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.
The market is also marked with advancements in manufacturing technology. Also, the adoption of sustainable packaging by the packaging industry further drives the water soluble films market. Water soluble films are composed of polyvinyl alcohol (PVA) material. PVA material is a water soluble resin. All the substances are biodegradable and it does not contain heavy or toxic substances. Water soluble film dissolves completely in cold and hot water. The increase in the prices of polyvinyl alcohol (PVA) resins acts as a restraint for the water soluble films market.
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.
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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.