Lidding Films Market to rise at CAGR of 6.1% through 2028 – Report by Market Research Future (MRFR)
New York, Sept. 16, 2021 (GLOBE NEWSWIRE) — Lidding Films Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Lidding Films Market Research Report, Product , Material, Application, End-user and Region – Forecast till 2028” the market size will grow at a 6.1% CAGR in the forecast period (2021 – 2028), states the latest Market Research Future (MRFR) report.
Key Players
Eminent players profiled in the global lidding films industry report include-
- Amcor Limited (Australia)
- Bemis Company Inc. (U.S.)
- Ampac Packaging LLC (U.S.)
- The Mondi Group (Austria)
- Sealed Air Corporation (U.S.)
- Constantia Flexibles Group GmbH (Austria)
- Berry Plastics Corporation (U.S.)
- Wipak Walsrode GmbH & Co. KG (Germany)
- Toray Plastics (America) Inc (Japan)
- Uflex Ltd (India)
- Schur Flexibles Holding GembH (Austria)
- Clifton Packaging Group Ltd (U.K.)
- Plastopil Hazorea Company Ltd. (Israel)
- Linpac Packaging Limited (U.K.)
- Impak Films Pty Ltd (Australia).
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Industry Updates
Krehalon has come up with KreCycle, a variety of high barrier flexible, recyclable films for fresh food applications. The available products comprise flexible thermoforming films, flowrap films that include lidding films, vacuum pouches, and a high barrier option.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the lidding films market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
On the brighter side, the increasing demand for online food products and pharmaceutical products during the pandemic are adding to the market growth.
Browse In-depth Market Research Report (185 pages) on Lidding Films
https://www.marketresearchfuture.com/reports/lidding-films-market-5397
Drivers
Increasing Use in Food Packaging to Boost Market Growth
The increasing use of lidding films in food packing will boost the lidding films market value over the forecast period. Lidding films help to retain the taste and freshness of food for a long duration and also preserves the entry of CO2 as well as release O2 from the box. Besides, the demand for biodegradable and eco-friendly lidding films is also adding market growth. The use of materials such as tapioca, corn starch, and sugar cane are in great demand.
Opportunities
Rising Use of Online Goods to offer Robust Opportunities
The rise in the number of online retail websites and the rising use of online goods will offer robust opportunities for the lidding films market in the forecast period. Customers today have more faith in online food products over grocery goods. The increasing drive to use online retail websites has led to the growing need for lidding films.
Restraints
Government Regulations on Use of Plastic Disposals to act as Market Restraint
The environmental effects of the usage of plastic disposal from the government may act as a market restraint over the forecast period.
Challenges
Shortage of Raw Materials to act as Market Challenge
The shortage of raw materials may act as market challenge over the forecast period.
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Market Segmentation
The global lidding films market has been bifurcated based on end user, application, product, and material.
By material, the polypropylene (PP) segment will lead the market over the forecast period and at a high CAGR.
By product, the high barrier lidding films will dominate the market over the forecast period for its alluring features such as attractive packaging, high performance, and light weight nature.
By application, trays will spearhead the market over the forecast period and at the fastest CAGR.
By end user, the food & beverage segment will have the lions share in the market over the forecast period and at a high CAGR for the growing need for food and beverages and increasing population. The food products that are packaged using lidding films contain less preservative over canned food products. Thus this has boosted their acceptance among the health-conscious consumers. The transparent barrier packaging film is a highly preferred material to pack vegetable, sausages, meat, and some beverages in the food industry.
Regional Analysis
North America to Dominate Lidding Films Market
North America will dominate the lidding films market in the forecast period. Increasing need for consumer goods and packaged food and increasing applications for high barrier lidding film packaging in the region are adding to the global lidding films market share in the region.
APAC to Have Admirable Growth in Lidding Films Market
The APAC region will have admirable growth over the forecast period. Rapid growth in packaging industry, growing urbanization and industrialization in India and China, the easy availability of low labor cost and raw materials, and industrial development are adding to the global lidding films market share in the region. Australia, Indonesia, and Japan have the utmost market share.
Segmentation of Market covered in the research:
Lidding Films Market, by Product (Dual-Ovenable Lidding Films, Specialty Lidding Films, High Barrier Lidding Films and Others), by Material (Polypropylene (PP), Polyvinyl Chloride (PVC), Polyethylene (PE), Polyethylene Terephthalate (PET), Ethylene Vinyl Alcohol (EVOH), and Others), by Application (Cups, Tray, Cans & Bottles, and others), by End-user (Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, and Others) and Region – Forecast To 2028
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