Market Analysis
Shrink Sleeve Label Manufacturers Market is projected to be worth USD 27.9 Billion by 2030, registering a CAGR of 6.4% during the forecast period (2021 - 2030).Shrink sleeve labels are a new form of labelling which is rapidly gaining use in various markets for product packaging. Sleeves provide the flexibility of adding functionality to product packaging and at the same time saving money on container and total label costs. Incorporating a sleeve will reduce the weight and cost of the total packaging system. Sleeves are widely used in pharmaceutical, nutraceutical and food and beverage labels as they are tamper-evident. Today it is also used in household cleaning products as these are made from highly durable materials which can withstand high temperatures, friction and moisture. Its full-body design helps in more creativity with color, graphics and impact, it is waterproof and abrasion resistant and the best part the labels can easily be removed from containers and bottles which means the container or bottle can be reused. Shrink sleeve labels are applicable on metal, glass and plastic packaging containers.
There are abundant factors that is propelling the growth of the shrink sleeve labels market. These factors as per the MRFR (Market Research Future) report include cost efficiency, brand competitiveness, on-shelf appeal, growing demand for packaged food and beverage in consort to personal care and health care, increasing population, increasing income and spending capacities in developing economies, increasing urbanization and brand competitiveness. On the contrary, growing consumer awareness and government initiatives towards use of low-density bio-degradable and eco-friendly packaging coupled with availability of low-cost substitutes such as self-adhesive and pressure sensitive labels may impede the shrink sleeve labels market growth.
Market Segmentation
MRFR report offers a broad segmental analysis of the shrink sleeve labels market on the basis of type, material and application.
Based on type, it is segmented into shrink and stretch. Of these, shrink will have the largest share in the market over the predicted years. Owing to its immense shrinkage properties, shrinks are ideal for every shape of product. Also, it is affordable and offer high-quality graphics. Shrinks have superior print quality along with aesthetic and innovative appeal that augments the look of consumer goods.
Based on material, it is segmented into Polylactic Acid Films, PE, Expanded Polystyrene films, PET-G, PVC and others.
Based on applications, it is segmented into Personal Care, Pharmaceuticals, Food and Beverage and others. Of these, food and beverage will lead the market over the predicted years owing to burgeoning demand for packaged and processed food all over the world. On the other hand, the pharmaceutical segment is predicted to have the highest growth rate over the predicted years.
Regional Analysis
By region, the shrink sleeve labels market covers growth opportunities and latest trends across North America, Asia Pacific, Europe and Rest of the World. Of these, the APAC region will domineer the market owing to increasing growth in food & beverage industry, growing need for consumer goods due to increasing population, and accessibility of low labor cost and raw materials. In North America, the shrink sleeve label cost market is likely to contribute adequately owing to increased consumption of beverages and burgeoning need for packaged goods and consumer goods. France, Germany and the UK are the key contributors in the shrink sleeve labels market in Europe. Growing demand for personal care and consumer products coupled with expanding e-commerce is likely to bolster market growth.
Key Players
Leading players profiled in the shrink sleeve labels market include Constantia Flexibles (Austria), Clondalkin Group (the Netherlands), Avery Dennison Corporation (U.S.), The Dow Chemical Co. (U.S.), Cenveo, Inc. (U.S.), Paris Art Label Company Inc. (U.S.), Polysack Flexible Packaging Ltd. (Israel), Macfarlane Group PLC (U.K.), Klöckner Pentaplast (Germany), Hammer Packaging, Inc. (U.S.), Huhtamäki Oyj (Finland), Fuji Seal International, Inc. (Japan), CCL Industries Inc. (Canada), Bonset America Corporation (U.S.), and Berry Global, Inc. (U.S.).
April 2019- Eastman has recently launched three varieties of recyclable shrink sleeve label resins- Embrace Float, Embrace Encore and SunLam De-seaming Adhesive that are APR-approved.
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