Banding Stretch Film Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Banding Stretch Film Industry Hit Worst due to Russia-Ukraine War Impact?
The growing demand from the packaging industry is expected to spur opportunities for the banding stretch film market, states Fortune Business Insights, in a report, titled “Banding Stretch Film Market Size, Share & Industry Analysis, and Regional Forecast, By Type (2 Inches, 3 Inches, 4 Inches, 5 Inches), By Application (Commercial, Residential, Packaging, Others) and Regional Forecast 2021-2028 Request PDF Brochure.” The booming transportation industry is expected to foster the healthy growth of the market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Banding Stretch Film Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Banding Stretch Film Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The rubber foam materials market report incorporates:
- Wide-ranging evaluation of the market
- Valuable insights into the segments
- Latest trends and important drivers
- Dominant regions
- Key Development
Expansion of Berry Global’s Production Capacity to Propel Growth
The market’s key players are focused on expanding their production capacity to maintain their position in the market. For instance, in March 2020, Berry Global, a Fortune 500 global manufacturer, and marketer of plastic packaging products announced expanding its production capacity in ultra-high performance stretch film. This involves the set-up of new manufacturing lines and upgradation of the existing manufacturing facilities in 9 of the manufacturing facilities in North America. Furthermore, the increasing demand from numerous end-user industries for packaging and wrapping of goods and objects can have a tremendous impact on the market. Besides, the inclination towards online shopping among consumers is expected to spur demand for banding stretch films for packaging and protecting the products from tampering and damage. However, the disposal of these films can cause severe environmental degradation, which, in turn, can retard its adoption and hinder the growth of the market.
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Improved Living Standard of People to Favor Market in North America
The market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the largest market due to industrial revolution in India and South-east Asia. The rising disposable income of consumers can subsequently increase demand for home décor and interiors, which is likely to boost the region’s market. North America is expected to exhibit rapid growth due to the increasing use of band stretch films for flooring. The rising living standard of the general population is expected influence the development in North America. Europe is likely to expand radically during the forecast period due to the increasing demand from the commercial sector. The growing adoption these films in the flooring of shopping complexes, malls, commercial complexes, and buildings is expected to aid the development of the market in Europe. Latin America and Middle East and Africa are expected to experience steady growth due to Dubai’s flourishing hospitality industry.
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The Report Lists the Key Players in the Banding Stretch Film Market:
- Berry Global
- Sigma Plastics Group
- Goodwrappers (J.C. Parry & Sons)
- Integrated Packaging Group
- Qingdao Tongfenghe Packaging
- Alpha Omega Plastic Manufacturing
- Propak Industries
- Duo Plast
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