The global Water Soluble Film Market was valued at US$ 381.8 Million in 2022, according to the Global Water soluble film Market report, By Type (Cold Water-soluble Films and Hot Water-soluble Films), By Dissolution Rate (Fast Soluble Films, Medium Soluble Films, and Difficult Soluble Films), By End-User Industry (Packaging, Textile, Pharmaceuticals, and Other End-user Industries), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global water soluble film market is expected to surpass US$ 649.6 Million by 2030 and exhibit a CAGR of 6.9% during the forecast period (2023-2030).
Water soluble film is a synthetic polymer that is soluble in water. These films are widely used for unit-dose packaging of detergents, agrochemicals, pharmaceuticals, food ingredients, and water treatment chemicals, among others. It is a biodegradable plastic, which means the film leaves no toxic residue in nature after its dissolution in water. These films are available in a wide range of types, from those that are soluble in cold water to those that are soluble in hot water. Water soluble films are ideal for a variety of packaging applications, and thus, there is an increase in demand for such films worldwide.
Drivers:
An increase in the use of single-and unit-dose packaging in various end-use industries is expected to propel the growth of the global water soluble films market. For instance, water soluble films are widely used for unit dose packaging of pharmaceuticals, agrochemicals, food ingredients, detergents, and water treatment chemicals, among others. In February 2020, Kuraray Co. Ltd is Japanese manufacturer of chemicals and fibers. planned to establish the new production facility for PVA (Polyvinyl Alcohol) water-soluble films in Poland, Europe, to meet the increase in demand for packaging films for unit dose packaging of pharmaceuticals, and detergents.
Opportunities:
Rising plastic pollution and the focus of governments on green procurement policies are expected to offer lucrative growth opportunities for players in the global water soluble films market. For instance, millions of tons of plastic waste are dumped every year, a majority of which makes its way into the oceans, harming wildlife and ecosystems in the process. Moreover, plastic waste is especially prevalent in cities or states where excessive packaging is used, and it ends up in surrounding oceans and already overflowing landfills. According to Hydroplast announced the development of an ingenious water-soluble film to fight plastic waste.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/water-soluble-films-market-5314
Restraints:
The high cost of water soluble films as compared to conventional plastic films and supply chain disruptions due to the outbreak of COVID-19 are major factors expected to hinder 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. Moreover, 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.
Global Water Soluble Films Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 (the global pandemic) has had a severe impact on the growth of the water soluble films market, as several countries were in partial or full lockdown, which halted production in different parts of the world. Moreover, travel restrictions (due to a nationwide lockdown) imposed by several governments to curb the spread of the virus have affected the demand and supply of packaging solutions. However, with the easing of lockdown measures, the market is expected to witness positive growth in the coming future.
Key Takeaways:
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 2022 and 2030.
North America segment held a dominant position in the global water soluble films market in 2022, accounting for 7.1% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.
Market Trends:
The packaging industry is one of the major consumers of water soluble films as these films are easy to use and offer excellent sealing and deep drawing properties. Moreover, these films are non-toxic, biodegradable, and non-inhibitory. Water soluble films are used for unit dose packaging of pharmaceuticals, agrochemicals, food ingredients, detergents, water treatment chemicals, and more. This trend is expected to continue during the forecast period, driving the growth of the global water soluble films market.
Competitive Landscape:
Major players operating in the global water soluble films market include
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, among others.
Recent Developments:
In July 2020, Kuraray opened a new manufacturing facility in Lebanon, Indiana (US). In Indiana, the company now has four factories, including one in LaPorte and two in Portage.
In October 2020, Cortec Corporation announced the production of its patented EcoSol water soluble pouches at the company's European bioplastics plant located in Croatia. This expansion will aim to meet the needs of customers from Europe and Asia.
