Water soluble packaging Market 2020 | Size, Trends, Forecasts to 2027
According to the estimates obtained from reliable source, global water soluble packaging market is projected to grow momentously over 2020-2027. Rising environmental cognizance in every part of the world and favorable federal rules pertaining to ban on single-use plastic are estimated to amplify the avails of this business vertical.
As the name suggests, water soluble packaging is manufactured from materials which can dissolve in water, and are biodegradable, non-toxic in nature. These packaging leave behind harmless solution when dissolved in water. They are used for packing dyes, agrochemicals, detergents, and are often utilized as laundry bags, shopping bags, and disposable bags.
Extensive usage of these packages across personal care & cosmetics, food & beverages, and pharmaceutical & chemical industry verticals, in tandem with constant technology advancements backed by R&D investments are stimulating water soluble packaging market forecasts.
In light of the COVID-19 pandemic, it is important to emphasize that businesses planet-wide are experiencing difficulties due to disrupted manufacturing operations and raw material supply. Water soluble packaging market is one amongst other businesses badly burnt by travel restrictions and lockdown. It is anticipated that, shutdown of production units and plunge in product demand will arrest the industry growth in near future.
Considering the raw materials, polymer based water soluble packaging market segment is anticipated to gain substantial traction over the coming years, claim industry experts. Polymers, such as polyvinyl alcohol (PVOH), are colorless and odorless. They are known to possess properties like flexibility, non-toxicity, adhesivity, and superior tensile strength. Approval from FDA for usage of polymers for packaging products is impelling the segmental share.
Moving on to product type, global water soluble packaging industry is categorized into bags, films, pouches, and others, wherein, the bags segment is slated amass decent revenues by the end of study period.
Based on solubility type, the market is bifurcated into cold water soluble and hot water soluble. As per credible estimates, cold water soluble packaging market size is expected to grow abundantly in the forthcoming years, as the product seamlessly dissolves in cold water and does not require any external effort for disposal.
Speaking of application spectrum, water soluble packaging market share from industrial segment is reckoned to grow significantly over the analysis timeframe, on account of shifting focus among manufacturing and chemical companies for minimizing the quantity of waste generated. Inclination towards sustainable practices, alongside high cost of waste handling are encouraging the adoption of water soluble packaging solutions in industries.
From the regional frame of reference, North America water soluble packaging market share is anticipated to shoot up over 2020-2027, backed by augmenting product consumption across healthcare, pharmaceuticals, chemicals, and food & beverages sectors. Water soluble packaging solutions are being opted extensively due to concerns regarding surging plastic waste volume. Moreover, government initiative to ban single-use plastic will provide impetus to North America industry dynamics.
Major companies which define the competitive hierarchy of global water soluble packaging market are Mitsubishi Chemical Corp., Sekisui Chemical Co. Ltd., Mondi Group, Kuraray Co. Ltd., Changzhou Kelin PVA Water Soluble Films Co. Ltd., HARKE Group GmbH, Amtopack Inc., Jiangmen Cinch Packaging Materials Co. Ltd., SmartSolve Industries, and Cortec Corp. These industry behemoths are undertaking R&D initiatives to expand their portfolio and engaging in mergers, acquisitions, and collaborations to improve their market stake.