Polyolefin (POF) Shrink Film Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Polyolefin (POF) is a collaborative term used to denote plastics such as polyethylene (LDPE, LLDPE, and HDPE) and polypropylene. Polyolefin is chemically inert; hence, it is ideal for packaging applications, especially food and beverages. POF shrink film is a highly durable and versatile food packaging material. POF has replaced polyvinyl chloride (PVC) in various packaging applications due to its eco-friendly characteristics, clarity, and high-tensile strength. High strength of POF shrink films offers longer film rolls with thin gauges, which provide less need for change over and increased productivity. POF also exhibits excellent puncture resistance, seal strength, and allows packaging of irregular shapes. POF shrink films are available with cross-link technology, which provides ease of packaging in high speed applications such as software, CDs, DVDs, and labels without compromising on clarity and strength.
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.
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.
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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