Wilmington, Delaware, United States, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The water soluble film industry generated US$ 338.3 million in 2022. The market is anticipated to increase at a CAGR of 4.5% between 2023 and 2031, reaching US$ 503.1 million. Sustainability and environmental friendliness will continue dominating the packaging industry worldwide. With an increased emphasis on eco-conscious choices, companies and consumers will likely adopt more water-soluble films.
Several research and development initiatives are being conducted in the fields of materials science and packaging technology. These initiatives could lead to water-soluble film innovations. Performance, efficiency, and versatility improvements will lead to broader acceptance of this technology in a range of industries. The uses of water-soluble films span the agrochemical, pharmaceutical, detergent, and food industries. Businesses may realize new ways to leverage these films' unique properties because of their versatility.
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As consumers become more aware and demand more convenient and sustainable packaging, water-soluble films may gain popularity, particularly in industries relying on portion-controlled and single-use packaging. The growing popularity of e-commerce can influence packaging choices. In terms of sustainability and convenience, water-soluble films can be an excellent choice for online retail packaging.
Key Findings of the Market Report
- Based on material type, the polyvinyl alcohol (PVA) segment is anticipated to drive demand for water soluble films.
- Among end-user segments, chemicals & pharmaceuticals are expected to drive demand for water soluble films.
- Asia Pacific is experiencing a rapid rise in middle-class households, increasing the need for environmentally friendly packaging.
- North America is estimated to account for a notable share of the global demand for hydrosoluble films during the forecast period.
Global Water Soluble Films Market: Growth Drivers
- Eco-friendly materials have become increasingly popular as awareness of environmental issues grows. In addition to being biodegradable, water-soluble films are environmentally friendly for both consumers and businesses. The use of single-dose packaging films with water-soluble properties has become increasingly popular in recent years, especially between detergent and cleaning product manufacturers. Individually packaged doses are convenient and reduce waste, which are important benefits to consumers.
- Water-soluble films enable packaging for single-dose detergents to offer convenience and ease of use. The increasing popularity of water-soluble films as packaging solutions can be attributed to the detergent industry's growth. The ability to precisely dose and administer water-soluble films is crucial to the agrochemical and pharmaceutical industries. Water-soluble films are in high demand due to the continuous growth of the pharmaceutical industry and the need for effective and safe packaging.
- Through ongoing research and development, water-soluble films have been introduced into the packaging industry as one of the most innovative materials and technologies. The market can be more attractive by developing new formulations and improving properties. Because of regulations promoting eco-friendly and sustainable packaging solutions, water-soluble films are becoming more popular. Governments and regulatory authorities may incentivize environmentally friendly materials, which would positively influence market growth.
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Global Water Soluble Films Market: Regional Landscape
- Water soluble films are expected to be most popular in North America during the forecast period. A large part of North America's demand for water soluble films comes from food packaging, flexible packaging, and the manufacturing industry. Water-soluble films are also expected to be in demand due to the growing pharmaceutical industry in the region.
- In North America, better living conditions are anticipated to drive growth in the water soluble film market. The pharmaceutical industry contributes significant research and development in the United States. Individual and unit dose packaging is increasingly produced using water soluble films in this region. Several manufacturing plants have also been built in the region, driving demand for water soluble films. Green procurement policies have also been introduced by government agencies, while environmentally friendly packaging is becoming more popular with consumers.
Global Water Soluble Films Market: Key Players
According to the most recent market analysis, leading companies are focusing on improving the waterproof properties of PVA resin without sacrificing its toughness, transparency, or biocompatibility. Some prominent players are also investing heavily in research and development to gain a competitive edge in the global market.
- Arrow GreenTech Ltd.
- Sekisui Chemical Co., Ltd.
- Mondi Group Plc
- Aicello Corporation
- SP Medikal San Ltd. Sti
- Elkay Plastics Co, Inc.
- Medline Industries, Inc.
- Cromwell Polythene Ltd.
- Trevor Owen Ltd.
- McKesson Medical Surgical Inc.
- Nippon Gohsei Group
- Mitsubishi Chemical Corporation
- Plasticos Hidroslubles S.L.
- Kuraray Co. Ltd.
- Lithey Inc.
Key Developments
- In June 2023, Mondi rolled out SolmixBags, water-soluble bags for the construction industry. SolmixBags are one-ply paper bags designed for storing and transporting dry building materials, such as cement.
- In December 2023, Ecopol S.p.A. (“Ecopol”), a leading manufacturer of biodegradable films, acquired a significant stake in JRF Technology LLC (“JRF”), a leader in the development of water-soluble polymers and edible films.
Global Water Soluble Films Market: Segmentation
By Material Type
- Polyvinyl Alcohol (PVA)
- Polyvinylpyrrolidone (PVP)
- Others
By Thickness
- Below 30 Micrometer
- 30-60 Micrometer
- Above 60 Micrometer
By End Use
- Detergents
- Agrochemicals
- Laundry Bags
- Cosmetics
- Chemicals & Pharmaceuticals
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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