Polyolefin (POF) Shrink Film Market 2017- Trends, Market Share, Industry Size, Growth, Opportunities and Forecast to 2025

Polyolefin (POF) is a communitarian term used to mean plastics, for example, polyethylene (LDPE, LLDPE, and HDPE) and polypropylene. Polyolefin is artificially dormant; henceforth, it is perfect for bundling applications, particularly nourishment and drinks. POF shrink film is a profoundly strong and adaptable sustenance bundling material. POF has supplanted polyvinyl chloride (PVC) in different bundling applications because of its eco-accommodating qualities, lucidity, and high-elasticity. High quality of POF shrink films offers longer film moves with slight measures, which give less need to change over and expanded profitability. POF likewise displays brilliant cut opposition, seal quality, and permits bundling of sporadic shapes. POF shrink films are accessible with cross-connect innovation, which gives simplicity of bundling in fast applications, for example, programming, CDs, DVDs, and names without settling on lucidity and quality.

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Increase in food safety concerns across the world has boosted the usage of POF shrink films, as they are approved by the Food and Drug Administration (FDA) and United States Department of Agriculture (USDA) to be used in direct contact with food items. POF shrink films do not contain toxics and odor. They are cheaper than other substitutes such as carton and wrapping paper. Thus, POF shrink films help reduce the overall packaging cost by 50%. Ease of processing through the automatic shrink wrapping machine reduces the time of packing process. Printability of POF shrink films helps manufacturers label the product; hence, these films are the preferred packaging materials over other substitutes.

The POF shrink film market can be segmented based on type, application, and region. POF films are available in ordinary and cross-linked variation. Cross-linked POF shrink film is anticipated to account for major share of the POF shrink film market during the forecast period. Cross-linked POF are preferred over other packaging materials, as they offer superior properties such as ultra-light gauge, minimal shrink force, excellent machinability, superior clarity, and strong seal along with low cost of packaging.

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Prominent applications of POF shrink film include food (fresh and processed), consumer goods, personal care & cosmetics, printing & stationary, and others (multimedia, software, hardware, pharmaceutical, gifts, toys, soaps, sports equipment, and home care). The food application segment constitutes key share of the market, led by the rise in trend of using packaged and frozen food across the globe. Food manufacturers prefer to display food items. POF shrink films provide excellent option for transparent and safe packaging of food items. Furthermore, the FDA and USDA compliance of POF shrink films as approved food grade materials is boosting the food segment.

In terms of geography, Asia Pacific is anticipated to lead the global POF shrink film market owing to the expansion in the food & beverages industry in the region. Increase in import and export activities and rise in demand for low weight packaging materials in emerging economies such as China and India are expected to drive the POF shrink film market in the region during the forecast period. Asia Pacific is anticipated to attract manufacturers for investment and strategic collaborations due to the cheap labor, easy availability of raw materials, and growth in end-use segments. Furthermore, PVC is banned in various countries in Europe. This is likely to impact the consumption of POF shrink films in the region. The POF shrink film market in developed economies such as the U.S., Australia, South Korea, France, and Germany is estimated to expand at a moderate pace during the forecast period.

The POF shrink film market is fragmented. It comprises various global players and local players. Thus, the market is considered to be highly competitive. Innovation, new product launch, and merger & acquisitions are likely to be the preferred business strategies of companies. Collaboration of local players with global companies may be beneficial for market growth in terms of quality upgrade and expansion of geographical reach.

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Key players operating in the POF shrink film market include Sealed Air Corporation (the U.S.), Asmaco Packaging Industries (India), PakMarkas, UAB (Lithuania), Syfan USA Corporation (the U.S.), and Intertape Polymer Group (Canada).

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