The global stretch wrap market size was valued at USD 4.27 billion in 2023. The market is projected to grow from USD 4.47 billion in 2024 to USD 6.71 billion by 2032, exhibiting a CAGR of 6.68% during the forecast period.
A stretch wrap is a thin and stretchable plastic film produced using polyethylene. These wraps come in a range of thickness, width, and formulations to secure and protect a variety of product sizes. The increased usage of these wraps in building & construction, shipping & logistics, agriculture, and food & beverage to protect goods during storage or transportation boosts market growth.
The market was holistically impacted by the COVID-19 pandemic. The COVID-19 lockdowns and halt in trade activities severely impacted the shipping & logistics industry and other industries during the pandemic hindered market growth.
Fortune Business Insights™ mentioned this in a report titled, “Stretch Wrap Market, 2024-2032.”
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Segments
Cast Wrap Segment Leads the Market Owing to Its Wide Use in Many Industries
Based on type, the market is classified into cast wrap and blown wrap. The cast wrap segment accounts for the largest stretch wrap market share. The segment’s growth is attributed to the wide use of cast wraps in many industries, including agriculture, shipping & logistics, food & beverages, and others.
Different Beneficial Properties of Polyethylene Wraps to Boost Polyethylene Segment Growth
By material, the market is classified into polyethylene (PE), {low density polyethylene (LDPE), high density polyethylene (HDPE)}, polyvinyl chloride (PVC), polypropylene (PP), biaxially oriented polypropylene (BOPP), and others. The market is dominated by the polyethylene segment. The segment’s growth is attributed to the benefits of polyethylene stretch wraps, such as high tear strength, winding solid force, tensile strength, retraction, and self-adhesion.
Growing International Trade to Propel Shipping & Logistics Segment Growth
Based on end-user, the market is segmented into shipping & logistics, food & beverage, agriculture, building & construction, chemical, household, and others. The shipping & logistics segment is the dominating segment in the market due to the growing international trade globally as the world is becoming increasingly integrated.
Report Coverage
The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players to boost market share and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Availability of Product in Different Types to Serve Applications Drives Market Expansion
Different types of stretch wraps are available for different applications as they are the most common tools for unitizing products for transport, further driving the stretch wrap market growth. The different types of these wraps include machine stretch film, hand stretch film, and ultraviolet stretch, and their growing use in different applications propels market expansion.
The use of wrong stretch films, as they depend on the size and shape of the products along with the height and width of the pallets, can lead to problems, such as constant tears, waste of time, money, and materials, and impeding market growth.
Regional Insights
Increasing Agriculture Industries to Drive Market Expansion in Asia Pacific
Asia Pacific accounted for USD 1.56 billion in 2023 and holds the largest market share. The market’s growth is attributed to the growing building & construction and agriculture industries in the region.
North America is second-leading region in the market. The increasing demand for flexible products and sustainable packaging and increasing demand for fresh products, including vegetables, seafood, and fruits, drives market growth in the region.
Competitive Landscape
Rising Focus of Key Players on Advanced Packaging Solutions Delivery to Propel Market Growth
The stretch wrap market is fragmented by the presence of market players, including Coveris, Dow, SABIC, and others. The increasing focus of these key players in providing advanced packaging solutions propels the growth of the market.
Key Industry Development
March 2023 - Trioworld introduced Katan-Ex Loop30, a high-performance stretch film that contains 30% PCR content. The film allows companies to reduce their carbon footprint and keep their loads stable.
List of Key Players Present in the Report:
- Berry Global (U.S.)
- SHRINKFLEX (Thailand)
- SABIC (Saudi Arabia)
- SCIENTEX BERHAD (Malaysia)
- Thong Guan Industries Bhd (Malaysia)
- Dow (U.S.)
- Coveris (Austria)
- POLIFILM (Germany)
- Swiftpak (U.K.)
- DUO PLAST AG (Germany)
- American Eagle Packaging (U.S.)
- Manupackaging (Italy)
- Dongguan Yalan Packing Materials Co., Ltd. (China)
- ZPF Efekt Plus (Poland)
Information Source- https://www.fortunebusinessinsights.com/stretch-wrap-market-109169
