WATER SOLUBLE FILMS MARKET ANALYSIS

The global water soluble films market was valued at US$ 381.8 Million in 2022 and is forecast to reach a value of US$ 649.6 Million by 2030 at a CAGR of 6.9% between 2023 and 2030. The global water soluble films market is experiencing strong growth due to the rise in use of water soluble films, the increase in applications of water soluble films, and the rise in demand for detergent and disinfectant across the world. Moreover, an increase in the use of single-and unit-dose packaging in various end-use industries is expected to boost the growth of the market. However, factors such as the high cost of water soluble film compared to conventional plastic films and supply chain disruptions due to the COVID-19 outbreak are expected to hamper the growth of the water soluble films market.

Global Water Soluble Films Market Drivers:

• Rise in use of water soluble films: An increase in applications of water soluble films is expected to boost growth of the global water soluble films market over the forecast period. For instance, in September 2022, Bioplastics International developed the world's first sugar cane alcohol-water-soluble PVA (Polyvinyl Alcohol) to replace plastics. It contains no plastic, no toxins, no heavy metals, no chemicals, and no bioplastic. Bioplastics International has launched a fossil fuel-free, water soluble film for petroleum-based plastics to curb plastic pollution.
• Surging demand for detergent and disinfectants: Surging demand for detergent and disinfectant across the world is expected to augment growth of the global water soluble films market during the forecast period. For instance, water soluble films are often used to pack liquid laundry detergents, disinfectants, and washing powders. A film for detergent, disinfectant, and washing powder effectively dissolves in water. In July 2022, Unilever is a global consumer goods company providing beauty and wellness, personal care , home care , nutrition and ice-cream products to customer, Unilever launched the newly designed capsule to help decarbonize the laundry process while delivering top cleaning performance. The new capsules are set to prevent over 6,000 tons of plastic from entering the waste stream every year.

Global Water Soluble Films Market Opportunities:

• Governments focus on green procurement policies: The focus of governments on green procurement policies is expected to provide significant growth opportunities for players in the global water soluble films market. Plastic waste is especially prevalent in cities or states where excessive packaging is used and ends up in the surrounding seas and already overflowing landfills. Recent research has found that this is a problem that is truly global; from Asia Pacific to Europe and North America, plastic is everywhere.

• Increasing usage in the powdered chemical packaging sector: Increasing usage in the powdered chemical packaging sector is expected to provide significant growth opportunities for players in the global water soluble films market. For instance, in November 2020, Ariel (the detergent brand) launched single-use tablets called PODs. Ariel 3in1 PODs, launched in India, are pre-dosed washing capsules filled with liquid detergent. Ariel 3in1 PODs are designed innovatively, with a water-soluble film holding concentrated liquid detergent in three chambers.

Global Water Soluble Films Market Trends:

• There has been an increase in demand for water soluble films for packaging chemical products to prevent direct human contact. Moreover, with the rapid growth of the chemical industry and rising investment by both manufacturers and governments, the demand for water soluble films is also increasing at a rapid pace. This trend is expected to continue over the forecast period, driving the growth of the water soluble films market.
• Furthermore, there is an increasing demand for water soluble films from the packaging, food, pharmaceutical, and textile industries. The changing trends in consumer behavior and ease of manufacturer facilitation gave the industries the advantage of growing rapidly across the world, thereby further benefiting the water soluble films market.

Global Water Soluble Films Market Restraints:

• High cost of water soluble films compared to conventional plastic films : The high cost of water soluble films compared to conventional plastic films is expected to hamper the growth of the global water soluble films market. For instance, the production cost of water soluble film is 60-140% higher than conventional plastic films. This is mainly due to the high polymerization cost of biodegradable plastics, as most of the processes are still in development and have not yet achieved economies of scale.

COVID -19 Impact on Global Water Soluble Films Market 

Supply chain disruptions due to the global pandemic (COVID-19 outbreak) are expected to hinder growth of the global water soluble films market. For instance, the nationwide lockdown and travel restrictions imposed by several governments to curb the spread of the virus have affected the demand and supply of packaging solutions. In short, the global pandemic has had a severe impact on the growth of the water soluble films market.

