POLYETHYLENE TEREPHTHALATE (PET) SHRINK FILMS MARKET - GROWTH, TRENDS, AND FORECAST (2020 - 2025)

2021-01-07

POLYETHYLENE TEREPHTHALATE (PET) SHRINK FILMS MARKET - GROWTH, TRENDS, AND FORECAST (2020 - 2025)

The market is segmented by Type (Low Shrink Film, Medium Shrink Film, and High Shrink Film), End-user Industry (Food and Beverage, Industrial Packaging, Personal Care and Cosmetics, Printing and Stationery, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Overview

The global polyethylene terephthalate shrink films market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factor driving the growth of the market studied is increasing demand from the food & beverage industry.

Availability of substitutes for PET shrink films is likely to hinder the markets growth.
Growing demand for eco-friendly material for packaging is likely to create opportunities for the market in the coming years.
Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Scope of the report

The global polyethylene terephthalate shrink films market report includes:

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

Key Market Trends

Increasing Demand from the Food and Beverage Industry

PET shrink films are used for the packaging of individual food products such as muffins, cookies, candies, and other confectionary products. For bundling multiple products, these films can be used as primary packaging coming into direct contact with the food product.
PET is one of the most commonly used material for shrink wrapping because it can be produced in a range of different densities and modified with additives to perform many functions.
Additionally, these films are also used for the purpose of bundling smaller units and lumber. Supermarket tray wraps are also manufactured using PET shrink films.
The ASEAN food and beverage industry is expected to grow strongly during the forecast period, due to the target set by the Industry Ministry of Indonesia for the national food and beverage industry in the country. A significant rise in commodity prices in Indonesia has boosted the purchasing power of people, with the rise in population in the country, particularly in the regions that have huge amount of production of commodities.
Owing to all these factors, the market for polyethylene terephthalate shrink films is likely to grow across the world during the forecast period.

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