As per the report published by Allied Market Research, the global water soluble films market was pegged at $352.0 million in 2020, and is expected to reach $644.7 million by 2030, growing at a CAGR of 6.3% from 2021 to 2030. Water soluble films industry growth is driven by rising demand from pharmaceutical industry, surge in use in detergent packaging, and increase in inclination toward agriculture. However, high production cost hinders the market growth. On the contrary, consumable water-soluble films are expected to open new opportunities for the market players in the future.
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The report segments the global water soluble films market on the basis of product type, dissolution rate, end use, and region.
Based on product type, the cold water soluble films segment held the lion’s share in 2020, accounting for more than half of the market. In addition, the segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030. The report includes an analysis of the hot water soluble films segment.
On the basis of end use, the pharmaceutical & healthcare segment is expected to register the highest CAGR of 6.8% during the forecast period. However, the consumer goods segment dominated the market in 2020, contributing to nearly two-fifths of the market.
The global water soluble films market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 7.2% during the forecast period.
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The global water soluble films market report includes an in-depth analysis of the prime market players such as KURARAY Co. Ltd., Mitsubishi Chemical Corporation, AICELLO Corporation, Sekisui Specialty Chemicals, Cortec Corporation, Arrow GreenTech Ltd., ACEDAG Ltd., Soluble Technology Limited, Joyforce Chemical Industrial Co., Ltd., and Jiangmen Cinch Packaging Materials Co., Ltd.
- The Covid-19 pandemic negatively affected the end-use industries of water soluble films including agriculture, consumer goods, textile, food & beverages, and packaging. Moreover, the pandemic disrupted the supply chain and created a gap in supply and demand.
- The ban on international travel and trade of non-essential items hampered the water-soluble films among the packaging sectors. The shutdown of textile industry hampered the consumption and demand for water-soluble films.
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Key Benefits for Stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current water-soluble films market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.