DUBLIN--(BUSINESS WIRE)--The "Water Soluble Packaging Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Raw Material; Product Type; Solubility Type; Application" report has been added to ResearchAndMarkets.com's offering.
The water soluble packaging market was valued at US$ 2,751.00 million in 2018 and is projected to reach US$ 4,295.57 million by 2027; it is expected to grow at a CAGR of 5.1% from 2019 to 2027.
The water soluble packaging is made from biodegradable materials that dissolve in water leaving behind a harmless and nontoxic aqueous solution. Better solubility in water with minimum residue and good impact resistance make them a favorable packaging material in a number of industries. Water soluble packaging products such as films, bags, and pouches are produced from polyvinyl alcohol (PVA), a highly water-soluble synthetic polymer. Water soluble packaging is manufactured in the form of cold water soluble PVA and hot water soluble PVA. Polyvinyl alcohol is an odorless and colorless polymer, which possesses high tensile strength, flexibility, and nontoxic, and adhesive properties. Water soluble packaging is generally used in the packaging of dyes, detergents, agrochemicals, and other industrial chemicals. In addition, they are used in the manufacture of disposal bags, laundry bags, and shopping bags.
Based on application, the water soluble packaging market is categorized into industrial and residential. In 2018, the industrial segment dominated the water soluble packaging market. Wide scope of application for water soluble packaging in several industries such as food & beverages, chemicals, personal care and cosmetics, and pharmaceuticals is projected to boost the demand for this type of packaging in the industrial applications. Over the past few years, water soluble packaging has been extensively in use in the packaging of instant coffee. Likewise, in the agriculture sector, PVA film-based packages of fertilizers ensure the safety of workers in agricultural fields.
The water soluble packaging market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global water soluble packaging market, followed by Europe and Asia Pacific, in 2018. The largest share of this region in the market is mainly attributed to rapid growth in the pharmaceuticals, food & beverages, chemicals, and healthcare sectors in the US and Canada. The escalating demand for sustainable packaging options, along with stringent government regulations pertaining to the use of single-use plastic, is the major factor driving the water soluble packaging market in North America. The governments are also taking initiatives for promoting the use of sustainable packaging.
Amtopack, Inc., Changzhou Kelin PVA Water Soluble Films Co., Ltd, Cortec Corporation, Harke Group, Jiangmen Cinch Packaging Materials Co., Ltd, Kuraray Co., Ltd, Mitsubishi Chemical Corporation, Mondi Group, Sekisui Chemical Co., Ltd, and SmartSolve Industries are among the major players in the global water soluble packaging market.
Impact of the COVID-19 Pandemic on the Water Soluble Packaging Market
COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the globe. It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries as it has reflected them to observe lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the water soluble packaging market due to factory shutdowns, disrupted supply chain, and downturned global economy.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies.
- Features key findings and crucial progressive industry trends in the global water soluble packaging market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
- Ban on Single-Use Plastics
- Rising Demand for Sustainable Packaging
- High Production Cost of Water Soluble Packaging
- Increasing Demand for Personal Care and Cosmetic Application
- Introduction of Plant-Based Raw Material Sources for Production of Water Soluble Packaging
Key Company Profiles
- Cortec Corporation
- Smart Solve Industries
- Jiangmen Cinch Packaging Materials Co., Ltd.
- Harke Group
- Kuraray Co., Ltd
- Changzhou Kelin PVA Water Soluble Films Co., Ltd.
- Amtopack, Inc.
- Sekisui Chemical Co., Ltd.
- Mitsubishi Chemical Corporation
- Mondi Group
For more information about this report visit https://www.researchandmarkets.com/r/d3qt9g