As per a revised report published by Fact.MR, a market research and competitive intelligence provider, the global agricultural films market is anticipated to exceed a valuation of US$ 10 Bn by 2021, and expand at an impressive CAGR of 5.7% over the forecast period of 2021 to 2031.
The market is in the growth phase of its lifecycle, registering 3.5% CAGR during 2016 – 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increasing plastic waste recycling and growing demand for bio-degradable solutions.
The numerical coefficient of plant utilization rate value is mapped with actual production capacity, and thereby apparent Agricultural Films production is calculated. Similarly, apparent production of each company in one country is derived, and country level data is aggregated to deduce regional production volumes. Simultaneously, trade volume i.e. export and import of target chemical, material and additives is tracked.
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Key Takeaways from Market Study
- The global agricultural films market is expected to grow 1.7X in value, creating an absolute $ opportunity of around US$ 7.5 Bn by 2031.
- In terms of value, silo bags manufacturing application is expected to register a CAGR of 5.9% to be valued at US$ 6.5 Bn by 2031-end.
- Among the film types, mulch films and greenhouse plastics are expected to grow 1.9X and 1.7X, respectively, and create an absolute $ opportunity of around US$ 4.2 Bn and US$ 2.5 Bn each.
- Low-density polyethylene material is estimated to account for 55.7% of the market value share by 2031-end, and gain 409.1 BPS in its market share.
- East Asia is witnessing for highest consumption and the market here is expected to expand at a CAGR of 6.9% over the forecast period. The region is expected to hold more than 52% of the market value share by 2031 and be valued over US$ 9.3 Bn.
“Agricultural film demand is gaining traction across several nations with unfavourable climate for crop production, aiming to reduce import dependency,” says a Fact.MR analyst.
Key Segments Covered in Agricultural Films Industry Research
By Film :
- Agricultural Silage Films
- Agricultural Mulching Films
- Greenhouse Plastic/Covering Film
By Material :
- Ethylene Butyl Acrylate Agricultural Films
- Ethylene-Vinyl Acetate Agricultural Films
- Low-Density Polyethylene Agricultural Films
- LLDPE Agricultural Films
- LLPE Agricultural Films
- HDPE Agricultural Films
- Polypropylene Agricultural Films
- Polyamide Agricultural Films
- EVA Agricultural Films
- Ethylene Vinyl-Alcohol Copolymer Resins
- PVC Agricultural Films
By Application :
- Agricultural Films for Bale Wrapping & Ensiling
- Agricultural Films for Silo Bags Manufacturing
- Agricultural Films for Tunnel Covers
- Agricultural Films for Bunker Ensiling
Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks.
Some of the key developments are :
- On 3rd January 2020, BASF SE announced the acquisition of Solvay’s polyamide business segment. With this acquisition, BASF got an opportunity to expand its business by operating eight production sites in different countries across the globe, including China, India, South Korea, North America, Europe, Mexico, and Brazil.
- Lucro Plastecycle, a recycling company in India, and Dow Inc., signed a memorandum of understanding on 10th February 2021 to launch and develop polyethene film solutions by recycling used plastic products.
- On 12th January 2021, Ab Rani Plast Oy introduced a product named “RaniWrap Ecol“ in Europe, and its trial also delivered excellent results, as it is considered a more sustainable product and will reduced carbon footprint.
- On 4th March 2021, Berry Global announced an investment of US$ 30 Mn to increase the production capacity of hand stretch films and ultra-high-performance machines.
Similarly, other recent developments related to companies manufacturing agricultural films have been tracked by the team at Fact.MR, which are available in the full report.