Global Shrink Bundlers Market will be propelled by the robust growth in the food & beverage industry, automotive industry, plastic industry and the pharmaceuticals industry in the forecast period. However, the product market is probable to witness a few government regulations from EU Packaging and Packaging Waste Directive, U.S. Food and Drug Administration (FDA), Indian Centre for Plastic in the Environment (ICPE), etc.
Global Shrink Bundlers Market size is likely to grow with a high CAGR by 2024. Significant demand from the automotive, food & beverages and pharmaceuticals industries will boost the market growth in the forecast period.
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Shrink bundling has increasingly becoming a preferred method of packaging in the recent years. The method has several advantages such as, it is less expensive than the corrugated packaging, it provides improved protection to goods from moisture, dirt and other harmful environmental circumstances. Shrink bundling is easier to automate than tray or box forming, requires less handling, results in significant saving of wrapping material and it bears augmented marketing appeal. Shrink wrapped packages hold strong shelf presence by using clear or printed shrink films and are ideal for retail display. Due to the aforementioned factors, the product is highly preferred in the packaging industry over its alternatives such as: cardboard trays, cardboard cartons/boxes, cardboard/plastic crates, etc.
Shrink bundlers are commonly available in automatic, semi-automatic, intermittent and continuous motion versions. They are suitable in case of low volume runs and not where gift wrap or tuck and fold wrap is required. The key factors to be determined when assessing the suitability of the product for bundling are if the packaging can hold up to shrink bundling and if the product can support its own weight throughout the distribution channel. The stability challenge associated with corrugate shipping containers occurs when excess headspace within the box and external factors like overtight pallet stretch wrap or moisture affect the container. This encourages the industrialists to prefer shrink bundle packaging. On using the shrink-bundled product, there is no headspace that can compromise the pallet load or collapse. Moreover, bundling can easily compensate for the variations in bundled product heights.
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The regional segmentation of the market is done as: North America, Europe, Latin America, Asia Pacific and Middle East & Africa. North America mainly led by U.S. is estimated to hold the largest market share by 2024 owing to the significant presence of shrink bundling equipment manufacturers in the region. Asia Pacific region is also expected to witness high growth trends in the forecast period on account of the demand from the budding automotive and food & beverage industries.
The product market growth is subjected to significant innovation practices in its applications. The market players can gain the competitive advantage by consistent engagement in research & development and implementing extensive promotional activities to spread awareness among the consumers. Some key industry participants are: APEX Packaging Corporation, EDL Packaging Engineers, Inc., Galick Packaging Equipment Ltd., ARPAC Group, Kliklok International Ltd., Autopack, Gulf-Pacific Packaging Corporation, Ever Roll Machinery Co., Ltd., IPS Packaging, Poly-Pak Industries Inc., Plexpack, PMR Packaging Inc., Special Projects International, Inc., Standard-Knapp, Inc., Stamar Packaging.