The water-soluble packaging market was valued at US$ 2.3 Bn in 2018 and expected to grow at a CAGR of 4.8% during the forecast period from 2019 to 2027.
Market Insights
Elevated environmental concerns to depress the use of plastic worldwide will upgrade the market growth during the forecast period
Increasing awareness about the side effects of single-use plastic and reliability associated with water-soluble plastic is a noticeable factor driving the growth of the market. Water-soluble packaging is safe for the Styrofoam of agricultural chemicals and chlorine products thereby, eliminating danger while inhaling or using the products. Additionally, wide acceptance in the applications of water-soluble packaging across industries such as paper, textiles, electronics and personal care is one of the key factors impelling the growth of the market.
Multiplying consumer concerns will ramble the water-soluble packaging market
Consumers nowadays are aware of waste and want less of it. Water-soluble packaging is manufactured from the sugar in cornstarch and microorganisms derived from oxygen and nitrogen. Thereby, diminishes the waste by minimizing the units of concentrated products unlike traditional packaging. Water-soluble packaging is bioplastic that allows less greenhouse gas emission when they break down and allows less environmental damage.
Top manufacturers in the water-soluble packaging industry are mainly focusing on new product launches and mergers.
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Industrial Developments
• In February 2017, Kuraray world-leading manufacturer of water-soluble plastic launched a new product Mowiflex. Mowiflex is an alcohol-based polymer compound used for thermoplastic processing. Mowiflex is biodegradable and nontoxic water-soluble substance.
• In July 2017, Aquapak launched a product named Hydropol. Hydropol is a flexible polymer that is stronger than bioplastics. Hydropol is water-soluble and non-toxic plastic.
Key Market Movements:
• Globally, the water-soluble packaging market is rising at a CAGR of 4.8% for the estimated period from 2019 to 2027.
• North America dominated the global market in 2018. On account of the presence of major soluble packaging manufacturers and increasing inclination of customers towards ecofriendly products in the region. The wide acceptance of water-soluble packaging products in various industries such as detergent, laundry and others will also boost the market demand in the region.
• The Asia Pacific projected to be the fastest-growing region the forecast period due to the increasing number of the manufacturing industry. Additionally, consumers in the Asia Pacific region are ready to pay a premium price for goods, containing environmental friendly products is a key factor for the growth of the market in the region.
• Polymers holds the largest share in the raw material segment. Polymers are mainly used in the manufacturing of water-soluble packaging due to wide availability of sources such as plants and petrochemical’s starch.
• An increasing number of government initiatives, product development, and increased investments for development in the emerging nations will drive the overall demand.
List of Companies Covered:
• Lithey Inc.
• Mondi
• KURARAY CO., LTD.
• AICELLO CORPORATION
• Aquapak
• PACKSPEC
• Watson Inc.
• Arrow GreenTech Ltd.
• Sekisui Specialty Chemicals America.
• PRODOTTI
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Doc: https://issuu.com/alchemymarketresearch/docs/water_soluble_packaging_market.docx
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