Freedonia: Stretch film demand to grow 3.8% annually through 2021
Growth driven by improvements in stretch wrapping machinery and equipment, enhanced resin properties, and the increasing market share of more cost-effective products.
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Stretch film demand in the US is projected to advance 3.8% per year to $2.7 billion in 2021.
Growth can be attributed to improvements in stretch wrapping machinery and equipment, enhanced resin properties, and the increasing market share of more cost-effective products. Each of these developments has opened new markets for which stretch film was previously ill-suited, such as machinery and building materials that are heavy or irregularly shaped.
These and other trends are presented in Stretch & Shrink Film Market in the US, 5th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Stretch hoods will see the fastest growth of any stretch film product, advancing at 8.4% per year through 2021. Gains for this product are being driven by increased investment in hooding machinery that has expanded applicability to roofing, tiles and bricks, appliances, and bulk warehouse packaging. A ceiling on this market remains, however, as these applications are still more limited than other stretch film products.
The storage and distribution market is by far the largest for stretch film, accounting for 71% of total demand in 2016. Stretch film is the preferred medium in this market due to cost competitiveness and advantages over alternatives like strapping.