Water Soluble Films Market To Witness Extensive Growth Owing To Rising Applications In Detergent Packaging
Water soluble films are primarily used in detergent packaging and are derived from various polymers such as polyvinyl alcohol, partially hydrolyzed polyvinyl alcohol, polyvinyl alcohol copolymers, ethylene and propylene maleic anhydride copolymer, and others. The films are hygroscopic and dissolve in water retaining their integrity and mechanical properties until dissolved. Detergents in powder or liquid form are commonly packed in water soluble films for unit dose or single use convenience. The global water soluble films market witnessed significant demand from the detergent industry with applications in liquid detergent, fabric softener, dish wash pods, and others.
The global Water Soluble Films Market is estimated to be valued at Us$ 470.18 Bn in 2023 and is expected to exhibit a CAGR Of 7.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The key driver responsible for the growth of the water soluble films market is the rising applications of water soluble films in detergent packaging. Water soluble films are increasingly used for unit dose packaging of detergents and other household cleaners offering precise dosage and convenience of use. For instance, they are used to package single-use liquid detergent pods that are completely soluble and disappear when dissolved in water during the wash cycle. This eliminates residue and overdosing, making the use convenient. Water soluble films also improve the manufacturing process and enable compact packaging of detergents.
Another driver boosting the market growth is the ban on usage of plastic bags and packaging. Many countries have imposed restrictions or bans on single-use plastic bags and other plastic packaging waste. This has shifted the industry focus towards eco-friendly water soluble materials. Water soluble films are made from polymers like polyvinyl alcohol derived from natural sources and dissolve completely in water without leaving any residues. This has accelerated their adoption as a substitute for plastic packaging across various industries including detergents.
SWOT Analysis
Strength: Water soluble films have three main strengths - they are environmentally friendly as they dissolve in water, do not require any waste management, and are derived from renewable raw materials like starch, cellulose, and PVOH. They provide easy disposal and are manufactured using simple techniques. Secondly, water soluble films increase packaging efficiency by reducing volume and weight of packaging. This lowers transportation and storage costs. Thirdly, water soluble films enable the packaging of small dosage quantities and unit doses of applications like detergents, perfumes, and food products.
Weakness: The two main weaknesses are - water soluble films have low mechanical strength and water resistance. This makes them unsuitable for rigorous handling and transportation. Secondly, the film dissolves quickly when it comes in contact with water, limiting scope for reuse or recycling of packaging.
Opportunity: One major opportunity lies in substitution of traditional plastic packaging with water soluble films. This will help organizations transition to more sustainable packaging. Secondly, the growth in industries like detergents and crop protection which use water soluble films for unit dose packaging will drive demand.
Threats: Stiffer competition from biodegradable plastic films is a threat as they have better properties. Secondly, volatility in raw material prices like corn starch, PVOH can increase water soluble film prices.
Key Takeaways
The Global Water Soluble Films Market Demand is expected to witness high growth over the forecast period due to rising demand for sustainable packaging from various end use industries like detergents, agrochemicals, water treatment chemicals etc.
Regionally, Asia Pacific dominates the global water soluble films market currently. This can be attributed to presence of major consumer nations like India and China. Growing population, rapid urbanization and rising disposable incomes in Asia Pacific have been driving demand from end use industries in the region. Additionally, changing consumer preferences towards sustainable packaging have been favoring market growth. The Asia Pacific market is projected to exhibit fastest growth during the forecast period as well.
Key players operating in the market include 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.
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