The global die cut lids market size was worth around USD 660 Million in 2022 and is predicted to grow to around USD 1100 Million by 2030 with a compound annual growth rate (CAGR) of roughly 6.45% between 2023 and 2030.
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➤ The market is expected to expand due to the increasing demand for portable foot products.
The global die cut covers market is anticipated to expand as a result of the growing demand and consumption of portable and convenience food items. As a result of factors such as urbanization, rising disposable income, changing lifestyle habits, surging accessibility, and a higher awareness rate, the demand for takeaway food products, beverages, or consumables that can be stored in refrigeration and consumed at a later time has increased over the years.
➤ The market’s expansion is restricted by the high cost of production.
In comparison to other varieties of lids, die cut lids are more costly in terms of production value. This can serve as a substantial impediment to the expansion of the die-cut closures industry. It is generally the cost of the most frequently used basic materials that influences the high cost of these lids. In situations where high-grade covers are in question due to a compliance with food safety regulations, raw materials such as aluminum and plastic can be costly. The addition of new cost segments can be influenced by a variety of factors, such as the use of sophisticated manufacturing processes and customization requirements.
➤ Increasing investments in the development of eco-friendly solutions to create growth opportunities
The environmental impact of die cut containers, particularly those made of plastic, is a critical drawback, as they are a non-biodegradable product. Nevertheless, the global die cut lids market is experiencing an increase in the number of investments and research and development activities that are directed toward the adoption of sustainable or environmentally benign materials. This could result in a heightened interest in end-consumer products, as many individuals currently refrain from using plastic-based items excessively.
➤ Market growth to be impeded by supply chain complexities
The entire production process of die-cut lids is one that is intricate. This is a result of the substantial number of stakeholders who are involved in the process. This comprised numerous raw material suppliers and distributors of the final product. A substantial revenue loss can result from even the slightest disruption at any stage in the supply chain. Moreover, a significant portion of the final product may require quality reevaluation, as these items are typically manufactured in large quantities. The current global die cut lids industry participants may face additional challenges as a result of the increasing competition from alternatives.
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The Global Die Cut Lids Market is segmented based on product, application and region
Global Die Cut Lids Market: Product Segment Analysis
● Plastic Die Cut Lids
● Paper Die Cut Lids
Global Die Cut Lids Market: Application Segment Analysis
● Trays
● Cups
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The global Die Cut Lids market profiles key players such as:
● Sealed Air Corporation
● Winpak Ltd.
● Clondalkin Group Holdings B.V.
● Coveris Holdings S.A.
● Berry Global Group Inc.
● Constantia Flexibles Group GmbH
● LMI Packaging Solutions Inc.
● Amcor Limited
● Bemis Company Inc.
● Accutek Packaging Equipment Companies Inc.
● Huhtamaki Group
● Chadwicks of Bury (Part of Clondalkin Group Holdings B.V.)
● RPC Group PLC
● Quantum Packaging Ltd
???? Recent Developments:
• Tekni-Plex announced in January 2021 that it had signed a distributor partnership agreement with PackPlus Embalagens. The latter will be accountable for the sale of coated paper rollstock offerings and formers coated with DuPont Tyvek.
• Aluflexpack AG announced in May 2022 that it had acquired an 80% stake in Teko, a flexible packaging solution provider that concentrates on the dairy and beverage segments in Turkey and the adjacent regions.
➤ North America is expected to generate the most revenue.
North America is anticipated to generate the most revenue in the global die cut covers market, with Europe following closely behind. The growth in both regions is primarily due to the increasing popularity and consumption of ready-to-eat meals, as well as the increasing trend of on-the-go snacking. In addition, the presence of key market participants and the increasing investment in product innovation and advancements are essential for regional growth in both North America and Europe.
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