The global heat-shrink sleeve labels market size was valued at USD 15.95 billion in 2023. The market is anticipated to expand from USD 16.79 billion in 2024 to USD 26.68 billion by 2032, exhibiting a CAGR of 5.96% during the forecast period.
The market encompasses the production and distribution of labels that contract upon exposure to heat, tightly adhering to container shapes. Ideal for bottles and cans, these labels offer visually appealing and durable branding and information display solutions. The rise of IoT and smart technologies drives the trend of integrating QR codes, NFC, and augmented reality into heat-shrink sleeve labels, elevating consumer interaction and contributing to the market's expansion.
The market faced notable challenges during the COVID-19 pandemic, with disruptions affecting production, supply chains, and overall business operations. Companies responded by reassessing and reconfiguring their supply chain strategies to address the evolving global landscape and minimize risks.
Fortune Business Insights™ provides this information in its research report, titled “Heat-Shrink Sleeve Labels Market, 2024-2032”.
List of Key Players Mentioned in the Report:
Berry Global Inc. (U.S.), Huhtamaki Oyj (Finland), Fuji Seal International, Inc. (Japan), Amcor Plc (Switzerland), CCL Industries Inc. (Canada), Avery Dennison Corporation (U.S.), Klöckner Pentaplast Europe GmbH & Co. KG (U.K.), Multi-Color Corporation (U.S.), C-P Flexible Packaging (U.S.), Resource Label Group, LLC (U.S.), Consolidated Label Co. (U.S.), Fortis Solutions Group (U.S.), Taghleef Industries (UAE), Multipack Labels (India), Akar Shrink Packs (India), C.I. TAKIRON (Japan), Shenzhen Golden Ocean Industrial Development Co., Ltd. (China), Traco Packaging (U.S.), HUBEI HYF PACKAGING CO., LTD. (China)
Segmentation:
Polyvinyl Chloride Segment Dominates owing to 360-Degree Graphics with Flexibility
In terms of material, the market is segmented into polyethylene, polyvinyl chloride, polyethylene terephthalate, polystyrene, and others. The polyvinyl chloride segment leads the market. PVC heat-shrink sleeve labels offer the unique advantage of adapting seamlessly to containers of diverse shapes and sizes, enabling 360-degree graphics coverage for vibrant and detailed branding, contributing to segment growth.
Bottles Segment Dominates the Market owing to Adaptability to Diverse Bottle Designs
On the basis of product type, the market is divided into bottles, cans, and jars & containers. The bottle segment emerges as the dominant product type in the global market. The dominant position of bottles in the market is driven by the labels' exceptional adaptability to various bottle shapes and sizes, catering to a wide range of intricate and unique designs.
Food Packaging Segment Leads the Market Due to Enhanced Food Safety Measures
On the basis of application, the market is divided into foods, beverages, personal care & cosmetics, healthcare, electronics, and others. The foods segment dominates the market, supported by heat-shrink sleeve labels' integration of traceability, authentication, and tamper-evident features. This technology ensures compliance with food safety regulations, contributing to the segment's prominence.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
Offering a detailed examination, the report covers key aspects, including key players, competitive landscape, product/service types, market segmentation, Porter's five forces analysis, and primary product applications. It also provides valuable insights into market trends and noteworthy industry developments, encompassing factors that fueled recent market growth.
Source- https://www.fortunebusinessinsights.com/heat-shrink-sleeve-labels-market-110436
Drivers and Restraints:
Rising Application of Product in Diverse Industries to Spur Market Growth
The suitability of heat-shrink sleeve labels for containers of different shapes and sizes enhances their market growth, offering a versatile labeling solution that caters to diverse product portfolios within various industries. Moreover, the market experiences sustained growth as industries increasingly recognize the aesthetic and functional benefits of heat-shrink sleeves, leading to a broader adoption in both new and existing product categories.
However, separation issues during recycling processes, especially on PET bottles, limit the adoption of products, impacting recycling efficiency and hindering heat-shrink sleeve labels market growth.
Regional Insights:
Asia Pacific Holds the Largest Market Share Owing to Surging Demand for Packaged Goods
Asia Pacific captures the largest heat-shrink sleeve labels market share, driven by the escalating demand for packaged goods in China and India. This surge fuels the widespread adoption of products across diverse product categories.
North America stands as the second-leading region in the market, with the U.S. and Canada playing significant roles. These countries contribute significantly, hosting key players and showcasing a noteworthy level of technological innovation.
Competitive Landscape:
Key Players are Focusing on Product Innovation to Expand their Customer Base
The global market is fiercely competitive, with a handful of major players, such as Berry Global Inc. and Amcor Plc, leading through innovative packaging solutions. These industry giants prioritize expanding their global footprint and customer base through continuous innovation.
Key Industry Development:
April 2023: Berry Global Group announced a 25,000 sq. ft. expansion of its Lewisburg, Tennessee film manufacturing facility, addressing the rising demand for sustainable stretch films. The expansion includes new cast lines, upgrades to the post-industrial resin reprocessing system, and an extension of the rail spur for enhanced resin material handling.