Pune, India, April 12, 2022 (GLOBE NEWSWIRE) -- The worldwide agricultural films market size was USD 9.92 billion in 2020. The market is projected to grow from USD 10.25 billion in 2021 to USD 15.37 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period.
This vital information is presented by Fortune Business Insights™, in its report, titled, “Agricultural Films Market, 2021-2028.” Factors such as improved lifespan & growth and rising demand for food sources will increase the footprint of the market during the forecast period. Additionally, expanding the agricultural sector will boost the growth of the market.
Interruptions in Raw Material Supplies & Lockdowns to Hamper Market Growth During Pandemic
The COVID-19 pandemic bought unprecedented changes to various business sectors regarding an economic backlash and the sector of agricultural films was no different. Disruptions in plastic supplies and other raw materials along with imposed lockdowns will decrease the growth of the market during the intended forecast period. Additionally, the volatility of raw materials and a faltered transport sector will further downgrade the growth of the market. However, the sector is expected to pose a revival due to the opening of emerging economies and resuming world trade.
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List of Key Players Present in the Market
- AbRaniPlastOy (Finland)
- Armando Alvarez (Spain)
- BASF SE (Germany)
- Berry Global Inc. (U.S.)
- Kuraray Co. Ltd. (Japan)
- Coveris (U.K.)
- RKW Group (Germany)
- Trioplast Industrier AB (Sweden)
- Exxon Mobil Corporation (U.S.)
- Groupe Barbier (France)
- Novamont (Italy)
Report Coverage
The market report for agricultural films contains qualitative and quantitative insights by encompassing critical factors such as type, application, and regional overview. Additionally, the report further contains the ongoing industry developments and future market trends. Also, market dynamics and the competitive landscape for the market are also mentioned in the report. Factors that are expected to impact the market in a positive/negative manner are also provided in the report.
Drivers & Restraints
Rising Food Demand & Increasing Nano Greenhouses to Bolster Growth During Forecast
Factors such as rising population globally, increasing food demand, and increasing disposable income will boost the agricultural films market growth during the forecast period. Additionally, rising innovation for agriculture, the evolution of agricultural techniques, rising demand for agricultural productivity, and rising nano greenhouses will increase the footprint of the market. Also, the integration of films triggers lower labor costs and energy, thereby fueling the market growth.
However, volatility in petrochemical prices will limit the growth of the market during the forecast period. Additionally, stringent regulations over plastic usage will further hinder the growth of the market.
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Regional Insights
Asia Pacific to Dominate due to Increasing Usage of Mulching & Greenhouse Films
Asia Pacific will hold a considerable agricultural films market share during the forecast period due to the presence of China being a major consumer and rising usage of mulching & greenhouse films. Additionally, the availability of raw plastic materials and favorable regulations among government policies will increase the footprint of the market.
North America will witness a moderate growth owing to increasing production facilities and a shifting trend of consumers towards a plant-based diet.
Europe will occupy a considerable market share in terms of global contribution owing to the rising usage of biodegradable materials and stringent regulations over plastic usage.
Competitive Landscape
Product Diversification & Development to Push Prominent Players Toward a Higher Market Share
The sector of agricultural films is highly competitive due to the dominance of prominent players who boast a diversified product portfolio. Others are focused on providing constant innovations and establishing efficient distribution networks in order to gain a competitive edge. For example, in August 2021, RKW Group launched the next generation of e7 silage film, Polydress FarmGuard for improving oxygen barrier properties. These films consist of 7 layers and is strategically developed with the aim of reducing farm waste for reducing time and cost of farmers. Additionally, players are also focused on employing strategies such as mergers & acquisitions and collaborations in order to maximize revenue.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Key Developments
- Latest Technological Advancements
- Insights on Regulatory Scenario
- PEST Analysis
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by Companies to overcome the COVID-19 impact
- Potential Opportunities due to the COVID-19 outbreak
- Global Agricultural Films Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material (Value & Volume)
- LDPE
- LLDPE
- HDPE
- EVA/EBA
- Reclaim
- Others
- Market Analysis, Insights and Forecast – By Application (Value & Volume)
- Greenhouse
- Mulching
- Silage
- Market Analysis, Insights and Forecast – By Region (Value & Volume)
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
Toc Continued…!
Key Industry Development
- April 2021 - Following major investments, Coveris has set up an advanced stretch film manufacturing facility at Winsford site in the U.K. With this new facility, the company increased the current site film production capacity by around 25%. The company has set next-generation machines & infrastructure to meet growing demand for high performance & recyclable films for agriculture sector in Europe.
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