Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global agricultural films market size was valued at USD 10.25 billion in 2021. The market is projected to grow from USD 10.71 billion in 2022 to USD 16.37 billion in 2029, exhibiting a CAGR of 6.3% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, "Agricultural Films Market, 2022-2029."
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List of Key Players Covered in the Report
- Rani Plast (Finland)
- Armando Alvarez (Spain)
- BASF SE (Germany)
- Berry Global Inc. (U.S.)
- Kuraray Co., Ltd. (Japan)
- Coveris (U.K.)
- rkw Group (Germany)
- Trioworld Industrier AB (Sweden)
- Exxon Mobil Corporation (U.S.)
- Groupe Barbier (France)
- Novamont S.p.A (Italy)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 6.3% |
| 2029 Value Projection | USD 16.37 Billion |
| Base Year | 2021 |
| Agricultural Films Market Size in 2021 | USD 10.25 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 250 |
| Segments Covered | By Material, By Application and Regional |
| Agricultural Films Market Growth Drivers | Low Cost with Excellent Properties to Retain Dominance of LLDPE in Future |
| Strong Protection Properties Led Mulching Segment to Govern Market |
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COVID-19 Impact
Market Growth was Affected due to a Break in Plastic Supply as COVID-19 Advanced
Agricultural films are made from basic plastic materials such as polyethylene, ethyl vinyl acetate, and ethyl butyl acrylate. The growth of the market was adversely affected by the partial or total shutdown of plastic processors. The reopening of economies and the mitigation measures taken by major participants have helped the global market progressively recover since 2021.
Segments
Low Cost with Excellent Properties to Retain Dominance of LLDPE in Future
Based on material, the market is segmented into LDPE, LLDPE, HDPE, EVA/EBA, reclaims, and others. Linear Low Density Polyethylene (LLDPE) has a wide range of agricultural uses due to its easy availability, low cost, high impact resistance, good workability, electrical insulation properties, and excellent chemical resistance.
Strong Protection Properties Led Mulching Segment to Govern Market
Based on application, the market is segmented into greenhouse, mulching, and silage. The primary reason for agri-films dominance in the global market is their use to protect the crops from the propagation of weeds that prevent the growth and development of crops.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the agricultural films market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for agricultural films in the near future.
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Driving Factors
Growing Population Will Surge Demand for Food
Global population expansion has forced a rise in agricultural output. The United Nations predicts that over the next 30 years, there will be a 2 billion rise in global population. Due to growing dietary changes brought on by this development and rising disposable income in developing nations, the world's food demand has increased. The annual usage of land for growing agricultural crops has an impact on the nutrient level of the soil. As a result, various cutting-edge agricultural methods are utilized in place of traditional ones to boost productivity.
Regional Insights
Asia Pacific to Lead Backed by Huge Requirement for Food from this Region
The Asia Pacific agricultural films market share was the largest and was valued at USD 5.50 billion in 2021. Due to the expanding usage of mulching and greenhouse films, the area dominated the market. Due to the huge need for food from the country's expanding population, China is the region's largest consumer of these movies.
Given the relocation of numerous production facilities to developing nations, North America is anticipated to grow somewhat during the projected period.
Market development is currently taking place across Latin America, the Middle East, and Africa. However, it's anticipated that expanding infrastructure in these areas and rising customer demand for organic food would provide a favorable atmosphere for agricultural films.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development
April 2022 - ExxonMobil introduced its novel Exceed S performance polyethylene (PE) resins. This product offers a great balance of rigidity, toughness, and processing ease.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/agricultural-films-market-102701
Detailed 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 Emerging Trends
- Key Developments
- Latest Technological Advancements
- Insights on Regulatory Scenario
- PEST Analysis
- Qualitative Insights – Impact of COVID-19 on Global Agricultural Films Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Agricultural Films Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Material (Value & Volume)
- LDPE
- LLDPE
- HDPE
- EVA/EBA
- Reclaim
- Others
- By Application (Value & Volume)
- Greenhouse
- Mulching
- Silage
- By Region (Value & Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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