PUBLISHER: Market Research Future | PRODUCT CODE: 1223564
PUBLISHER: Market Research Future | PRODUCT CODE: 1223564
The demand for shrink sleeve labels is growing significantly in the Asia-Pacific market owing to judicious consumption and reduced wastage of products, and the proliferation of the packaging industry. A shrink sleeve is a full-body label that shawls around the entireness of a container, offering a 360-degree branding and messaging of the product. Shrink sleeve labels are a comparatively new version of labels and are instantaneously gaining more popularity among various product packaging companies. Shrink sleeves are printed on a digital or flexographic press, with a transcript on the inner side of the shrink sleeves, then, later, glided over a container and tightened using the heat shrinking method. The label then imitates the surface of the container.
The Asia-Pacific shrink sleeve label market is projected to grow at 5.49% CAGR during the forecast period, 2021-2030. In 2020, the shrink sleeve label market was dominated by China with a 47.74% share, followed by India & Southeast Asia with shares of 15.05% and 9.78%, respectively. The growth in the demand for shrink sleeve labels in Asia is mainly driven by the increasing demand for judicious consumption in pharmaceuticals, homecare products, and the food & beverage industry, and the rise in the use of packaging solutions in various applications. Moreover, the use of shrink sleeve labels enables rigid liners to add an "environmentally friendly" tag to the organization. These factors can further create growth opportunities for the market in Asia. However, the rise in the adoption of plastic packaging can hamper the growth of the regional market.
The Asia-Pacific shrink sleeve label market has been segmented based on type, printing technology, material, application, and country. Based on type, the Asia-Pacific shrink sleeve label market has been segmented into stretch and shrink. The shrink segment is expected to grow at 5.56% during the forecast period. In 2020, the shrink segment held a share of 81.07% of the Asia-Pacific shrink sleeve label market.
Based on printing technology, the Asia-Pacific shrink sleeve label market has been segmented into gravure, flexography, digital, and others. The digital segment is expected to grow at 7.33% during the forecast period. In 2020, the gravure segment held a 42.41% share of the Asia-Pacific shrink sleeve label market.
Based on material, the Asia-Pacific shrink sleeve label market has been segmented into PVC, PET G, PE, PLA, EPS, and others. The PLA segment is expected to grow at 7.91% during the forecast period. In 2020, the PVC segment held a 33.08% share of the Asia-Pacific shrink sleeve label market.
Based on application, the Asia-Pacific shrink sleeve label market has been segmented into food & beverages, personal care, pharmaceutical, homecare, and others. The personal care segment is expected to grow at 5.89% during the forecast period. In 2020, the food & beverages segment held a 35.35% share of the Asia-Pacific shrink sleeve label market.
Berry Plastics Group Inc., The DOW Chemical Company, Avery Dennison Corporation, Huhtamaki OYJ, Fuji Seal International Inc., CCL Industries, and Klockner Pentaplast are some of the other key players operating in the Asia Shrink Sleeve Labels market.
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