According to the research report titled ‘Global Shrink Plastic Film Market Size study by Type ( Unprinted, Printed), by Multipack (3X2, 4X2, 4X3, 6X3, Other), by Application Packaging ( Can, Bottle, Brick), By Application ( Alcoholic beverages, Water, Carbonated Soft drinks, Other drinks) and Regional Forecasts 2020-2027’, available with Market Study Report, global shrink plastic film market was appraised at USD 2.4 billion in the year 2019 and is expected to grow with a CAGR of 3.5% between 2020 and 2027.
 

Shifting preferences towards using polyolefin-based plastic film for wrapping or coating applications owing to its exceptional physical and chemical characteristics is one the of the major factors driving the growth of global shrink plastic film market.
 

Notably, shrink plastic is made from silicone-based film, coated with a plastic and then heated, which subsequently shrinks it around the targeted object. It is widely adopted in bottling, packing and food packaging applications, further aiding towards global shrink plastic industry expansion.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2895855/
 

Rising adoption of shrink plastic film in the food & beverage sector for various applications is also creating lucrative opportunities for the industry participants. However, availability of substitutes may act as a restraining factor to the overall market growth.
 

Regardless, major companies operating are focusing on business-centric strategies such as mergers & acquisitions, innovative product launches, and other collaborations in order to achieve a competitive advantage in this business vertical, which in turn is favoring worldwide shrink plastic film industry outlook.
 

From the regional point of view, North America currently dominates global shrink plastic film market in terms of revenue share and is likely to witness similar growth patterns in the ensuing years. High concentration of different consumer goods manufacturing organizations is contributing towards the overall market remuneration in North America.
 

Parallelly, Asia-Pacific shrink plastic film industry is predicted to register highest CAGR through 2027, primarily driven by rapid industrialization, rising per capita income and growing demand for advanced packaging solutions.
 

The key participants in global shrink plastic film market are Baroda Packaging, Sarkina, Clearpack Group, Plastotecnica S.p.A., Berry Global Inc., RKW Group, Clondalkin Group Inc., Ceisa Semo Packaging, Coveris Holdings S.A., and Amcor Plc.