Regional Graph

Global Water Soluble Films Market: Regional Insights

• Based on region the global water soluble films market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
• Among regions, North America is expected to gain the highest share in the market over the forecast period owing to the increase in application of water soluble films and the increase in production of single-and unit-dose packaging in various end-use industries in this region. For instance, water soluble films are often used for unit dose packaging in the pharmaceutical, food, chemical, and agriculture industries. In February 2022, in an attempt to curb the overwhelming plastic pollution of our oceans, Bioplastics International announced the launch of a water soluble replacement for petroleum-based plastics. The film dissolves in water in minutes and does not leave behind any micro plastics or residues.
• Asia Pacific is also expected to witness robust growth in the global water soluble films market due to the rise in use of single and unit dose packaging and the rapid growth of the pharmaceutical industry in this region, especially in the India. For instance, according to the Economic Survey 2020-21, the Indian pharma industry is expected to expand to US$ 65 billion by 2024 and US$ 130 billion by 2030. Moreover, according to the India Brand Equity Foundation (IBEF), Indian drug and pharmaceutical exports stood at US$ 2,119.08 million in June 2022.

Figure 1. Global Water Soluble Films Market, By Type, 2022

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Global Water Soluble Films Market Segmentation:

• The global water soluble films market report is segmented into type, dissolution rate, end-user industry, and region.
• Based on type, the market is segmented into cold water-soluble films and hot water-soluble films. Out of which, cold water soluble films segment is expected to dominate the global water soluble films market over the forecast period, and this is attributed to the rise in production of single and unit dose packaging in pharmaceutical industry. Water soluble laundry bags are an important part of the pharmaceutical industry; they are vital to preventing the spread of infectious components. The bags dissolve completely, leaving no contaminated packaging waste.

Figure 2 Global Water Soluble Films ,Dissolution rate,2022

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• Based on dissolution rate, the market is segmented into fast soluble films, medium soluble films, and difficult soluble films. Out of which fast soluble films segment is expected to dominate the market over the forecast period, and this is attributed to the increase demand for fast soluble films form various end-use industries. Fast soluble films found their majority of applications in the pharmaceutical industry.
• Medium soluble films segment is also expected to witness robust growth in the near future, owing to the increase in applications of medium soluble films. It is the most commonly used category of water soluble films for various applications and has a relatively higher molecular weight polymer than fast soluble films.
• Based on end-user industry, the water soluble films market is segmented into packaging, textile, pharmaceuticals, and other end-user industries. Out of which, the packaging segment is expected to dominate the market over the forecast period, and this is attributed to the rise in production of single and unit dose packaging. The packaging industry is one of the major consumer of these films, as they are easy to use while being completely soluble even in cold water.
• Pharmaceuticals segment is also expected to witness significant growth in the near future, owing to the rise in production of single-and unit-dose packaging in the pharmaceutical industry. Water soluble films are used for specific unit dose packaging of pharmaceuticals.

Global Water Soluble Films Market: Key Companies Insights

• The global water soluble films market is highly competitive. This is attributed to the focus of governments on green procurement policies; as a result, players in the market are focusing on launching novel products in the market.
• Some of the key players in the global water soluble films market are:
• Mondi Group, Kuraray Co. Ltd., Cortec Corporation, Arrow GreenTech Ltd., AMC (UK) Ltd., Aicello Corporation, Sekisui Chemical Co. Ltd., Neptun Technologies GmbH, and Mitsubishi Chemical Corporation.

Global Water Soluble Films Market: Key Developments

• In February 2020, Kuraray Co. Ltd. planned to establish a new production facility for PVA water-soluble films in Poland, Europe, to meet the demand for packaging films for unit dose detergents, pharmaceuticals, and other products.
• In October 2020, Cortec Corporation is providing corrosion solution for industries across the world, announced that its patented EcoSol water soluble pouches are now being manufactured at the company's European bioplastics plant in Croatia to meet the needs of European and Asian customers.

*Definition: Water soluble films, both cold water soluble film and hot water soluble film, is a synthetic polymer that is soluble in water. These films are widely used for unit dose packaging of detergents, agrochemicals, water treatment chemicals, food ingredients, and others. Thus, there is an increasing demand for water soluble films.