In 2020, global water soluble film market reportedly exceeded the the valuation os US$350 Mn. The growth will most likely observe a promising trajectory over the next few years and the study intends to reveal insights into the same.
Broad Application Base Sustains Growth of Water Soluble Film Market
Although a disappearing polymer technology, polyvinyl alcohol (PVOH) films are considered safe, and environment-friendly. PVOH can reduce the overall shipping costs, and transportation emisssions as they use more concentrated ingredients. Widely used across households, water soluble films represent a notably large market worldwide. Global water soluble film market is expected to gain prominence with sustained adoption for several medical and personal care applications (like shampoo, and shaving cream) including laundry and detergent packets, pool, and spa chemicals, as well as textile yarns, paper products, unit-dose pharmaceuticals, artificial tears used to treat dry eyes, and even contact lenses. From dissolvable hospital laundry bags (to eliminate the need for workers to contact soiled clothes or linen), to sophisticated transfer printing and embroidary techniques, these films have been garnering traction widely. Growing application for packaging of water treatment chemicals is also projected to keep the sales floating, in turn boosting the growth of water soluble film market.
Ballooning Pharmaceutical Industry Upholds Water Soluble Film Market Growth
The pharmaceutical sector is rapidly swelling, especially in developing nations. The industry’s expansion is also accounted by advanced manufacturing techniques, technical advancements, and greater corporate integration. It directly tends to drive the growth of water soluble film market. The fast-developing economies like Brazil, Russia, India, and China are predicted to experience the fastest growth of the market as they consistently witness the rise of sound healthcare systems, and increasing healthcare spending. The leading causes of this expansion include a large population and demographic variables, including a growing number of young people, and higher life expectancy.
The World Bank estimates that Brazil, China, and India spent roughly 9.5 percent, 5.1 percent, and 3.5 percent of their GDP on healthcare in 2019, an increase from 2015. Pharmaceutical companies orient their growth plans primarily on the fast-developing markets, especially the BRIC countries, as the developed markets (the US, UK, Germany, France, and Italy) become saturated. Pharmaceutical businesses have the potential to grow in this area because of the growing need, ageing population, clinical and technological advancements, and rising costs in public healthcare systems. This will collectively boost the expansion of water soluble film market.
Rise in Demand from Agricultural Industry to Drive Water Soluble Film market Ahead
Population growth has increased the desire for higher food yields, which has increased global attention on crop yield improvement. Different agrochemicals must be administered at the correct dosage depending on the crop being grown. The right amount of chemicals may be placed in water soluble film packaging, making it safe because the chemicals can be utilised without removing the packing. This will assist in increasing demand for this type of packaging. Chemical treatment of irrigation water is an option for supplying crops with vital nutrients. The hazardous nature of the chemicals employed in agriculture can result in pollution and pose a health risk to living things. Thus, a restricted or necessary quantity in more miniature packs can function effectively while reducing the environmental contamination.
Water soluble film market is expanding as a result of the expanding need for simple-to-use, environmentally acceptable packaging materials for agrochemicals, as well as several new introductions of strict environmental protection laws. Water soluble films can be made from food-grade materials and used to package ready-to-eat food. The quality of the film can also be improved for moisture sensitivity and used to package edible products like hot chocolate, soup, and powdered gravy mixes because these products have significant market potential. These films can be a sustainable wrapper because they are translucent, tasteless, odourless, and water soluble.
Led by the US, North America Remains Top-ranking Water Soluble Film Market
North America has been the largest consumer region of water soluble films and is expected to showcase the highest growth potential for water soluble film market throughout the period of projection. The world's largest and most powerful economy is the United States, with a per capita income of US$59,610 in 2018. During April and June 2019, the economy expanded at a rate of 2.0 percent. Furthermore, the GDP expanded by an annualised 1.9 percent in the third quarter of 2019. As the year ended, there were indications that the economy continued to grow at a moderate pace, helped by a robust labour market. Due to a decline in consumer spending and business closures, the country's economic growth has been negatively impacted by the abrupt COVID-19 epidemic.
The nation's packaging, pharmaceutical, and textile industries desperately need water soluble films. The country's industries grew more quickly due to shifting consumer behavior trends and manufacturer convenience, which also helped the market for water soluble films. The majority of the US textile market comprises technical textile, which holds the largest share and uses nearly half of the country's domestically produced raw materials. The remaining percentage includes home textiles, floor covering, and apparel, accounting for only 12% of the water soluble film market.
One of the largest and most R&D-intensive businesses in the United States has historically been the pharmaceutical sector. The International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) projects that by 2025, the pharmaceutical business in the United States will account for 41% of all global sales, up from 40.3 percent in 2019. Furthermore, despite having modern ventilators, the nation is currently experiencing a lack of them. Due to longer-lasting lockdowns, this situation will likely impact the economy and manufacturing operations. In this scenario, Texas State's exclusion from lockdowns is suitable for the economy's expansion. This is likely to complement the growth of water soluble film market.
Global Water Soluble Film Market: Competitive Landscape
In October 2020, Cortec Corporation announced that its Croatian European bioplastics factory would begin producing its unique EcoSol water soluble pouches. This development aims to provide for and accommodate customers from Europe, and Asia. On the other hand, In July 2020, In Lebanon, Indiana, Kuraray opened a new production facility (US). Today’s business operates four plants in Indiana, two in Portage, and one in LaPorte.
Some of the key players in water soluble film market include Huntingdon Fusion Techniques HFT, KK NonWovens, Sigma-Aldrich Co. LLC, Acedag Limited, Soltec Development Inc., Soluble Technology Ltd, 3M, Polatechno Co., Ltd., Nissin Corporation, and INFHIDRO.
Global Water Soluble Film Market is Segmented as Below:
Key Elements Included In The Study: Global Water Soluble Film Market
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