The global PET shrink film market was valued at USD 1,034.6 Million in 2019 and is projected to reach USD 1,705.3 Million by 2027, expanding around a CAGR of 6.6% during the forecast period. In terms of volume the PET shrink film market is anticipated to grow approximately by CAGR of 5.3% over the coming years.
Polyethylene terephthalate (PET) is a thermoplastic polymer resin of the polyester family. It is a clear and tough material, which has excellent water and moisture barrier properties. It is majorly used by various industries such as food and beverages for packaging of food products such as bakery and processed food and beverages including healthy drinks, juices, and soft drinks.
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The food & beverage segment is driving the PET shrink film market, due to increased demand for this packaging of meat, vegetables, and fruit packaging products. Growth of the market is attributed to an increase in food & beverage consumption due to rise in consumer disposable income, population growth, and easy availability of product on various channels of distribution. The PET shrink film market is growing significantly due to the high demand for these films for packaging, preserving, and bundling of products during distribution and warehousing. Increasing global emphasis on the usage of sustainable packaging materials and the growth of organized retail sectors are key drivers of the packaging and labels industries.
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Polyolefin material can be a substitute for PET shrink material due to its high tensile strength and superior resistance over PET films. Polypropylene shrink films have high heat resistance and good transparency as compared to PET shrink films. PET is an eco-friendly material which can be recycled. It is also one of the most widely recycled plastic globally. Growing adoption of eco-friendly packaging material is likely to create growth opportunities in the PET shrink film market during the forecast period.
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