Top Factors Driving the Global Polyolefin Shrink Film Market | Technavio

LONDON–(BUSINESS WIRE)–#PlasticsTechnavio
market research analysts forecast the global
polyolefin (POF) shrink film market
to grow at a CAGR of 6%
during the period 2018-2022, according to their latest report.

This market research report segments the global
polyolefin (POF) shrink film market
into the following
applications (industrial packaging, food, consumer goods,
pharmaceuticals, and beverages) and key regions (APAC, North America,
Europe, and ROW).

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In this report, Technavio analysts highlight the recyclability of POF
products as a key factor contributing to the growth of the global
polyolefin shrink film market:

POF products are recyclable

Polymers have become a prominent part of the manufacturing sector and
their recycling has become necessary to develop a sustainable society.
Recycling POF, which is a low-cost bulk polymer, is considered to be a
waste of time and resource when they are used only for recovering
energy. According to several life-cycle assessments, POFs can be
recycled and used in similar products.

According to a senior analyst at Technavio for plastics,
polymers, and elastomers
, “POF is easily recyclable without
any harmful vapors being released during the process of heat sealing,
making it the preferred choice over other plastics and shrink films that
can be harmful to the environment. Once the recycling process has taken
place, it is termed as recycled POF film which is environment-friendly
and is entirely made up of recycled granulates. This process takes place
quite safely without jeopardizing the properties of POF films. It serves
the same purpose as POF shrink films, however in a eco-friendlier manner
and without creating any wastage.”

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Global polyolefin shrink film market

Of the five major applications, the industrial packaging segment held
the largest market share in 2017, accounting for nearly 27% of the
market. The market share for this application is expected to increase by
2022. The fastest growing application is food, which is expected to grow
nearly 2% by 2022.

APAC was the leading region for the global
polyolefin shrink film market
in 2017, accounting for a market
share of 36%. APAC will continue to have the largest market share with
positive growth, while North America, Europe, and ROW are expected to
witness negative growth by 2022.

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