U.S. Demand for Stretch Film Forecast to Hit $2.7B in 2021U.S. Demand for Stretch Film Forecast to Hit $2.7B in 2021
October 23, 2017
Demand for stretch film in the United States is anticipated to reach $2.7 billion by 2021, growing at a compound annual growth rate (CAGR) of 3.7% from now until the end of the period, according to a new report by Cleveland, OH-based market research firm The Freedonia Group.
Advancements in stretch wrapping machinery and equipment in the coming years, the development of enhanced resin properties, and developing markets for cost-effective products are expected to fuel growth of demand for stretch film, researchers said.
Stretch hoods are projected to witness the biggest growth of all stretch film products as investments in hooding machinery for applications like bulk warehouse packaging and bricks increase. Researchers found that the storage and distribution market made up 71% of demand for stretch film in 2016. Shrink labels are also expected to see “above average growth” through 2021.
Leading industry players operating in the market during the period were identified as Bemis, Berry Global, Inteplast, Paragon Films, Sealed Air, Sigma Plastics and Intertape Polymer.
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