Water soluble films are thin films produced from water-soluble polymers such as polyvinyl alcohol, carboxymethyl cellulose, hydroxypropyl methylcellulose, polyvinyl alcohol, and hydroxyethyl cellulose. These films find major applications in several end-use industries for packaging purposes. They are widely used for packaging of detergent pods, agrochemicals, bleaches, liquid soaps and handwashes. The use of water soluble films eliminates the need for wasteful peeling of labels from rigid containers and consequent generation of adhesive waste.
The global Water Soluble Films Market is estimated to be valued at US$ 470.18 Billion in 2024 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 Opportunity
Growing awareness regarding sustainability and reduction of plastic pollution is propelling the demand for water soluble films across industries. Water soluble films dissolve completely in water, doing away with the need for separate disposal of packaging material. They help achieve sustainability goals of brand owners and also appeal to environmentally conscious consumers. The property of these films to dissolve in water makes them suitable for packaging of detergents, agrochemicals and other aqueous products without harming the environment. Rising consumer demand for sustainable packaging solutions is estimated to drive significant growth of the water soluble films market over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the water soluble films market requires significant investments in R&D and manufacturing infrastructure. However, the growing market opportunities are attracting new players.
Bargaining power of buyers: The bargaining power of buyers is moderate since water soluble films have various applications and several substitutes available. However, strict environmental regulations are increasing the demand for water soluble films.
Bargaining power of suppliers: The bargaining power of suppliers is high due to the consolidation of players and limited availability of raw materials. Suppliers can influence prices.
Threat of new substitutes: The threat of substitutes is moderate as various alternative biodegradable materials are available in the market. However, water soluble films have distinct properties that increase their applications.
Competitive rivalry: The competition is high among key global and local players due to their international presence and diverse product portfolio.
SWOT Analysis
Strengths: Wide applications in agrochemicals, medical, and industrial sectors. Stringent environmental regulations boosting the demand.
Weaknesses: Fluctuating raw material prices and supply availability impact production costs. High R&D investments required to develop innovative products.
Opportunities: Growing e-commerce industry increases the need for flexible packaging. Potential in emerging economies of Asia Pacific and Latin America.
Threats: Availability of substitutes like polymers and paper alters customer preference. Economic slowdowns affecting End-use industries.
Key Takeaways
The Global Water Soluble Films Market Demand is expected to witness high growth at a CAGR of 7.9% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 470.18 Bn by 2024.
Regional analysis:
North America dominates the market due to stringent regulations. However, Asia Pacific is projected to grow at the fastest pace led by China, India, Indonesia, and Japan on account of rising e-commerce and industrial activities.
Key players:
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.
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