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 market during 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.
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