Shrink Wrap, also known as Shrink Film, is a material made up of polymer plastic film. When heat is applied, it shrinks tightly over whatever it is covering. Shrink film a material made up of polymer plastic film. When heat is applied it shrinks tightly over whatever it is covering. There are a variety of uses for Shrink wrap and shrink film. Some common uses of shrink wrap are for wrapping food, gift baskets, boxes, toys, books, soaps, etc.