LONDON--(BUSINESS WIRE)--Technavio 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 segmentation
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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