July 18, 2024

Global Water Soluble Films Market Is Estimated To Witness High Growth Owing To Increasing Demand for Sustainable Packaging Solutions

The global Water Soluble Films Market is estimated to be valued at US$360.0 Mn in 2021 and is expected to exhibit a CAGR of 6.3% over the forecast period, 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
Water soluble films are films that dissolve or disintegrate in water, leaving no residue. These films are widely used in various industries such as packaging, agriculture, pharmaceuticals, and textiles, among others. They offer numerous advantages such as convenience, ease of use, and sustainability. Water soluble films are used for packaging of products such as detergents, dyes, agrochemicals, and personal care products, where they provide a biodegradable and eco-friendly alternative to traditional packaging materials.

B) Market Dynamics:
The Water Soluble Films Market is driven by two key factors. The first driver is the growing demand for sustainable packaging solutions. With increasing consumer awareness about the environmental impact of traditional plastic packaging, there is a rising demand for eco-friendly packaging materials. Water soluble films provide a viable solution as they are biodegradable and do not contribute to plastic waste.

The second driver is the increasing use of water soluble films in the pharmaceutical industry. These films are used for packaging of medications such as tablets, capsules, and powders. They offer several benefits in the pharmaceutical industry, including easy and accurate dosing, prevention of cross-contamination, and improved patient adherence. The use of water soluble films in the pharmaceutical industry is expected to drive market growth significantly.

C) Segment Analysis:
The water soluble films market can be segmented based on type, application, and region. On the basis of type, the market is segmented into PVA films, PVOH films, and others. PVA films dominate the market and are expected to continue their dominance over the forecast period. PVA films are widely used in applications such as packaging, laundry bags, and agrochemical packaging due to their excellent water solubility and mechanical properties.

D) PEST Analysis:
Political: The political landscape plays a crucial role in the Water Soluble Films Market. Government regulations and policies related to plastic waste management and environmental conservation are expected to drive the demand for sustainable packaging solutions such as water soluble films.

Economic: The economic factors influencing the market include the cost of raw materials, availability of affordable packaging alternatives, and consumer purchasing power. The cost-effectiveness of water soluble films compared to traditional plastic packaging materials is expected to drive their adoption in various industries.

Social: The increasing consumer awareness about environmental issues and sustainability is a significant social factor driving the demand for water soluble films. Consumers are increasingly seeking eco-friendly packaging solutions, which has led to the adoption of water soluble films by packaging manufacturers.

Technological: Technological advancements in film manufacturing processes, such as extrusion and printing techniques, have led to the development of high-performance water soluble films. These advancements have enhanced the mechanical and barrier properties of these films, expanding their applications in various industries.

Key Takeaways:
– The global water soluble films market is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period, due to increasing demand for sustainable packaging solutions and the growing use of water soluble films in the pharmaceutical industry.
– Regionally, Asia Pacific is expected to be the fastest-growing and dominating region in the market, attributed to the rapid industrialization, urbanization, and increasing consumer awareness about eco-friendly packaging solutions.
– Key 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. These players are focusing on strategic partnerships, product innovation, and expansion of their production capacities to gain a competitive edge in the market.