by Water soluble films are primarily used in detergent pouches, agricultural chemicals, and packaging of water-soluble products. These films provide convenient packaging for detergent pouches, which completely dissolves when added to washing machines. It is also used for packaging of agrochemicals like fertilizers and pesticides. The water soluble films dissolve fully and do not pollute soil or water. The global water soluble films market is fragmented with the presence of many regional and global players. Large consumer goods companies use water soluble films for packaging of detergent pods and household cleaners.
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 Dynamics
Rapid Urbanization Globally: Rapid urbanization is one of the key drivers of the global water soluble films market. According to the United Nations, over 55% of the total global population lived in urban areas in 2018, and this share is expected to increase further to 68% by 2050. With growing urbanization, the demand for packaged consumer goods like detergents and household cleaners is increasing. Water soluble films provide convenient packaging for such consumer goods products.
Sustainable Packaging Trends: Rising awareness about environment protection and sustainability is pushing brands and manufacturers to adopt bio-degradable and eco-friendly packaging solutions. Water soluble films dissolve completely in water without any harmful residues. This makes them an attractive sustainable packaging format for several end-use industries like consumer goods, agriculture, and pharmaceuticals. The growth in sustainable packaging trends is expected to drive the demand for water soluble films over the forecast period.
Segment Analysis
The global water soluble films market is dominated by the packaging segment which held around 60% of the overall market share in 2022. Water soluble films find wide application in packaging of detergents, agrochemicals, water treatment chemicals, and other consumer products. They provide ease of packaging as well as disposal of packaging material. The water solubility property helps ensure minimum impact on the environment.
PEST Analysis
Political: No significant political risks are expected to impact the water soluble films market. Some policies governing packaging material recyclability and single-use plastics disposal may have some influence.
Economic: Global economic growth is expected to support the packaging industry expansion thereby positively impacting the demand for water soluble films from the packaging segment.
Social: Rising awareness about water soluble and biodegradable packaging is increasing the demand for eco-friendly films. Consumption patterns are also encouraging sustainable solutions.
Technological: Companies are focusing on developing advanced water soluble film formulations using biopolymers that can dissolve rapidly in water. New production technologies are helping enhance film properties.
Key Takeaways
The Global Water Soluble Films Market Growth is estimated to reach US$ 580 Mn by 2030, expanding at a CAGR of 6.9% over the forecast period of 2023 to 2030. The packaging segment will continue to dominate demand owing to extensive application in packaging of detergents, agrochemicals, and other consumer products.
Regional analysis
Asia Pacific is expected to be the fastest growing as well as the largest market for water soluble films during the forecast period. The region accounts for around 45% of the global market share led by strong demand from countries such as China, India and Japan. Rapid industrialization and rising consumption of packaged consumer goods have been favoring market growth.
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. Mondi Group is one of the leading players with capabilities to provide water soluble film solutions to various industries including food, pharmaceuticals, automotive, chemicals, and homecare/personal care on a global scale.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
