Water soluble films are environment-friendly, highly soluble films produced from polyvinyl alcohol and its copolymers that dissolve in water based solutions such as film protectors. They are used for covering tablets, capsules, powders and other pharmaceutical applications. The films protect pharmaceutical products from moisture and oxidation during their shelf life and transport. After use, the films dissolve in water without leaving any residue, thus avoiding waste disposal costs for manufacturers.
The global Water Soluble Films Market is estimated to be valued at US$ 408.14 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the water soluble films market is the increasing demand from the pharmaceutical industry. The pharmaceutical industry uses water soluble films for several applications such as blister packaging, bottle packaging, pouches and strips. Water soluble films are preferred over push-through blister foils as they provide better moisture and light barrier protection to medication. They also offer trouble-free dispensing and prevent double medication dosage by patients. Further, water soluble films are eco-friendly and dispose easily without releasing any toxic substance. These advantages have boosted their adoption in the pharmaceutical packaging industry.
Porter’s Analysis
Threat of new entrants: The water soluble films market requires high initial investments and has established distribution channels, making entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, strict environmental regulations boost demand for water soluble films.
Bargaining power of suppliers: A few major players dominate the supply side, giving them significant bargaining power over pricing.
Threat of new substitutes: Water soluble films face competition from other biodegradable/dissolvable materials. However, stringent environmental norms favor water soluble films.
Competitive rivalry: The market is moderately competitive due to the presence of large multinational players. Companies compete based on innovation, pricing, and quality.
Key Takeaways
The Global Water Soluble Films Market Size is expected to witness high growth over the forecast period. The global Water Soluble Films Market is estimated to be valued at US$ 408.14 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
Regionally, North America dominated the market in 2023 due to stringent regulatory policies and rising sustainability awareness. Europe is another major market backed by bans on single-use plastics in many countries. Asia Pacific is expected to be the fastest-growing regional market with increasing adoption in countries such as China, India, and Japan.
Key players operating in the water soluble films market are Chattanooga International, Humares, Prime Pacific Health, Herrmann Apparatebau, Transcom, CleanColon Italy, Prometheus Group, Shenzhen Lifotronic Technology, PPHIC, Comba UK, Enteromed Group, Lifotronic, Dotolo Research, and TECNO-GAZ. Stringent regulations on single-use plastics boost demand for water soluble films. Companies are investing in R&D to introduce innovative films with improved properties. They also focus on expanding production capacities to cater to the global demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it