Ban on single-use plasticsis projected to escalate Asia Pacific water soluble packaging market growth at a CAGR of 5.3% during 2019–2027
According to our latest market study on “Asia Pacific Water soluble packaging Market Forecast to 2027 – COVID-19 Impact and Analysis -By Raw Material (Polymers, Fibers, Surfactants); Product Type (Pouches, Films, Bags, Others); Solubility Type (Hot Water Soluble, Cold Water Soluble); Application (Industrial, Residential); and Country,”
The Asia Pacific water soluble packaging market was valued at US$ 639.9 million in 2018 and is projected to reach US$ 1,022.3 million by 2027; it is expected to grow at a CAGR of 5.3% from 2019 to 2027.
The report highlightskey factors driving the market growth, and prominent players and their developmentsin the market.
Water soluble packaging is a form of packaging made from biodegradable materials that dissolve in water leaving behind a harmless and non-toxic aqueous solution. Better solubility in water with minimum residue and good impact resistance makes them a favorable packaging material in various industries. Water soluble packaging is manufactured in different grades, including cold water soluble PVA grades as well as hot water soluble PVA grades. However, water soluble packaging products such as films, bags and pouches are produced from polyvinyl alcohol (PVOH), which is a synthetic polymer highly soluble in water. Polyvinyl alcohol is an odorless and colorless polymer, which possesses high tensile strength, flexibility, non-toxic, and adhesive properties. Water soluble packaging is generally used in the packaging of dyes, detergents, agrochemicals, and other industrial chemicals. Additionally, they are used in the manufacture of disposal bags, laundry bags, and shopping bags.
The use of single-use plastic has increased significantly over the past few years. Single-use plastics are not biodegradable; instead they break down into smaller particles. These plastic particles enter the ocean and absorb the toxins present in the ocean. When these toxic particles are consumed by fish, sea birds, and other marine life, it causes severe harm to marine life. Rising awareness regarding the drawbacks of using single-use plastics and government initiatives to ban the use of single-use plastics have significantly driven the growth of the water soluble packaging market. To prevent environmental degradation caused due to excessive use of single-use plastic, the government in various developed and developing countries have imposed stringent regulations against the use of single-use plastic. More than 112 countries, states, and cities across the world have already imposed bans on various single-use plastic goods.Growing public awareness about environmental concerns has resulted in higher demand for sustainable packaging and processing operations in the developed and developing countries. Moreover, the growth in various industries and factories has increased the demand for a sustainable packaging solution over the past few years. As the packaging industry has the biggest impact on the environment, the demand for sustainable and eco-friendly packaging solutions drives the growth of water soluble packaging market.
Various economies and industries in different countries have been adversely affected due to lockdowns, travel bans, and business shutdowns. Chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impacting the revenue generated by the market. As per the Airports Council International (ACI) Asia-Pacific, extended duration of the COVID-19 outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, which is restricting Asia Pacific region from achieving the desired growth prospects. At present, China has the highest number of COVID-19 confirmed cases. Due to the COVID-19 outbreak, the supply chain is likely to get affected. Additionally, the overall manufacturing processes, research, and development activities will also impact market growth.The overall market breakdown due to COVID-19 is also affecting the growth of the Asia Pacificwater soluble packaging market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Cortec Corporation, Smart Solve Industries, Kuraray Co., Ltd., Harke Group, Sekisui Chemical Co., Ltd, Mitsubishi Chemical Corporation, Jiangmen Cinch Packaging Materials Co., Ltd., Changzhou Kelin PVA Water Soluble Films Co., Ltd., and Mondi Group are among the well-established players present in the Asia Pacific water soluble packaging market.
