The market for water soluble films is expected to witness a CAGR of over 4%. One of the major factors driving the market studied is the increasing demand from various end-user industries. However, the presence of substitutes is likely to restrain the market.
- Increasing applications in the powdered chemical packaging sector are also likely to boost the demand for water-soluble films during the forecast period.
- Usage in the food packaging industry is likely to act as an opportunity for market growth in the future.
- North America dominated the market and accounted for the major market share.
Key Market Trends
Packaging Industry to Dominate the Market
- Water soluble films are used in packaging of several materials like pesticides, fertilizers, detergents, cement additives, etc.
- They provide several advantages like high solvent resistance, gas barrier performance, user safety for hazardous materials, etc.
- Water soluble films are typically made up of polyvinyl alcohol (PVOH). They dissolve completely upon contact with water and convert into water and carbon dioxide, after being consumed by micro organisms. Hence, they don't cause any micro-plastic pollution or persist in the environment after usage.
- The usage of water soluble films in the packaging sector is increasing due to growing environmental concerns, across the world.
- In Europe and North America, the consumption of water soluble films is expected to rise, owing to stringent regulations by the government to ban the usage of petroleum-based plastics.
- The growth in the packaging industry in developing regions, such as Asia-Pacific, South America, and the Middle East, is expected to increase over the forecast period, due to the improving packaging standards of various agricultural products in these regions; this is expected to propel the growth of the market.
- Hence, owing to the above-mentioned reasons the packaging industry is likely to dominate the market during the forecast period.
North America to Dominate the Market
- North America holds a dominant position and is expected to have the highest market share during the forecast period, owing to the increasing use of advanced technology in packaging in the United States.
- Moreover, government support for the implementation of water soluble films in packaging is getting high and this is driving the water soluble films market in the region.
- The increasing job opportunities in manufacturing and production units and declining import-export deficit are also helping the packaging sector to support the consumption of water soluble films in the country.
- FDA has increased the regulations on food packaging to enhance the safety of food distributed throughout the United States, by promoting biodegradable usage, which is providing opportunities to the packaging sector.
- Water soluble films are also used in the textile industry as a stabilizer during the embroidery of delicate fabric.
- The US market for textiles is also witnessing noticeable growth and the trend is likely to continue, during the forecast period.
- Hence, North America is likely to dominate the water soluble films market during the forecast period.
The market for water soluble films is partially consolidated as the global market share is divided among a few companies. Some of the key companies of the market include 3M, DuPont de Nemours, Inc, SEKISUI CHEMICAL CO., LTD., Mitsubishi chemical corporation, and KURARAY Co. Ltd.
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