February 22, 2024 11:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The stretch film market value is expected to rise from US$ 2.8 billion in 2024 to US$ 4.1 billion by 2034. This growth is expected to be driven by a sluggish CAGR of 3.90% over the next decade. Stretch Film For Pallet Wrapping
The stretch film packaging is driven by the robust eCommerce industry and expanding hypermarket and retail industries, where product safety and packaging are the paramount concerns. Additionally, the premium product presentation and preserved package integrity afforded by stretch films are also increasing their uptake in end-use industries, especially the food and beverage sector.
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In the next decade, the stretch film market is projected to transform as manufacturers focus on bringing sustainability concepts to life. Key players can be seen formulating stretch films with higher recycled content or using bio-based materials to develop stretch films.
Key Takeaways from the Stretch Film Market Report
“Key players recognize that the future of stretch films is green as they make substantial efforts in developing eco-friendlier stretch film packaging,” says an analyst at Future Market Insights.
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Stretch film players are focusing on product innovation and investing in smart film technologies to differentiate from competitors. Additionally, players are concentrating on supply chain optimization by collaborating with logistics partners and suppliers for various purposes. Leading companies are further investing in advanced machinery to increase their production capacity and develop better film quality.
Market participants are targeting new applications and expanding in high-growth geographies to raise their annual revenue. Additionally, players are forming strategic partnerships and acquisitions to increase their market share. Manufacturers are also seen capturing eco-conscious consumers by developing stretch films that are composed of bio-based materials and recycled content.
Latest Developments in the Stretch Film Market
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Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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