Shrink-sleeve packaging is a packaging method that uses shrink film to tightly wrap products or packaging boxes after heating. Its significant feature is that it can quickly shrink and tightly adhere to the surface of the product within a few seconds, effectively protecting the product from external factors such as impact, dust, and moisture.
Overview of Overall Market Development and Analysis of Segmented Markets
With the development of the economy and the increasing demand from consumers for product packaging, more and more products are adopting shrink-sleeve packaging, which provides impetus for market growth. From the perspective of market size, the global shrink-sleeve packaging market is showing a steady growth trend. According to our research data, the global Shrink sleeve packaging market revenue in 2023 was $4121 million. In the coming years, with the continuous emergence of new materials, processes, and equipment, the quality and performance of shrink-sleeve packaging will be significantly improved, bringing new opportunities for market development. It is expected that by 2026, the global Shrink sleeve packaging market revenue will increase to $5213 million
Shrink sleeve packaging mainly uses plastic film materials such as PVC, PETG, OPS, and PLA. Different materials of shrink films have different shrinkage temperatures and performance, which are suitable for different products and application scenarios. Research has shown that PVC and PETG shrink-sleeve materials dominate the market. In 2023, the revenue of PVC Shrink sleeve packaging and PETG Shrink sleeve packaging sub-markets was $1575 million and $1413 million respectively, with market shares of 38.23% and 34.29%.
From the perspective of downstream applications, the application of shrink-sleeve packaging involves multiple fields such as food and beverage, pharmaceuticals, and personal care. Among them, the food and beverage industry is the largest downstream application market for shrink-sleeve packaging, with a market share of 77.70% in 2023.
Global Shrink-Sleeve Packaging Market Revenue Forecast and Market Segment Analysis
Source: www.globalmarketmonitor.com
Analysis of Market Development in Major Regions
Research shows that the Asia Pacific region is the largest consumer and revenue market in the industry. According to our data, the sales volume of Shrink sleeve packaging in the Asia Pacific region in 2023 was 563.5k tons, accounting for 48.44% of the global total sales, with a market revenue of $1987 million and a revenue share of 48.23%;
The European market ranks second with a revenue share of 23.13%, with sales of 266.9k tons of Shrink sleeve packaging in 2023 and a market revenue of 9953 million; The North American market ranks third with revenue of $852 million and a share of 20.69%.
Global Shrink-Sleeve Packaging Market Revenue and Share by Region in 2023
|
Regions
|
Sales (K Tons)
|
Market Revenue (Million USD)
|
Share
|
|
North America
|
239.4
|
852
|
20.69%
|
|
Europe
|
266.9
|
953
|
23.13%
|
|
Asia Pacific
|
563.5
|
1987
|
48.23%
|
|
South America
|
50.6
|
178
|
4.33%
|
|
Middle East & Africa
|
42.8
|
149
|
3.63%
|
Source: www.globalmarketmonitor.com
Analysis of Market Development Opportunities and Challenges
Market opportunity: From the
perspective of market demand, the demand for shrink-sleeve packaging in the
market is showing a trend of diversification and personalization. Different
industries, products, and consumers have different requirements for shrink-sleeve
packaging, which requires market participants to provide diversified products
and services. Meanwhile, with the increasing attention of consumers toward
environmental protection and sustainable development, the demand for
environmentally friendly shrink-sleeve packaging is also constantly increasing.
Market challenges: On the one hand,
the market competition is fierce, with serious price wars and homogenization
phenomena. This not only affects the healthy development of the market but also
hinders the innovation and development of market participants. On the other
hand, fluctuations in raw material prices and instability in the supply chain
have also had a certain impact on the development of the market.
For more industry information, please refer to our latest released "Packaging Market - Global Professional Analysis and Forecast to 2026".
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