offer unique properties such as requires less shrink force, low cost of packaging as excellent machinability, light gauge, and others. On the back of these factors, the demand for cross-linked shrink films is projected to propel in future.
What is the Impact of Rising Cases of Infectious Diseases?
The end-use industries demand cost-effective as well as user-friendly packaging solutions for their products. The cross-linked shrink films offer the benefits they are demanded by the end-use industries as cost-effective, flexible, and user-friendly.
Also, the everyday introduction of a new product by the end-use industries generate a growth opportunity for the cross-linked shrink film market. The wide scope offered by cross-linked shrink film itself generates the growth opportunity along with some development of products requiring transparency and flexible packaging.
The global key players for cross-linked shrink films are
- Intertape Polymer Group
- Bolloré Group
- Syfan USA
- SABIC The Schlichter GmbH
- THE NEW PACK ltd.
Some of the Asia Pacific players include
- Bagla Group
- CLEARPACK SINGAPORE PTE LTD.
- Shenyang Weiming Technology Co., Ltd.
- Zhejiang Zhongcheng Packing Material Co., Ltd.
- HuanYuan Plastic Film Co. Ltd
What is the Impact of Rising Cases of Infectious Diseases?
Most of the key players are planning for two fold investments in R&D activities to meet sustainability goals. Along with this primary target, they are also emphasizing on business expansion in the untapped market.
The key strategies adopted by key manufacturing players are: -
- In November 2020, Clysar LLC, introduced Clysar EVO shrink films and planning for producing sustainable products.
- In April 2021, Clearpack Singapore PTE Ltd., a provider of packaging solutions received the prestigious E-50 award in Singapore for its innovative solution and sustainable business model.
- In July 2020, the company named Intertape Polymer Group received the cradle to cradle silver certification for its shrink film brand named ExlfilmPlus. It is the first company to receive this certification in the world
Why the Sales of Cross-linked Shrink Films will Increase in the United States?
The United States is the developed and mature market is anticipated to generate the sales of cross-linked shrink films with the rising product innovation in food & beverage, pharmaceutical, cosmetic, and other industries which will require the packaging material to protect the product. Also, the key players are expanding their presence in the United States to cater for the increasing demand, this will push the sales of cross-linked shrink films in the United States.
Why will India & China Generate Hefty Demand for the Cross-linked Shrink Films Market?
The cross-linked shrink films are been approved by Food and Drug Administration (FDA) to be used in direct contact with food & beverage products as they do not contain any toxic material, therefore it is majorly in demand by the food & beverage industries.
The food and beverage industries in India and China are growing at a larger scale. The import-export of food & beverage products is also increasing in these countries. This states that demand for cross-linked shrink films is expected to ripe in these countries back on the development of food & beverage industries.
How has COVID-19 impacted the Growth of the Cross-linked Shrink Films Market?
The COVID pandemic affected almost every industry except the pharmaceutical and food industries. The spread of the virus leads to the closure of various activities including trade activities. The trade moments were low during this pandemic which impacted various markets along with the cross-linked shrink films market.
The cross-linked shrink films market was not major affected by the COVID pandemic due to its major application in the food & beverage industry. But, due to a decrease in operation and shipping, the demand for cross-linked shrink film was lowered. With the scenario slowly getting favorable, the sales of cross-linked shrink films is increasing among the end-use industries. The future market for cross-linked shrink films is forecasted to boost during the forecasted period.
Key Segments of Cross-Linked Shrink Films Market Covered in the Report
By Product Type:
- Anti-Fog Cross-linked Shrink Films
- Low-Temperature Cross-linked Shrink Films
- Less than 12 micron
- 12-15 microns
- 16-25 microns
- Above 25 microns
By End-Use Industries:
- Food & Beverage
- Personal Care & Cosmetics
- Others (Stationary, Toys, etc.)
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa