Brand Story
07 Dec 2022, 18:43 GMT+10
According to Future Market Insights research, the heat shrink packaging market was valued at roughly US$ 4.3 Bn in 2021 during the forecast period. Heat Shrink Packaging sales are expected to grow at a CAGR of 4.6% and reach US$ 7.0 billion by 2032.
The food and beverage end-use segment is expected to account for the lion's share of the worldwide heat shrink packaging market. By the end of 2032, the target sector is expected to account for approximately 49% of the worldwide heat shrink packaging market.According to the research conducted by Future Market Insights, the heat shrink packaging market generated total revenue of US$ 4.3 Bn in 2021. With the rising demand for better plastic packaging solution for food products, the global heat shrink packaging market is projected to reach US$ 7.0 Bn by 2032, increasing at a CAGR of 4.6% throughout the forecast period.
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Competitive Landscape
The heat shrink packaging market is differentiated due to the presence of many market players around the world. With the presence of different regional and local competitors in the market, the heat shrink packaging market is highly competitive. Key players are focusing on various different strategies to increase their revenue and market share in the global market such as capacity expansion, mergers & acquisitions, expansions, collaborations, and partnerships.
Some of the recent developments in the market are as follows -
Key Companies Profile
Historic Market Outlook for Heat Shrink Packaging Market
The heat shrink packaging market created an incremental opportunity of US$ 736 Mn during the historic years 2015-2021 and held the market value of US$ 3.5 Bn in 2015 and reaching around US$ 4.3 Bn by the end of 2021. Thus, the market for heat shrink packaging is expanding at a remarkable rate over the last few years.
The rapidly growing demand for packaged food and beverages, electronics, healthcare, etc. is driving the heat shrink packaging market. Due to high demand in these industries manufacturing units have started increasing their capacity to cope with the demand and satisfy their consumers. Heat Shrink packaging is generally used to increase its durability by combining multiple products into one package unit. This works best in packaging small products together in one combined package unit as it allows seamless and smooth transportation. It helps in lowering cost-effective methods and increases the shelf life of these products.
Also due to increasing economic growth all around the globe, there is a rise in demand for packaged foods. And this in turn is increasing the demand for the heat shrink packaging market.
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Which factors are driving the demand for Heat Shrink Packaging Market?
The heat shrink packaging market has increased widely in recent years. The food & beverage sector and healthcare sector have majorly been a part of the huge profit in the market. Heat shrink packaging is used for the packaging of various products. Heat shrink packaging is made of recyclable material such as polyolefin, polyethene (PE) polyvinyl chloride (PVC), etc. which can be further reused. With the recyclable feature, these heat shrink packaging bags are in huge demand.
Heat plays a vital role in the shrink packaging market. Heat machines are used to shrink-wrap the products to combine into one unit. So protection is the second major factor driving the heat shrink packaging market. When heat is generated to wrap the shrink bags to products, it makes a tight seal and combines the small products into one. Once this is done it gets very easy for transportation, as well as the product packaged, stays safe for a longer time. This helps the product to stay safe from moisture or dust from the environment. Also, heat shrink packaging bags are very affordable and it saves the space of bulky packages like boxes saving money and space for the manufacturers.
Heat Shrink Packaging Market by Category
By Material type, Heat Shrink Packaging Market is Segmented as:
By End Use Industry, Heat Shrink Packaging Market Segmented as:
By Region, Heat Shrink Packaging Market is Segmented as:
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Related Reports
FMCG Packaging Market By Product Type (Flexible Packaging, Rigid Packaging), Material Type (Plastic, Paper & Paperboard, Metal, Glass), End Use (Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics) & Region - Forecast 2022 - 2032
Beverage Packaging Market By Product Type, by Material, by Application & Region - Forecast 2022 - 2032
Flexible Packaging Paper Market By Packaging Type, Distribution Channel, Material Type & Region - Forecast 2022 - 2032
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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For Sales Enquiries: sales@futuremarketinsights.com
Browse Latest Market reports: https://www.futuremarketinsights.com/reports
The post Heat Shrink Packaging Market is growing at a CAGR of 4.6% during the forecasting period 2022-2032 appeared first on Future Market Insights.
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