June 23, 2024

Water Soluble Films Market Is Expected To Be Flourished By Growing Demand For Environment-Friendly Packaging

Water soluble films are made from materials such as polyvinyl alcohol (PVA), polyvinyl alcohol copolymer, and ethylene. These films are used in various applications such as detergent packaging, agricultural chemical packaging, and other food & beverage packaging. Some key applications of water soluble films include unit-dose packaging, sachets & pouches, and sticking powders. Water soluble films dissolve completely in water, eliminating the need for empty containers and thus reducing packaging waste that goes into landfills.

The global Water Soluble Films Market size is estimated to be valued at Us$ 470.18 Bn in 2023 and is expected to exhibit a CAGR Of 7.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The water soluble films market is expected to be flourished by growing demand for environment-friendly packaging. One of the drivers referred from the heading is growing demand for environment-friendly packaging. Water soluble films are biodegradable and dissolve completely in water, reducing plastic waste. They provide a sustainable packaging solution and help companies meets their sustainability goals. Additionally, stringent regulations regarding single-use plastics across regions is also fueling the demand for water soluble films. Various countries have implemented bans on single-use plastic items like straws, plates, cutlery, which has increased the adoption of water soluble films for packaging applications.

Segment Analysis

Water Soluble Films market has been dominated by packaging sub-segment accounting for over 60% market share in 2024. Water soluble films are widely used in packaging applications such as packaging of detergent pouches, agrochemicals, food products and other water soluble products. These films provide properties such as easy handling, transport, storage and disposal which makes them ideal for single use packaging of these products.

PEST Analysis

Political: Any regulations related to single use plastic packaging will boost the water soluble films market. Many countries have banned or imposed restrictions on single use plastic to reduce environmental pollution.

Economic: Growing disposable incomes especially in developing countries is fueling the demand for conveniently packaged fast moving consumer goods which is driving the water soluble films market.

Social: Rising health and environmental awareness among consumers has increased the preference for eco-friendly packaging solutions. Water soluble films dissolves in water without polluting the environment.

Technological: Advances in material science has led to development of biodegradable polymers used in manufacturing water soluble films. Players are focusing on improving film properties such as durability and solubility.

Key Takeaways

The Global Water Soluble Films Market Demand is expected to witness high growth over the forecast period. The global water soluble films market size is estimated to be valued at US$ 470.18 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.

Asia Pacific region currently dominates the market accounting for over 40% share driven by strong demand from countries like China, India. Aggressive marketing of packaged food products and fast moving consumer goods in developing economies is supplementing market growth in the region. North America is the second largest market for water soluble films driven by presence of major players and stringent regulations around packaging waste management and recycling. The U.S holds over 25% share of the North American market. Growth in the European region is supported by increasing food and agrochemical production.

Key players operating in the water soluble films market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. Key players are focusing on new product development and capacity expansion strategies to gain higher market share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it