Recyclable Shrink Film Market Growth and Insights
The recyclable shrink film market was valued at $910 million in 2023 and is expected to reach $1.67 billion by 2034, growing at a CAGR of 5.65% from 2024 to 2034, fueled by the rising demand for sustainable packaging.
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Key Takeaways
- Asia Pacific was the largest market for recyclable shrink films in 2023.
- The bidirectional shrink film segment is expected to see significant growth during the forecast period.
- The Food & Beverage sector led the recyclable shrink film market in 2023.
Market Overview
Recyclable shrink films are made from materials that can be reused and are designed to shrink tightly around products, offering protection and tamper-evidence. The rising demand for these films is driven by the need for waste reduction and growing concerns over the environmental impact of packaging.
The most commonly used shrink films are PVC, Polyethylene (PE), POF, and EVA, each offering different benefits. PVC shrink film is lightweight and affordable, but its environmental impact has led to bans in some countries. Polyethylene (PE) is the most widely used type, valued for its flexibility and strength, particularly for industrial products.
POF (Polyolefin) shrink films are FDA-approved and are gaining popularity due to their durability, versatility, and appealing appearance, which attracts consumers. The demand for recyclable shrink films continues to grow as sustainability becomes more important, and consumers seek efficient packaging solutions.
The global packaging industry is projected to expand from $1.20 trillion in 2022 to $1.58 trillion by 2032, growing at a rate of 3.16% annually between 2023 and 2032. This growth reflects the increasing shift towards sustainable and eco-friendly packaging options like recyclable shrink films.
Segment Insights
By Type
The global recyclable shrink film market is divided into two key types: unidirectional shrink film and bidirectional shrink film. The bidirectional shrink film segment holds the largest market share due to its versatility, durability, and multi-directional shrinkage capabilities. These films offer enhanced barrier properties, reduce material waste, and extend the shelf life of the film. They also provide superior protection, gloss retention, and high clarity, which further fuel their market growth.
Bidirectional shrink films are known for their excellent puncture resistance, improved packaging integrity, and aesthetic visibility, all of which contribute to their growing adoption. The demand for recyclable bidirectional shrink films is driven by consumer preferences for sustainability, as well as the films’ versatility and wide range of applications.
By Application
The recyclable shrink film market spans several industries, including food & beverages, pharmaceuticals, home appliances, transport packaging, and automotive parts. The food & beverage sector is expected to remain the largest market segment, driven by growing awareness of sustainable packaging solutions. Biodegradable and high-quality barrier shrink films are gaining traction for food packaging, particularly in the context of the rise in online food delivery services, which require protective and sustainable packaging solutions.
Recyclable shrink films are an affordable and effective solution for extending product shelf life and providing excellent security. The rapid expansion of the food & beverage industry, combined with an emphasis on a circular economy, the use of recyclable materials, and advances in packaging technologies, is expected to boost the adoption of recyclable shrink films in this sector. In 2023, the food & beverage industry accounted for 55% of the market, with high demand for packaging of products like meat, seafood, bakery items, poultry, and frozen foods.
The pharmaceutical sector also contributed to the adoption of recyclable shrink films, accounting for 15% of the market in 2023, driven by the need for packaging of medical devices and medications.
Recent Developments
- In February 2024, Yorkshire Packaging Systems (YPS) introduced its compostable shrink film at Packaging Innovations.
- In March 2024, ExxonMobil, in collaboration with Asia Pacific Research & Development Co. Ltd and Shantou Mingca Packaging Co Ltd, launched a next-generation double-bubble Polyethylene-based Shrink Film (PEF) solution.
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