Polyethylene Terephthalate (PET) Shrink Films Market Size (2024 - 2029)

The polyethylene terephthalate shrink films market is projected to experience significant expansion over the forecast period, driven primarily by increasing demand from the food and beverage industry. Despite the challenges posed by the availability of substitutes, the market is expected to benefit from a growing preference for eco-friendly packaging solutions. The Asia-Pacific region is anticipated to lead in terms of market size and growth rate, following a recovery from the pandemic's initial impact.

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Market Size of Polyethylene Terephthalate (PET) Shrink Films Industry

Polyethylene Terephthalate (PET) Shrink Films Market Summary
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

Polyethylene Terephthalate (PET) Shrink Films Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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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Polyethylene Terephthalate (PET) Shrink Films Market Size Summary

The polyethylene terephthalate (PET) shrink films market is poised for robust growth, driven primarily by increasing demand from the food and beverage sector. These films are favored for their ability to provide a tight seal, protecting products from moisture and contaminants, making them ideal for packaging food items like muffins, cookies, and candies. The market's expansion is supported by the growing trend towards eco-friendly packaging solutions, although the availability of substitutes for PET shrink films poses a potential challenge. The Asia-Pacific region is expected to lead the market, benefiting from the burgeoning packaging and healthcare industries in countries such as China, India, Japan, and South Korea. These regions are witnessing a rise in demand for customized packaging and packaged goods, further fueling market growth.

The market landscape is characterized by a partially consolidated structure, with key players like Allen Plastic Industries Co., Ltd., Bonset America Corporation, Polyplex, Flint Group, and Klöckner Pentaplast playing significant roles. Recent strategic moves, such as partnerships and acquisitions, have been aimed at enhancing production capabilities and expanding global reach. For instance, SAES Coated Films' collaboration with RKW Group focuses on developing sustainable food packaging solutions, while Alpek's acquisition of OCTAL Holding SAOC aims to bolster its position in the PET sheets market. These developments underscore the dynamic nature of the PET shrink films market, which is expected to continue its upward trajectory over the forecast period.

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Polyethylene Terephthalate (PET) Shrink Films Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Food & Beverage Industry

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Availability of Substitutes for PET Shrink Films

      2. 1.2.2 Impact of COVID-19 Pandemic

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Low Shrink Film

      2. 2.1.2 Medium Shrink Film

      3. 2.1.3 High Shrink Film

    2. 2.2 End-user Industry

      1. 2.2.1 Food and Beverage

      2. 2.2.2 Industrial Packaging

      3. 2.2.3 Personal Care and Cosmetics

      4. 2.2.4 Printing and Stationery

      5. 2.2.5 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Polyethylene Terephthalate (PET) Shrink Films Market Size FAQs

The Polyethylene Terephthalate (PET) Shrink Films Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

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.

Polyethylene Terephthalate Film Market Report Snapshots

Polyethylene Terephthalate Shrink Films Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)