Albany, NY -- (SBWIRE) -- 04/10/2019 -- The competition in the global stretch sleeve and heat shrink labels market is marked by the presence of numerous international and local players in this market, states a new report by Transparency Market Research (TMR). Frequent product launches, tactical alliances, especially mergers and acquisitions, and regional expansion of the business are some of the key strategies, the leading vendors of stretch sleeve and heat shrink labels across the world have adopted for a better foothold in the global market, states the research report.
According to TMR's estimations, the opportunity in the global stretch sleeve and heat shrink labels market is projected to reach US$10.43 bn by 2017. It is further estimated to rise steadily at a CAGR of 5.90% over the period from 2017 to 2022 and increase to US$13.91 bn by the end of the forecast period. Asia Pacific excluding Japan is leading the global market, currently, and is anticipated to remain on the top throughout the period of the forecast, notes the market study.
Rise in Packaging and Labeling Industry to Influence Global Market for Stretch Sleeve and Heat Shrink Labels
"The significant rise in the packaging and the labeling industry has had the most prominent impact on the global market for stretch sleeve and heat shrink labels," tells the author of the study. Nowadays, the preference for attractive yet durable packaging of products has increased among consumers, which, consequently, has augmented the demand for stretch sleeve and heat shrink labels across the world. Apart from this, the rising demand for polymer films, 360-degree display, and anti-counterfeiting facilities are also boosting the growth of this market considerably.
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The market is also gaining from the significant increase in urbanized population, growing demand for packaged foods, strengthening of economy in developing countries, and the augmenting emphasis on the usage of sustainable materials. Over the forthcoming years, the low cost of stretch and shrink sleeves, together with their light weight, is anticipated to fuel their demand in the years to come. Additionally, the widening application base of shrink and sleeves in a number of end-use industries is projected to further drive the market's growth, states the research study.
Price Volatility and Environmental Concerns May Create Disturbance
While the future of the worldwide market for stretch sleeve and heat shrink labels looks bright, it may face several challenges along the way, such as the volatility in the raw material prices and environmental concerns pertaining to the disposal and recycling of these labels due to their no-biodegradable characteristics. Furthermore, the increasing popularity of alternatives, such as paper, which is relatively lighter in weight and biodegradable too, may also hinder the growth of this market over the next few years.
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Nevertheless, the growing trend of online shopping is projected to bring in new growth opportunities for this market in the near future, thanks to a considerable upswing in the preference for light weight packaging among logistic companies and consumers, reports the market study.