Analysis of Cross-linked Shrink Films market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global cross-linked shrink films market is Anticipated to Expand at a CAGR of ~4.1%, during the forecast period 2021-2031. The cross-linked shrink films market is expected to witness a soaring growth in 2031 in regard to its strength, high puncture & tear resistance capacity, clarity, versatility, and other benefits. A new forecast by Fact.MR estimates that cross-linked shrink films revenues will nearly double between 2021 and 2031, reaching a million dollars in 2031.
The cross-linked polymers are the discovery of the 1880s during the search of finding the way to invent stabilize rubber by Charles Goodyear. The cross-linked shrink films are the flexible packaging material used for various applications. The cross-linked shrink films are made from polyethylene (LDPE/HDPE) or polypropylene material.
These cross-linked shrink films possess exceptional strength, high puncture resistance capacity, toughness, and tear resistance capacity. Moreover, the cross-linked shrink films are recyclable and user-friendly products. The cross-linked shrink films offer 100% transparency and clarity. The cross-linked shrink films are applicable for every type of machines such as shrink wrapping machines, sealers, and other types of wrapping machines.
This factor doubles the attractiveness of the cross-linked shrink film market among the end-use industries. The cross-linked shrink films due to their toughness and strength can be also used for sharp edge or irregular products for protecting the products as well as offer product integrity to packages. Combining all the characteristics and benefits offered, the sales of cross-linked shrink films is anticipated to increase during the forecasted period.
The cross-linked shrink films have wide application among various end-use industries such as food & beverage, personal care, household, and others due to their excellent strength which increases the scope for cross-linked shrink film market. The cross-linked shrink films also offer stronger seals as compared to ordinary shrink films, this helps in protecting the packages from damage while in transit.
The cross-linked shrink films do not contain toxic material or odor which are best suitable for food & beverage industries as can be used in direct contact with food items. Also, these films offer unique properties such as requires less shrink force, low cost of packaging as excellent machinability, light gauge, and others. On the back of these factors, the demand for cross-linked shrink films is projected to propel in the future.
The end-use industries demand cost-effective as well as user-friendly packaging solutions for their products. The cross-linked shrink films offer the benefits they are demanded by the end-use industries as cost-effective, flexible, and user-friendly.
Also, the everyday introduction of a new product by the end-use industries generates a growth opportunity for the cross-linked shrink film market. The wide scope offered by cross-linked shrink film itself generates the growth opportunity along with some development of products requiring transparency and flexible packaging.
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The global key players for cross-linked shrink films are
Some of the Asia Pacific players include
Most of the key players are planning for two fold investments in R&D activities to meet sustainability goals. Along with this primary target, they are also emphasizing on business expansion in the untapped market.
The key strategies adopted by key manufacturing players are: -
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The United States is the developed and mature market is anticipated to generate the sales of cross-linked shrink films with the rising product innovation in food & beverage, pharmaceutical, cosmetic, and other industries which will require the packaging material to protect the product.
Also, the key players are expanding their presence in the United States to cater to the increasing demand, this will push the sales of cross-linked shrink films in the United States.
The cross-linked shrink films are been approved by Food and Drug Administration (FDA) to be used in direct contact with food & beverage products as they do not contain any toxic material, therefore it is majorly in demand by the food & beverage industries.
The food and beverage industries in India and China are growing at a larger scale. The import-export of food & beverage products is also increasing in these countries. This states that demand for cross-linked shrink films is expected to ripe in these countries back on the development of food & beverage industries.
The COVID pandemic affected almost every industry except the pharmaceutical and food industries. The spread of the virus leads to the closure of various activities including trade activities. The trade moments were low during this pandemic which impacted various markets along with the cross-linked shrink films market.
The cross-linked shrink films market was not major affected by the COVID pandemic due to its major application in the food & beverage industry. But, due to a decrease in operation and shipping, the demand for cross-linked shrink film was lowered.
With the scenario slowly getting favorable, the sales of cross-linked shrink films are increasing among the end-use industries. The future market for cross-linked shrink films is forecasted to boost during the forecasted period.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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Sales of cross-linked shrink films are predicted to expand at a CAGR of 4% through 2031.
The cross-linked shrink films market is expected to reach US$ 2.17 billion by 2031.
Some of the leading companies are Intertape Polymer Group, Bolloré Group, Syfan USA, and SABIC The Schlichter GmbH.
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