Pune, India -- (SBWIRE) -- 02/22/2018 -- Market Highlights:

The global market of lidding films is booming and expected to gain prominence over the forecast period. The global market has been forecast to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a CAGR of 6.1% during the estimated period (2017-2023).

Lidding Films are usually used for covering trays, tubs, bowls, cups, etc. due to their high tensile strength, heat resistance, and stability, due to which they are also useful in cargo packaging. Lidding films increase the life of the product due to its high barrier resistance. Lidding Films also are process optimized, which makes them cost effective. Lidding films market have seen an increase in the penetration of retail outlets in Asia Pacific, which drives the demand for lidding films. Additionally, with the increasing population, the need for packaging of fresh food is increasing which has created a significant opportunity for lidding films. Moreover, lidding films manufacturers are focusing on upgrading new technology and implementing it in packaging materials. This also has the positive influence on the growth of the market. However, lidding films have concerns regarding the environmental effects of the use of plastic disposal from the government is the major factor that hinder the market growth.

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The prominent players in the global lidding films market 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.), and Impak Films Pty Ltd (Australia).

Hence, the global Lidding Films Market is expected to grow at 6.1% CAGR during the forecast period.

Global Lidding Films market has been segmented based on material, product, application, end-user, and region. On the basis of material, the market has been segmented into Polypropylene (PP), Polyvinyl Chloride (PVC), Polyethylene (PE), Polyethylene Terephthalate (PET), Ethylene Vinyl Alcohol (EVOH), and Others. Polypropylene (PP) dominates the material segment of the market and is expected to be the fastest growing material segment. Majority of the end-users use LDPE for high barrier packaging films. It has numerous benefits such as ease of processing, barrier to moisture, strength/toughness, flexibility, and ease of sealing. PVC is a dense material. It is considered a common material in India, when clarity is an important selection criterion, particularly for consumer packaging. On the basis of product, the market has been segmented into Dual-Ovenable Lidding Films, Specialty Lidding Films, High Barrier Lidding Films and Others. High Barrier Lidding Films dominates the product segment of the market. The popularity of the high barrier lidding films has increased, owing to its features such as light weight nature, high performance, and attractive packaging. On the basis of application, the market is segmented as Cups, Tray, Cans & Bottles, and others. Trays dominates the application segment of the market and is expected to grow at a fastest CAGR during the forecast period.

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On the basis of regions, the global market for lidding films has been segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). North America region dominates the market. Increasing demand for consumer goods and packaged food in this region, drives its growth. Additionally, increasing applications for high barrier lidding film packaging in this region, also boosts the growth of the market, here. U.S. accounted for the largest market share in North America.

Asia Pacific region is expected to be the fastest growing region for the market. Rapid growth in Asia Pacific packaging industry, is the major factor driving the growth of the market. Growing industrialization and urbanization in developing countries such as China and India, boosts the market. Additionally, the availability of raw materials and low labor cost, together form a positive influence on the market growth. China, Japan, India, Australia and Indonesia are the major markets in Asia Pacific. China accounts for the largest market share in the Asia Pacific region, mainly due to rapid growth in urbanization and industrial development.

Europe is another major market for lidding films. It is expected to contribute significantly during the forecast period. Europe is expected to be another major market in terms of demand. The packaging industry holds a strong ground in Europe, owing to a high demand coupled with speedy rates of product innovation and development.

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