July 21, 2024
Water Soluble Films Market

Water Soluble Films Are Increasingly Being Utilized For Single-Use Packaging Applications and Steadily Driving Growth In The Global Water Soluble Films Market

Water soluble films offer environment-friendly packaging solutions that are increasingly being adopted across various end-use industries like food & beverages, pharmaceuticals, chemicals & others for packaging of products that require single-use/temporary functionality. Made using various polysaccharides like polyvinyl alcohol (PVA), they dissolve instantly in water, eliminating waste. The films help minimize packaging waste while facilitating easy disposal. Their usage has surged notably in agricultural applications involving fertilizers and pesticides, as they dissolve upon contact with water, releasing the contents gradually into the soil. They are also gaining prominence as unit-dose packaging for detergents. The global water soluble films market exhibits high demand for water soluble packaging of detergent sheets/pods, fertilizer bags, and agricultural chemicals/pesticides. They are increasingly replacing plastic packaging, finding widespread use across industries aiming to reduce environmental footprint.

The global Water Soluble Films Market is estimated to be valued at US$ 408.14 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends gaining traction in the market includes the growing popularity of biodegradable and eco-friendly materials for production of water soluble films. Major players are investing in development of biodegradable films using raw materials sourced from renewable feedstock like starch, cellulose and other plant-based polymers to manufacture environment-friendly water soluble films. For instance, MonoSol launched a new line of plant-based water soluble film under the brand name MaterBio which is home compostable. Additionally, adoption of advanced manufacturing technologies by players to enhance production efficiency of water soluble films is also a major trend. Use of robotics, internet of things (IoT) integration and automation systems allow for superior quality control and reduced manufacturing costs. This is expected to support market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and economies of scale in the production and distribution of water soluble films limit the threat of new entrants.

Bargaining power of buyers: The presence of many suppliers and substitutes increases buyer bargaining power in the global water soluble films market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material suppliers and potential forward integration by existing players.

Threat of new substitutes: Substitutes such as compostable and dissolving plastic films pose a moderate threat to water soluble films

Competitive rivalry: The global water soluble films market is moderately competitive due to presence of numerous regional and multinational players.

Key Takeaways

The Global Water Soluble Films Market Size is expected to witness high growth. The market size for 2023 is US$ 408.14 Mn and is forecast to reach US$ 634.63 Mn by 2030, expanding at a CAGR of 6.9% during the forecast period.

Regional analysis: North America is expected to dominate the global water soluble films market during the forecast period. Majority of market players are based in the US and Canada. The developed end-user industries in the region are contributing to market growth. Asia Pacific is anticipated to be the fastest growing market for water soluble films driven by increasing demand from industries such as detergent, agriculture, and pharmaceutical in China, India, and other developing nations.

Key players: Key players operating in the 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, among others. Kuraray Co. Ltd. and Mondi Group are the leading players in the global market and have strong presence across all regions through their vast production capacities and distribution network.

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