Northbrook, IL -- (SBWIRE) -- 10/27/2021 -- The report "Water Soluble Films Market by Type (Hot water Soluble, Cold Water Soluble) By Application (Detergent, Agrochemical, Water Treatment Chemical, Dye, Food, Laundry Bags, Embroidery, Pharmaceutical Packaging) - Global Forecasts to 2025" The water soluble films market is projected to reach USD 476 million by 2025, at a CAGR of 5.5% from USD 364 million in 2020.

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The growth of the water soluble films market is primarily triggered by growing demand for convenience food items. The consumer preference for convenience food items is significantly increasing. The key reasons for this demand are the shift toward a healthy lifestyle and high purchasing power of consumers. The best examples of convenience food in the fresh food segment are salad bags, fresh herbs pack, chopped vegetable bags, vegetable trays, and single-serve salad packaging. The other main reason for the rise in demand for convenience food is the increasingly fast-paced lifestyle in emerging economies. Demographic factors such as increasing number of single parents and working-class women also contribute to the demand for convenience food.

Cold water soluble is the largest type of water soluble films market.
Cold water soluble films accounted for the largest share of the overall water soluble films market, in terms of value, in 2019. There are three sub-types of cold water soluble films, namely, type Z, type C, and type W. They are categorized based on water temperature. Type Z water soluble films can dissolve at 5oC and above, type C can dissolve at 15oC and above, and type W can dissolve at 25oC and above. Cold water soluble films are used in many applications. Detergent packaging is the largest application for this type of water soluble film. Due to its use in a wide range of applications, cold water soluble films dominated the overall market. Due to the limited scope and applications of hot water soluble films, they are used only in specific applications.

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Detergent packaging is estimated to be the largest application of the water soluble films market during the forecast period.
Detergent packaging application accounted for the maximum share in 2019, in the overall market, followed by agrochemical packaging. The laundry bags application is expected to register the highest CAGR between 2020 and 2025. This high growth rate is due to the high requirement of contact-free washing of contaminated clothes. The market in water treatment chemical packaging application is also expected to grow at a high rate due to the high demand for treated water and the increasing scarcity of water in most of the countries across the globe.

North America is estimated to be the largest market for water soluble films during the forecast period.
North America is the largest market for water soluble films, followed by Europe and APAC. Increasing awareness among consumers regarding the use of eco-friendly products and implementation of stringent laws by regulatory authorities for environmental protection, such as EPA and other associations, are the key factors driving the growth of the water soluble films market in North America. The use of water soluble films in the packaging industry is rising as it prevents wastage and is safe and easy-to-use. Water soluble film manufacturers are partnering with top FMCG and agrochemical companies such as Procter & Gamble and Unilever for product packaging to increase their consumer base.

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The key market players profiled in the report include as Kuraray Co. Ltd. (Japan), Sekisui Chemical Co. Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), Aicello Corporation (Japan), Arrow Greentech Ltd. (India), Cortec Corporation (US), Changzhou Greencradleland Macromolecule Materials Co. Ltd. (China), Guangdong Water Soluble Proudly Co. Ltd. (China), Noble Industries (India), and AMC (UK) Ltd among others.

Impact of COVID-19 on water soluble films market.

The global pandemic has affected almost every sector in the world. The water soluble films market is expected to be negatively affected due to disruptions in the global supply chain. The market is highly dependent on the detergent, water treatment chemicals, pharmaceutical, and food & beverage industries.

APAC countries had taken preventive measures, such as social distancing at an early stage, to stop the spread of the virus. The highest population is based in Asian countries such as China, India, Bangladesh, Sri Lanka, and Central Asian countries.

According to the IMF, the GDP growth rate of the region will fall to 0% in 2020. China, India, and South Korea will also have slow economic growth. The GDP growth rate in China is expected to drop by 1.2% in 2020.

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