Stretch Film Machinery Market Report Overview
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The global stretch film machinery market size was USD 809.25 million in 2021 and is projected to touch USD 1952.8 million by 2031 with a CAGR of 9.21% during the forecast period.
Stretch film machinery are used for producing stretched films. These are made up of plastic. Such stretched films are used for wrapping a product securely. They are used in the packaging market. E-commerce businesses use such stretched films to package products.
Several new food items have been introduced in the market. These are available with attractive and colorful packing. Increasing dependency on restaurants, and online food ordering companies has propelled the market growth. This is considered as the latest trend in the market.
Growing need for safety of products due to high probability of accidents is increasing. Also, using stretch films increases the shelf-life of wrapped products. Medications, pharmaceutical products, and sensitive items require to be protected. Using a stretch film machine will help in effectively securing all such products. These act as the factors driving the stretch film machinery market growth.
COVID-19 impact: Growth of Online Businesses During Pandemic Increased Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic of COVID-19 created lucrative growth opportunities for many online businesses. Due to lockdowns several sectors could not function properly. This resulted in the downfall of all these markets. However, e-commerce platforms benefited from the pandemic.
As people were not allowed to go out of their houses, they had to rely upon online platforms to buy things. This increased the demand for such e-commerce channels. Stretch film machinery are used for producing plastic stretched films which are then used to wrap the products. Tremendous growth of online business platforms increased the stretch film machinery market share during pandemic.
LATEST TRENDS
"Development of Food and Beverages to Increase Market Growth"
With the rapid development of fast-food ordering companies, food and beverage market has experienced great demand over the past few years. Packaged food and beverages require an effective packaging material to tightly wrap the food article.
Stretch films are being increasingly used in restaurants, hotels, and convenience stores. Growing production rate of fast food, processed items, frozen and chilled snacks is contributing in developing the market. Other than being used in food, and, beverage industry these machineries are also being employed in the pharmaceutical industry to wrap and cover medicines. Demand for stretch film machinery in different sectors is driving the stretch film machinery market growth.
Stretch Film Machinery Market Segmentation
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- By Type:
The market can be divided on the basis of type into the following segments:
Automatic, and, semi-automatic. The automatic segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Agriculture, food & beverages, storage & distribution, healthcare. The agriculture segment is predicted to dominate the market during the research period.
DRIVING FACTORS
"Higher Prospects of Accidents to Accelerate Market Growth"
With greater number of people using vehicles like cars, scooters, trucks, and the presence of many public transportations is leading to traffic congestion. This has increased the probability of accidents. If packaged goods meet up with an accident it can cause destruction of the products present within.
In order to protect these goods from breakage, spoilage and any other type of uncertainties providing them with a sturdy and strong package is necessary. Stretch film machines are considered to be highly efficient in providing a secure packaging to delicate products. Using good quality packaging can also extend the life-span of the product. This can act as a factor accelerating market growth.
"Need to Differentiate Products From One Another to Propel Market Growth "
Many new companies are emerging in the market for different products. Therefore, it becomes necessary to differentiate one brand from another to properly reach out to customers. A single company can have different departments in the same item. With the use of packaging differentiation can be done very easily.
Changing lifestyle of people and a major shift in their eating preferences have become evident from the past few decades. Ready-to-eat food items, easily perishable products, and dairy products are sold in greater quantities. Such products need to be packed with special care to avoid spoilage and contamination. Temperature-sensitive medications and critical pharmaceutical products like syringes, vaccines, and capsules must be packed very securely to avoid any kind of infection. For all the above-mentioned needs stretch film machines can be used.
RESTRAINING FACTOR
"Non-Biodegradability of Plastic Strech Films to Decrease Market Growth"
Stretch films are made up of either plastic or polythene. Both of these materials are non-biodegradable and cannot be recycled. This can prove to be very harmful for the environment. Therefore, many people are not preferring to make use of stretch films that are made up plastic or polythene. This can reduce the demand for the machines.
Another reason why the usage of these films has reduced among consumers is because of the harmful health effects that plastic can bear on human health. Numerous food items are wrapped and covered in plastic to preserve them for a long period of time. This can be very harmful. All of these factors can deteriorate stretch film market share.
Stretch Film Machinery Market Regional Insights
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"North America to Dominate the Market in Upcoming Years"
North America occupies the top position in the market. People living in countries of North America are highly dependent on take-outs or online food companies for their meals. This increases the usage of stretch films driving the market growth.
Several convenience stores in these regions have adopted the usage of stretch film machines to wrap different products. Using this machine makes the task of packing things very easy and less time consuming. Busy work schedule among people has increased their reliance on e-commerce platforms. Most of the online-shopping platforms make use of plastic wraps to cover and pack items. All of these factors have resulted in the growth of the market in North America.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Colines (Italy)
- Chyi Yang Industrial (China)
- W&H (U.S.)
- SIMCHENG (Austria)
- Mitsubishi Heavy Industries (Japan)
- Changlongxing (Hong Kong)
- Torninova (Italy)
- Amut Dolci Bielloni (Italy)
- Reifenhauser (Germany)
- Xinle Huabao (China)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 809.25 Million in 2021 |
Market Size Value By |
US$ 1952.8 Million by 2031 |
Growth Rate |
CAGR of 9.21% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the stretch film machinery market expected to touch by 2031?
The stretch film machinery market is projected and estimated to touch USD 1952.8 million by 2031.
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What CAGR is the stretch film machinery market expected to exhibit by 2031?
The stretch film machinery market is expected to exhibit a CAGR of 9.21% by 2031.
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Which are the driving factors of the stretch film machinery market?
Growing need for safety of products due to high probability of accidents is increasing. Also, using stretch films increases the shelf-life of the wrapped products. Medications, pharmaceutical products, and sensitive items require to be protected.
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Which are the top companies operating in the stretch film machinery market?
Colines, Chyi Yang Industrial, W&H, SIMCHENG, Mitsubishi Heavy Industries are the top companies operating in the stretch film machinery stretch film machinery market.
