As per the research report titled ‘Global Stretch and Shrink Film Market Size study with COVID-19 Impact, by Type (POF, PVC, PP/BOPP, PE, PET, PLA), by Application (Food & Beverage, Consumer Goods, Pharmaceutical, Industrial Packaging, Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global stretch and shrink film market share accounted for USD 3.9 billion in the year 2019 and is projected to register a robust CAGR of 6% during 2020-2027.
 

Growing concerns regarding global warming and environment protection, increasing adoption of biopolymer-based plastics across packaging industries, and rising awareness pertaining to adopting sustainable operations, are augmenting the growth of global stretch and shrink film market size.
 

Additionally, shifting preferences towards stretch and shrink films over conventional packaging materials, high concentration of prominent industry players, rising utilization of secondary packaging, and escalating consumption of perishable food products are further fostering the expansion of the market.
 

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Furthermore, technological advancements, introduction of high packaging films, growing health consciousness, and miniaturization of packaging sizes are positively swaying the global stretch and shrink film market dynamics.
 

The emergence of the COVID-19 pandemic has plummeted the demand for stretch and shrink films by affecting the overall manufacturing industry chain. Moreover, the volatile prices of raw materials are expected to hinder the industry expansion throughout the analysis timeframe.
 

Based on type, global stretch and shrink film industry is bifurcated into PLA, PET, PE, PP/BOPP, PVC, and POF. With regards to application scope, the market is fragmented into industrial packaging, pharmaceutical, consumer goods, food & beverage, and others.
 

According to the regional analysis, Asia-Pacific stretch and shrink film market is estimated to exhibit the highest CAGR over 2020-2027. Factors such as increasing per capita income, inclination towards packaged food consumption, and flourishing food & beverage industries in India and China are emerging as lucrative opportunities for the growth of the regional market.
 

Leading players that define the global stretch and shrink film industry trends are Sealed Air Corporation, Coveris Holdings S.A., American Eagle Packaging Corporation, Bonset America Corporation, Allied Global Plastics Private Limited, Sigma Plastics Group, LyondellBasell Industries N.V., Bemis Company, Inc., Inteplast Group Inc., and Berry Global, Inc. among others.