Stretch Hood Films Market Projected to Grow at CAGR 7.3% through 2029 | Future MPosted by Vijay Kundekar on March 26th, 2020 Prominently driven by sustained applicability in construction industry, stretch hood films consumption is accounted for the revenues of around US$ 680 Mn in 2018. At an estimated 5% yearly growth in the 2019 revenues, the global market for stretch hood films will see a promising growth outlook over the next few years. FMI's analysis indicates that sales of stretch hood films will further surge with emergence of application opportunities in chemicals and fertilizers, and food and beverages industries. With more than 65% share in the stretch hood films market value, PE (polyethylene) will remain a preferred material among stretch hood films manufacturers. The report attributes primacy of PE over other material types to the excellent endurance and cost efficiency of PE. According to the report, the demand for LLDPE (linear low-density polyethylene) will particularly remain high owing to superior mechanical attributes. Moreover, research has proven that the use of metallocene LLDPE is found to possess higher endurance and better dart impact resistance, making at an ideal raw material for multi-layered stretch hood films. Stretch Hood Films Ideal for Versatile Packaging Applications In the report, FMI suggests that the increasing popularity of stretch hood films is due to their unique properties and advantages over other conventional palletizing methods, which make them suitable for versatile packaging applications, thereby pushing the revenues of global stretch hood films market. Stretch hood films are advanced palletizing films used automatically with stretch hood machines. Here, stretchable, gusseted polyethylene hood is applied to a pallet or products which are to be palletized. Stretch hooding method of pallet packaging is a fully automatic process and provides multiple advantages such as high speed, operating costs, reliability, and boosted performance over other pallet packaging methods. Innovative Product Offerings to Push Investments by Manufacturers Some of the key players profiled in FMI's stretch hood films market report include Coveris Holdings S.A., Muraplast d.o.o., Gebr Duerrbeck Kunststoffe Gmbh, Aalmir Plastic Industries, NPF Polyfilms Pvt Ltd, UAB Umaras, Sigma Plastics Group, Integrated Packaging Group Pty Ltd, Novolex Holdings, Inc., Shields Bag and Printing Co., RKW Group, Manuli Stretch S.p.A, Trioplast Industrier AB, AEP Industries Inc., Muller Load Containment Solution, Thrace Synthetic Packaging Limited, and Rosenflex (UK) Limited among others. Stretch hood is the latest palletizing technology that offers the most comprehensive benefits when compared to other pallet unitization methods. In recent years, stretch hood film manufacturers have not only improved packaging quality and technique but also the quality of raw materials used to ensure better performance. Stretch hood film manufacturers are nowadays working on the production of stretch hood films with reduced thickness and more elasticity. It is highly likely that the increasing opportunities created by innovative product offerings will evoke established players to invest in product development activities in order to produce high-performance stretch hood films. Effective load stability and high elasticity properties of stretch hood films have created an opportunity to cater to end-use industries such as construction, food & beverages, textile, and shipping. The Asia Pacific excluding Japan (APEJ) region has been a significant market for stretch hood films manufacturers, which has been attributed to the robust growth of the region's manufacturing industry. Rapid progress of manufacturing, construction, automotive, and other end-use industries within the region will further boost demand for stretch hood films, according to the report. Led by the US, North American market for stretch hood films will account for more than 1/4th of the overall stretch hood films consumption, as projected by the report. More from Packaging Market Intelligence:
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