Polyethylene Terephthalate Shrink Films Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players_Shrink_Films_Market_-_Keyplayers.webp "Polyethylene Terephthalate (PET) Shrink Films Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Polyethylene Terephthalate Shrink Films Market Trends
This section covers the major market trends shaping the Polyethylene Terephthalate Shrink Films Market according to our research experts:
Increasing Demand from the Food and Beverage Industry
- PET is one of the most commonly used materials for shrink wrapping because it can be produced in various densities and modified with additives to perform many functions.
- PET shrink films are used for packaging food products such as muffins, cookies, candies, and other confectionery products. For bundling multiple products, these films can be used as primary packaging coming into direct contact with the food product.
- Additionally, these films are also used to bundle smaller units and lumber. Supermarket tray wraps are also manufactured using PET shrink films.
- According to the National Renewable Energy Laboratory, US Department of Energy, more than 82 million metric tons of polyethylene terephthalate (PET) is produced each year globally to make single-use beverage bottles, packaging, clothing, and carpets. The volume is expected to reach 600 million tons by 2050.
- PET shrink films form a tight seal around the product in the food and beverage industry. It protects the product from moisture, dust, and other contaminants. According to a 2022 report by Huhtamaki, a product packaging company, the recovery rate for packaging and food service plastics in the United States was about 14%. In Europe, the plastic packaging recycling rate reported was 40%.
- According to the Association for Packaging and Processing, PMMI, the North American beverage packaging industry is expected to increase by 4.5% by 2028, with the United States leading the beverage packaging sector.
- PET plastic is a sustainable packaging option and the leading type of plastic used for beverage bottles. It is due to its excellent chemical resistance to organic materials and water and high strength-to-weight ratio.
- According to Habits of Waste, an organization focused on people's habits by encouraging everyone to rethink wasteful behavior, about 481.61 billion PET bottles are used every year around the world. PET Resin Association (PETRA) reports that more than 1.5 billion pounds of PET plastic bottles and containers are recycled annually in the United States.
- Polyethylene terephthalate is the most common thermoplastic resin of the polyester family and is used majorly in the packaging industry. Many essential food and beverage players are incorporating PET material in their packaging to ensure sustainability. For instance, in May 2022, TekniPlex launched a new line of processor trays made of 100% polyethylene terephthalate (PET) material. PET packaging offers premium product display and also addresses common packaging challenges.
- Owing to all these factors, the market for polyethylene terephthalate shrink films will likely grow worldwide during the forecast period.
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, PET shrink film consumption is increasing in the region.
- China includes the second-largest packaging industry in the world. The country is expected to witness consistent growth during the forecast period, owing to the rise of customized packaging and increased demand for packaged goods.
- According to the National Bureau of Statistics, China produced 80.04 million metric tons of plastics, accounting for 32% of global plastic materials production in 2021. It makes China the world's largest plastic producer, followed by North America.
- Moreover, China recently witnessed rapid growth in the fast-moving consumer goods (FMCG) sector. The FMCG market growth was driven by the country's increased spending on premium and healthier products by middle-class consumers.
- Additionally, India includes the fifth-largest packaging industry worldwide, which is growing significantly. The country's packaging industry is driven by growing innovation in industries to make their products compact and portable.
- PET is the most used polymer worldwide in various industries, including packaging, automotive, electronics, and others. According to the National Bureau of Statistics of China, the total production volume of plastic products in China amounted to 80.04 million metric tons in 2021. In the first half of 2022, the total plastic products manufactured reached 38.21 million metric tons.
- Shrink wrap is often used to ship and store products. Vehicles such as boats, cars, and helicopters are often wrapped using shrink wrap to protect them from storage and shipping damages.
- According to OICA, in 2021, global vehicle production reached 80.1 million units, an increase of 4% from the previous year's 77.6 million units. According to India Brand Equity Foundation, the Indian car market is expected to reach USD 54.84 billion by 2027, registering a CAGR of over 9%. Indian automotive industry is targeting to increase the export of vehicles by five times by the year 2026. In 2022, total automobile exports from India stood at 5,617,246.
- Due to all such factors, the region's market for polyethylene terephthalate shrink films is expected to grow steadily during the forecast period.
