According to MarketsandMarkets, the global water soluble packaging market is estimated to be valued at USD 2.8 billion in 2019 and is projected to reach USD 3.7 billion by 2025, recording a CAGR of 5.0%. The rising application of water soluble packaging in multiple industries and the growing environmental and sustainability concerns led to a surge in demand for biodegradable packaging. The rise in awareness regarding the drawbacks of using single-use plastics and government intervention in banning the use of such plastics affecting the environment adversely have significantly driven the growth of the water soluble packaging market.
By raw material, the polymer segment is projected to account for the largest share in the water soluble packaging market
The polymer-based water soluble packaging segment is projected to dominate the market, on the basis of raw material, during the forecast period. This is attributed to the increasing use of water soluble packaging that provides a sustainable and environment-friendly solution for packaging in multiple applications. PVOH (Polyvinyl alcohol) is a clear and water soluble thermoplastic derives from polyvinyl acetate. It is extremely hydrophilic in nature, and thus, is used as a perfect raw material for manufacturing of water soluble films and packaging. In addition, the use of water soluble packaging made of PVOH has gained its popularity in the agriculture sector to cover harmful fertilizers so that it becomes easier for the farmers to handle such toxic chemicals without touching them. Moreover, PVOH is approved by FDA to be used as a packaging material in the food industry as well and considered to be safe, which is one of the major factors to support its growth in the market.
By end use, the industrial chemical segment accounted for the largest market size in the water soluble packaging market during the forecast period
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The demand for water soluble packaging is increasing significantly due to the associated benefits, especially in the industries where the workers need to deal with harmful chemicals. To avoid direct contact, packaging would provide a safer option for the workers to handle such chemicals. Most of the industries are avoiding usage of plastics as it generates a lot of waste, require a large space to keep such plastics and large amount of disposal cost are incurred. Instead use of water soluble material for packaging leads to the reduction of cost of labor in cleaning and makes the manufacturing process more sustainable.
The Asia Pacific region is projected to witness the fastest growth during the forecast period
The water soluble packaging market in Asia Pacific is projected to witness high growth due to the strong local and export demand. The rising population and growing number of manufacturing industries in Asia Pacific is the key factor driving the market for water soluble packaging. The manufactured product is used domestically as well as exported. China and Japan are the hubs for water soluble film production. In India, the population is increasing rapidly, and the country is striving for safe, better, clean, and healthy lifestyle. The water soluble packaging market will grow in these regions at a high rate.
This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies. It consists of the profiles of leading companies such as Lithey Inc. (India), Mondi Group (Austria), Sekisui Chemicals (Japan), Kuraray Co. Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Aicello Corporation (Japan), Aquapak Polymer Ltd (UK), Lactips (France), Cortec Corporation (US), Acedag Ltd. (UK), MSD Corporation (China), Prodotti Solutions (US), JRF Technology LLC (US), and Amtopak Inc. (US).
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Recent Developments:
- In October 2019, hot water soluble laundry bags, made by Aquapak Polymer Ltd. (UK) have been launched by Australian distributor, DB Packaging. The development aims at widening the range of water soluble packaging product lines offered by the company.
- In October 2019, Aquapak Polymer Ltd. (UK) launched Garment packaging bags made from Aquapak polymer, which will be launched by the Finisterre garment company. The company aims to replace traditional packaging with soluble packaging.
