According to the latest market report published by Transparency Market Research titled 'Water Soluble Films Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026', the detergents end use segment is expected to be the largest contributor to the global water soluble films marketduring the forecast period 2018-2026. Globally, the water soluble films market was valued at US$ 268.9 Mn in 2017, and is projected to increase at a CAGR of 4.6% during forecast period 2018-2026.
The water soluble films market is anticipated to register fast growth due to various government initiatives and regulations that have been formed for environmental protection. The increasing awareness among consumers regarding the use of bio-degradable materials will further boost the use of water soluble films. Demand is being generated from both, consumer and industrial segments. The safer, convenient, and optimal use of agrochemicals will drive the market for water soluble films, as governments are focusing on the disposal of agrochemicals in environment-friendly ways.
On the basis of thickness, the global water soluble films market is segmented into Below 30 Micrometer, 30-60 Micrometer, and Above 60 Micrometer. 30-60 Micrometer is the leading segment with a market share of over half of the global market in 2018. The Below 30 Micrometer segment is expected to emerge as the fastest growing segment in the market, owing to their increasing uptake.
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Based on end use, the market is divided into Detergents, Agrochemicals, Laundry Bags, Cosmetics, Chemicals & Pharmaceuticals, and Others. The Detergents segment is expected to account for more than 40% market share in 2018. The Agrochemicals segment is expected to emerge as the fastest growing segment in the market, owing to the increasing use of water soluble films in agriculture.
This segment is expected to contribute around one-third to the market by 2026 end. The growth of this segment is attributed to the introduction of innovative packaging designs, new product launches, and increasing urbanization and disposable income of people around the world. Growing hygiene consciousness among consumers coupled with rising standards of living are propelling the demand for detergents.
In addition, positive growth witnessed by the hospitality industry is also contributing significantly to the demand for detergents, thereby supplementing the overall demand for water soluble films in the detergent packaging industry. Agrochemical packaging is also among the major demand drivers for water soluble films in the global market. Agrochemicals such as pesticides, insecticides, herbicides, fertilizers, and others chemicals are witnessing augmented demand in the agricultural sector, thus creating lucrative growth opportunities for water soluble films during the forecast period.
The trend is the designing of water soluble films for the food industry. The growing preference of consumers for convenience and biodegradable packaging solutions for the food industry leads manufactures to develop water soluble films for the food industry. Moreover, producers of water soluble films focus on developing water soluble films for antimicrobial packaging applications.
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Market value for the global water soluble films market is expected to expand 1.4X over the forecast period 2018-2026.
Some of the major players in the global water soluble films market include Acedag Limited, Fujian Zhongsu Biodegradable Films Co., Ltd, Amtrex Nature Care Private Limited, Changzhou Water Soluble Co., Ltd., Jiangmen Cinch Packaging Materials Co., Ltd, Guangdong Proudly New Material Thickness Corp, White Industries, Suvi Exports LLP, Noble Industries, KK NonWovens (India), Nippon Synthetic Chemical Industry Co., Ltd., Arrow GreenTech Ltd., Aquapak Polymers Ltd, Cortec Corporation, Sekisui Chemical Co., Ltd., MonoSol, LLC, Mondi Group Plc., MSD Corporation, Solupak Ltd., and Soltec Development SAS.