iCrowdNewswire Jan 7, 2021 5:57 PM ET
According to Market Research Future (MRFR), the Global Shrink Sleeve Labels Market is projected to grow at a CAGR of 6.5% from 2017-2023 (forecast period). The report provides a precise and in-depth review of the effect of the COVID-19 pandemic on the global shrink sleeve labels market.
Shrink sleeve is a full-body label that shawls across the entire container providing 360-degree branding and messaging of the product. Shrink sleeve labels are a relatively new version of labels and are instantly gaining more popularity among different product packaging companies. Shrink sleeves are printed on a digital or flexographic press with a transcript on the inside of the shrink sleeves. Then, later on, it glided over a container and tightened using a heat shrinking method. The label then imitates the container surface.
Shrink sleeve labels are one of the fastest emerging segments in the label industry. Manufacturers worldwide are currently focused on redesigning their packaging methods for more accurate and aesthetically pleasing designs. Major companies are therefore adopting shrink sleeve labels over traditional pressure sensitive labels. Shrink sleeves provide more versatility in design and allow the product to stand out from the rest of the market. In addition, they offer some of the best-in-class design potentials and also minimize costs and improve time. These labels are digitally printed with the premium printing quality, removing the need for printing plates and making them ideal for short runs.
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Notable players in the global shrink sleeve labels market are Berry Global, Inc. (U.S.), Fuji Seal International, Inc. (Japan), Bonset America Corporation (U.S.), CCL Industries Inc. (Canada), Huhtamäki Oyj (Finland), Hammer Packaging, Inc. (U.S.), Polysack Flexible Packaging Ltd. (Israel), Klöckner Pentaplast (Germany), Macfarlane Group PLC (U.K.), The Dow Chemical Co. (U.S.), Paris Art Label Company Inc. (U.S.), Avery Dennison Corporation (U.S.), Cenveo, Inc. (U.S.), Clondalkin Group (the Netherlands), and Constantia Flexibles (Austria).
The global shrink sleeve labels market has been segmented based on type, material, and application.
Based on the type, the global shrink sleeve labels market has been segmented into the stretch and shrink. The shrink is expected to dominate the global shrink sleeve labels market over the forecast period due to the growing adoption of shrink sleeve labels across all the end use application. Shrink sleeve labels also protect the product from UV radiation. However, increasing environmental concerns and the growing need to reduce pollution are likely to hinder the market growth during the forecast period. Competition in the labeling industry is on the brink of continuous demand. Shrink sleeve labels are widely used in the food & beverage, pharmaceutical, and personal care packaging industries. Labeling on the product is of great importance to the purchase decision of the customer. Attractive label attracts more attention from the customer, who tends to buy these products. A vibrant cover with quality labeling can attract a large number of customers.
Based on the material, the global shrink sleeve labels market has been segmented into PVC, PET-G, PE, Expanded Polystyrene Films, Polylactic acid films, and others. PVC led the market in 2016 and is projected to grow at a rapid pace. A range of PVC applications across all the major packaging type is forming a fertile market for plastic as a material in the global shrink sleeve labels market.
By application, the global shrink sleeve labels market has been segmented into food & beverage, pharmaceuticals, personal care, and others. The food & beverage segment directed the global market in 2016 and is expected to be the swiftly growing segment over the next five years due to their convenience in storage, transporting, and flexibility to handle all kinds of food & beverage products.
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Region-wise, the global shrink sleeve labels market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific region has undergone notable changes in the shrink sleeve & stretch sleeve label market, with the highest market growth occurring in economies such as China, India, and Japan, among others. These countries are currently witnessing an increasing demand for packaged food. Furthermore, the high availability of polymer films and low labor costs are creating a lucrative market for the shrink sleeve market in this region.
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