Stretch Hood Films: Overview, Data Updates, Reports Analysis & Forecast | FMI

ByNiranjan karde

The Stretch Hood Films Market is gearing up for significant expansion, with a projected compound annual growth rate (CAGR) of 6.1% between 2022 and 2031, culminating in a value of US$ 1,399.1 million by 2031. These advanced palletizing films, when used in conjunction with stretch hood machines, offer a range of advantages, including reduced costs, high operational speed, and streamlined transportation, warehousing, and pallet load management.

The market landscape is subject to various industry factors and the influence of alternatives like film wraps and shrink wrap. Noteworthy advancements include ExxonMobil’s introduction of advanced stretch hood films with improved PE polymers, boosting toughness, puncture resistance, and holding force. The market’s growth is attributed to its cost-effectiveness, convenient transportation, storage, and pallet loading management benefits, coupled with its increasing adoption across diverse industries.

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Besides this, stretch hood film provides improved quality of wrapping. It gives a perfect presentation to the wrapped products eliminating the appearance of folds and creases which is common in shrink wrapping. Most of the consumers are gradually shifting to stretch hood films from tradition packaging and wrapping approaches as these films gives enhanced aesthetic looks, transparency, and gloss to show the contents of the load.

Stretch hood packaging offers great efficiency for securing pallet unit loads. Products packaged with stretch hood films enable maximum coverage as the package is covered horizontally and in transverse directions as per the packaging application.

Key Takeaways of Stretch Hood Films Market Study

  • Stretch hood films sales are poised to surge, enabling the market exhibit 2.8% y-o-y growth in 2021, after a period of setback in 2020
  • With manufacturing rising consistently, coupled with the demand for advanced packaging solutions, the U.S. will account for over 88% of sales in North America
  • While 2020 proved uneventful, the U.K. market will register a positive 3.7% y-o-y growth in 2021
  • Expansion of construction sector will fuel demand for stretch hood films in Japan and South Korea
  • South Korea will exhibit higher rate of growth yet China will remain the dominant market for stretch hood films in East Asia

Stretch Hood Films Find Application in Diverse Industries

Stretch hoods machine is one of the latest palletizing technology and offers benefits when compared to other palletizing methods. In recent times, stretch hood films manufacturers have not only improved the packaging technique and quality, but also emphasized on the quality of raw materials used to enhance performance. Stretch hood films manufacturers are continuously working on production of stretch hood films with more elasticity and reduced thickness.

Using stretch hood films reduces plastic consumption by 20%-30% as compared to shrink hoods or stretch film. It encourages manufacturers to grab this opportunity and innovate products which are less harmful to the environment. These films can be recycled easily so it drastically brings down the recycling cost.

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Increasing opportunities created by innovative product offerings are anticipated to induce established players to invest in research and development activities to further improve performance of stretch hood films. Increased load stability and elasticity of stretch hood films has created lucrative opportunity for the manufacturers of stretch hood films to cater multiple end use industries such as food & beverage, textile, shipping and construction among others.