June 24, 2020
According to the research report titled ‘Water Soluble Packaging Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Raw Material; Product Type; Application available with Market Study Report LLC, global water soluble packaging market was valued at USD 2,751 million in 2018 and is expected to reach USD 4,295.57 million by 2027. The market is projected to grow with a CAGR of 5.1% during 2019-2027.
The water soluble packaging, for the record, is made from biodegradable materials. Better solubility in water, minimum residue, and good impact resistance makes them a preferable packaging material across a plethora of industries.
Water soluble packaging is used in packaging of detergents, dyes, agrochemicals, and several other industries chemicals. They are also used in manufacturing of laundry bags, shopping bags, and disposal bags.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2623860/
Water soluble packaging products like poaches, films, and bags are produced from polyvinyl alcohol (PVA), a highly water-soluble synthetic polymer. PVA is a colorless and odorless polymer which consists of high flexibility, tensile strength, and has is rich in adhesive and nontoxic properties.
Speaking of raw materials, the industry is bifurcated into surfactants, polymers, and fibers. Based on application, the market is divided into industrial and residential. In 2018, the industrial segment secured the highest share in the global water soluble packaging market. Water soluble packaging has wide range of applications in several industries such as, chemicals, food & beverages, cosmetics, personal care, and pharmaceuticals. Citing an instance in this regard, water soluble packaging has been widely used for packaging of instant coffee. Furthermore, the use of PVA film-based packages of fertilizers ensure the safety of workers in agricultural fields.
The outbreak of COVID-19 has led to imposition of lockdowns, travel bans, and office shutdowns which is proving fatal for several businesses, including water soluble packaging market.
The geographical landscape of global water soluble packaging market has been segmented into Asia Pacific, North America, South America, Europe, and the Middle East and Africa. In 2018, North America held a notable position in the global water soluble packaging market, which was followed by Europe and Asia Pacific. is the market size in North America is attributed to rapid growth of food & beverages, pharmaceuticals, chemicals, and healthcare sectors in the Canada and the US. The rising demand for sustainable packaging options, along with strict government regulations pertaining to single-use plastic, is the major factor driving the North America water soluble packaging market.
Mitsubishi Chemical Corporation, Harke Group, Mondi Group, Cortec Corporation, Amtopack, Inc., Sekisui Chemical Co., Ltd, Kuraray Co., Ltd, Jiangmen Cinch Packaging Materials Co., Ltd, SmartSolve Industries are among the major players in the global water soluble packaging market.