Polyethylene Terephthalate Shrink Films Industry Overview
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.
Polyethylene Terephthalate Shrink Films Market Leaders
-
Allen Plastic Industries Co., Ltd.
-
Bonset America Corporation
-
Polyplex
-
Klockner Pentaplast
-
Flint Group
*Disclaimer: Major Players sorted in no particular order
_Shrink_Films_Market-Market_Concentration.webp "Polyethylene Terephthalate (PET) Shrink Films Market Concentration")
Polyethylene Terephthalate Shrink Films Market News
- March 2022: SAES Coated Films partnered with RKW Group to develop premium performance films for sustainable food packaging that offer high protection throughout the product lifecycle.
- February 2022: Alpek acquired OCTAL Holding SAOC. The acquisition helped to expand Alpek's global position and increased its value-added production offerings in Polyethylene Terephthalate (PET) sheets.
- January 2022: IPG expanded its North American shrink film production by acquiring a new film plant in Everetts, NC, which allowed the company to expand its production capacity and product types.
Polyethylene Terephthalate Shrink Films Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Demand from the Food & Beverage Industry
- 4.1.2 Other Drivers
-
4.2 Restraints
- 4.2.1 Availability of Substitutes for PET Shrink Films
- 4.2.2 Impact of COVID-19 Pandemic
- 4.3 Industry Value-Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Type
- 5.1.1 Low Shrink Film
- 5.1.2 Medium Shrink Film
- 5.1.3 High Shrink Film
-
5.2 End-user Industry
- 5.2.1 Food and Beverage
- 5.2.2 Industrial Packaging
- 5.2.3 Personal Care and Cosmetics
- 5.2.4 Printing and Stationery
- 5.2.5 Other End-user Industries
-
5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) Analysis**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
-
6.4 Company Profiles
- 6.4.1 Allen Plastic Industries Co., Ltd.
- 6.4.2 Bonset America Corporation
- 6.4.3 Flint Group
- 6.4.4 Hubei HYF Packaging Co., Ltd.
- 6.4.5 Klockner Pentaplast
- 6.4.6 KWC Korea
- 6.4.7 Plastic Suppliers, Inc.
- 6.4.8 Polyplex
- 6.4.9 Triton International Enterprises
- 6.4.10 Vintech Polymers Pvt.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Demand for Eco-Friendly Material for Packaging
Polyethylene Terephthalate Shrink Films Industry Segmentation
Polyethylene terephthalate (PET) shrink film is used for packaging heavier products. It is most often extruded onto the single wound or flat rolls. The rolls are used on shrink bundling machines with sealing bars and tunnels. The polyethylene terephthalate shrink films market is segmented by type, end-user industry, and geography. By type, the market is segmented into low-shrink film, medium-shrink film, and high-shrink film. The end-user industry segments the market into food and beverage, industrial packaging, personal care, cosmetics, printing and stationery, and other end-user industries. The report also covers the market size and forecasts for the polyethylene terephthalate (PET) shrink film market in 15 countries across major regions. The market sizing and forecasts are based on each segment's value (USD million).
| 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 | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Polyethylene Terephthalate Shrink Films Market Research FAQs
What is the current Polyethylene Terephthalate (PET) Shrink Films Market size?
The Polyethylene Terephthalate (PET) Shrink Films Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Polyethylene Terephthalate (PET) Shrink Films Market?
Allen Plastic Industries Co., Ltd., Bonset America Corporation, Polyplex , Klockner Pentaplast and Flint Group are the major companies operating in the Polyethylene Terephthalate (PET) Shrink Films Market.
Which is the fastest growing region in Polyethylene Terephthalate (PET) Shrink Films Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyethylene Terephthalate (PET) Shrink Films Market?
In 2024, the Asia Pacific accounts for the largest market share in Polyethylene Terephthalate (PET) Shrink Films Market.
What years does this Polyethylene Terephthalate (PET) Shrink Films Market cover?
The report covers the Polyethylene Terephthalate (PET) Shrink Films Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyethylene Terephthalate (PET) Shrink Films Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Polyethylene Terephthalate Film Industry Report
Statistics for the 2024 Polyethylene Terephthalate Film market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyethylene Terephthalate Film analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
