Based on application, the water soluble packaging market is categorized into industrial and residential. In 2018, the industrial segment dominated the water soluble packaging market. Wide scope of application for water soluble packaging in several industries such as food & beverages, chemicals, personal care and cosmetics, and pharmaceuticals is projected to boost the demand for this type of packaging in the industrial applications, Over the past few years, water soluble packaging has been extensively in use in the packaging of instant coffee. Likewise, in the agriculture sector, PVA film-based packages of fertilizers ensure the safety of workers in agricultural fields.
The water soluble packaging market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global water soluble packaging market, followed by Europe and Asia Pacific, in 2018. The largest share of this region in the market is mainly attributed to rapid growth in the pharmaceuticals, food & beverages, chemicals, and healthcare sectors in the US and Canada. The escalating demand for sustainable packaging options, along with stringent government regulations pertaining to the use of single-use plastic, is the major factor driving the water soluble packaging market in North America. The governments are also taking initiatives for promoting the use of sustainable packaging.
Amtopack, Inc., Changzhou Kelin PVA Water Soluble Films Co., Ltd, Cortec Corporation, Harke Group, Jiangmen Cinch Packaging Materials Co., Ltd, Kuraray Co., Ltd, Mitsubishi Chemical Corporation, Mondi Group, Sekisui Chemical Co., Ltd, and SmartSolve Industries are among the major players in the global water soluble packaging market.
Impact of COVID-19 Pandemic on Water Soluble Packaging Market
COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the globe. It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries as it has reflected them to observe lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the water soluble packaging market due to factory shutdowns, disrupted supply chain, and downturned global economy.
The overall global water soluble packaging market size has been derived in accordance to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the water soluble packaging market.