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- The agricultural films market registered a CAGR of over 4.0% during 2013 to 2017.
- Gains continue to remain driven by the introduction of innovative and eco-friendly products in the agriculture films industry, along with the constantly growing demand for food. Agricultural films sales in 2018 surpassed revenues worth US$ 9 Bn, and is estimated to record a Y-o-Y growth at over 5% in 2019.
- East Asia continues to remain the leading market for agricultural films, with China at the forefront. Intensifying cross-industry collaborative efforts in the country is a vital aspect bolstering agricultural production, and in turn demand for agricultural films.
- South Asia is estimated to emerge as a high growth region for the agricultural films market with the presence of numerous agriculture-dependent countries in the region. Additionally, increasing government investments into boosting agricultural production is expected to significantly favor growth of the agricultural films industry.
What are the Factors Propelling the Growth of Agricultural films Market?
- A recent surge in the legalization of marijuana and hemp has directly influenced the demand for agricultural films. The legalization of recreational marijuana in Canada, hemp cultivation in the US, and intense progressivism for medical marijuana across Europe, are collectively expected to create lucrative opportunities for agricultural films industry players. Plastic mulch is finding widespread adoption in the cultivation of hemp and marijuana, owing to their affordability and effectiveness in improving the crop yield.
- Responding to the environmental abuse of plastic, administrative authorities worldwide are issuing stringent guidelines for use of the material across industries. As technological headways continue to succor the development of eco-friendly and biodegradable films, lucrative opportunities are imminent for players in the agricultural films market. Manufacturers in the agricultural films market are directing their efforts towards the development and launch of eco-friendly products, to capitalize on the burgeoning demand.
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Agricultural films Market – Competitive Landscape
- In order to capitalize on the burgeoning demand for agricultural films in North America, ExxonMobil announced a strategic investment of US$ 20 billion over the period of 10 years in the construction of new production facilities across the continent. Under the elaborate plan, ExxonMobil is planning to construct a new polyethylene production facility to increase its ma manufacturing capacity by 65% to meet the bolstering demand for the material in the agricultural films market.
- Continuous innovation in incorporating sustainability in agriculture films production and disposal received a huge boost when Novamont, a leading player in the agriculture films market, announced the launch of a biodegradable mulch film manufactured using its proprietary bioplastic Mater-Bi.
- The launch of a triple mulching film machine by Checci and Magli named Plastic Stop Plus which can potentially triple the mulch plastic films laying efficiency is estimated to aid agriculture films market in gaining penetration.
Other leading players operating in the agricultural films market are Ginegar Plastic Products, Berry Plastics, Polifilm, AEP Industries Inc., Dow, BASF SE, Trioplast Industries AG, and Dow.
Robust Demand for LDPE in Mulch Production to Prevail
Adoption of low-density polyethylene continues to remain robust, driven in part by demand in mulch plastic films manufacturing. High impact, chemical, and temperature resistance, are key attributes driving sales of low-density polyethylene in mulch plastic films production. In addition, the highly recyclable and cost-effective nature of the low-density polyethylene, in line with growing popularity of mulch plastic films in intensive vegetable production systems allude promising growth prospects for the agricultural films market.
Demand for silage, greenhouse, and other plastic films is also expected to surge, with the widening gap between food demand and supply. Agricultural films manufactured using materials such as HDPE, LLDPE, PE, engineering plastics are estimated to witness a surge in the demand, abreast constant search of farmers for advanced and novel technologies that boost productivity.
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