by The water soluble films market has grown significantly over the years owing to its wide applications in industries such as chemical and detergents. Water soluble films are thin polymer films with the ability to dissolve in water and made from polyvinyl alcohol (PVA) or polyvinyl methyl ether (PVM). They dissolve in cold or hot water at a predetermined temperature. These films are often used as packaging that can be disposed of in water or wastewater systems for easy recycling or reuse. They find applications in detergent packaging, agrochemical packaging, consumer chemical packaging, food packaging and more.
The Global water soluble films market is estimated to be valued at US$ 470.18 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
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. These key players are focusing on developing sustainable water soluble film solutions and innovative products to gain a competitive edge in the market.
The key opportunities in the Water Soluble Films Market Trends include increasing adoption in agricultural applications and pharmaceutical industry. With convenience offered by water soluble films, their usage will increase for agrochemical and pharmaceutical packaging. Growing emphasis on sustainability is also driving the demand for water soluble films as they dissolve without harsh chemicals and reduce plastic waste.
Technological advancements in materials will further support the water soluble films market growth. Companies are focusing on developing biodegradable films made from materials like polyvinyl alcohol to increase environmental friendliness. Advancements in production technologies allowing precision manufacturing of thin films will boost production volumes.
Market Drivers
The major market driver is the wide range of applications in chemical and detergents industry. Water soluble films are increasingly used for packaging of detergents, agrochemicals, chemicals and other household products owing to their易生分解性质. This allows the packaging to be disposed easily in regular waste. Secondly, the environmental regulations banning single use plastic are further propelling the demand for water soluble films as a eco-friendly substitutes. Their dissolution in water without harmful chemicals makes them suitable for packaging of items like unit dose detergent pods.
Current challenges in Water Soluble Films industry
The water soluble films industry is facing various challenges currently which is negatively impacting its growth. Some of the major challenges include rising raw material costs, lack of awareness amongst end users, environmental regulations and growing demand for biodegradable products. The prices of major raw materials used for manufacturing water soluble films like polyvinyl alcohol, starch and polylactic acid are highly volatile and saw a significant rise in the last year leading to increased production costs. Another challenge is lack of awareness amongst potential end users about properties and applications of water soluble films. The industry needs to focus on branding and marketing activities to promote usage. Stringent environmental regulations around the use of conventional plastic is also a challenge as it necessitates production of biodegradable films. Additionally, growing demand for fully biodegradable options from consumers is putting pressure on manufacturers to invest in R&D for new biopolymer formulations.
SWOT Analysis
Strength: Water soluble films are fully biodegradable and dissolve quickly in water making them an environment friendly alternative to conventional plastics. They also help reduce packaging waste.
Weakness: High production costs compared to petroleum based plastic films. Limited applications compared to regular plastic packaging materials.
Opportunity: Growing demand for sustainable packaging from food and consumer goods sectors presents major growth opportunities. Development of new biopolymer formulations can further increase usage.
Threats: Competition from alternative biodegradable packaging materials like bioplastics. Vulnerability of raw material prices to geo-political issues globally.
In terms of value, the water soluble films market is currently concentrated in North America and Europe owing to strong demand from end use industries like detergents, agriculture and food packaging. North America currently accounts for over 30% of the global market value backed by large demand from U.S. and Canada. Europe is the second largest regional market with increasing focus on sustainability.
The Asia Pacific region is projected to be the fastest growing geographical market for water soluble films during the forecast period from 2024 to 2031. Presence of China, India and other developing nations with rapidly expanding manufacturing sectors will drive volumes. Growth in middle class population and rising disposable incomes are also increasing demand for packaged food and consumer goods utilizing water soluble films in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
