PET Lidding Films Market Growth 2023, Rise USD 1.15 billion by 2032, Emerging Trends, Competitive Analysis and Future Share: SPER Market Research
According to SPER Market Research, PET Lidding Films Market is estimated to reach USD 1.15 billion by 2032 with a CAGR of 6.94%. PET Lidding Films refer to a type of packaging material used for sealing food and beverage containers. These films are made of Polyethylene terephthalate (PET), a type of polyester that is widely used in the food packaging industry due to its superior barrier properties, high strength, and transparency. PET Lidding Films are used to protect and preserve the contents of packaged products, ensuring that they remain fresh and free from contamination. These films are typically used in applications such as ready-to-eat meals, dairy products, sauces, and other food items. They are available in various forms, including pre-cut lids, roll stocks, and die-cut lids, to suit different packaging needs. PET Lidding Films are widely preferred due to their ease of use, cost-effectiveness, and eco-friendliness, as they can be recycled and reused.
PET Lidding Films Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 6.94%
- Forecast Market Size (2032): 1.15 billion
The rising demand for PET lidding films is a result of multiple factors, including the expansion of the food and beverage sector, the surging demand for convenient food products, and the shift towards sustainable and eco-friendly packaging solutions. PET lidding films are extensively used in packaging various food items like dairy products, sauces, and ready-to-eat meals to protect and maintain their freshness. The global market for PET lidding films is predicted to experience stable growth in the future due to the escalating demand for packaged food and beverages, the increased emphasis on sustainable and environmentally friendly packaging materials, and the trend towards fast and on-the-go food products.
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Impact of COVID-19 on the Global PET Lidding Films Market
PET lidding films market has been significantly affected by the COVID-19 pandemic. PET lidding films are extensively used in the food and beverage packaging industry to safeguard and maintain the quality of packaged products. The pandemic has caused supply chain disruptions, leading to a scarcity of raw materials and escalated manufacturing costs for PET lidding films. Moreover, the pandemic has altered consumer behavior, with more people staying at home and cooking their meals, resulting in a surge in the demand for packaged foods and beverages. This surge in demand has positively impacted the PET lidding films market. However, the closure of restaurants and cafes has led to reduced demand for single-serve packaging, which has negatively affected the market.
Governments’ imposition of restrictions on trade and transportation to contain the virus has also impacted the global PET lidding films market. This has resulted in delivery delays and increased transportation costs, further amplifying the prices of PET lidding films. Nevertheless, the market is anticipated to recover as the pandemic abates and economic activities resume. The demand for PET lidding films is expected to escalate in the forthcoming years due to the increasing inclination towards sustainable packaging and eco-friendly packaging materials. The market is also projected to benefit from the expansion of the food and beverage industry and the growing demand for convenience food products.
PET Lidding Films Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type: Based on the Product Type, Global PET Lidding Films Market is segmented as; High Barrier Lidding Films, Dual-Oven able Lidding Films, Resealable/Re-closable Films, Specialty Lidding Films, Breathable Lidding Films.
By Application: Based on the Application, Global PET Lidding Films Market is segmented as; Trays, Cups, Jars, Bottles, Others
By End-user: Based on the End user, Global PET Lidding Films Market is segmented as; Food & Beverage, Pharmaceutical, Others
By Region: Based on the Region, Global PET Lidding Films Market is segmented as; Asia-Pacific, Europe, North America, South America, LAMEA.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
Global PET Lidding Films Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Amcor Plc, Berry Global Inc., Clifton Packaging Group Limited, Constantia Flexibles, Cosmo Films Ltd, Ffp Packaging Ltd, Flair Flexible Packaging Corporation, Golden Eagle Extrusions, Inc., Impak Films Pty. Ltd., Mondi, Multi-Plastics, Inc., Plastopil, Sealed Air And Dow., Tcl Packaging, Tilak Polypack Pvt. Ltd., Toray Plastics (America), Inc., Uflex Limited, Winpak Ltd.
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PET Lidding Films Market Future outlook
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