NEW YORK, Nov. 24, 2016 /PRNewswire/ -- The global agricultural films market is expected to reach USD 10.53 billion by 2020, according to a new report by Grand View Research, Inc. The need to increase productivity to fulfill burgeoning demand of high-quality food crops for growing population is expected to augment agricultural film industry growth over the forecast period. Stringent government regulations associated with disposal of synthetic polymer films are expected to hinder market growth over the next few years. Biodegradable film manufacturers are expected to have significant opportunities in the next five years.
Linear Low-Density Polyethylene (LLDPE) was the dominant raw material segment and accounted for over 55% of the global market volume in 2013. LLDPE is widely used owing to its flexibility and moisture-blocking properties. The raw material segment is expected to grow at a fastest CAGR of 6.2% from 2014 to 2020. Commercialization of biodegradable polymers is estimated to provide lucrative opportunities for industry participants over the forecast period.
Further key findings from the report suggest:
Global agricultural films market demand was 4,651.7 kilo tons in 2013 and is expected to grow at a CAGR of 6.0% from 2014 to 2020
Mulching was the largest application of agricultural films and accounted for over 40% of the total market in 2013. Geographically, the consumption of film type varies according to different climatic conditions, crop patterns, and demand for crops.
Greenhouse films are predominantly used in Asia and the Middle East due to an increasing demand for ornamental crops. Greenhouse is expected to emerge as the fastest growing application segment owing to high level of commercialization, particularly in China and Europe.
China was the dominant regional market in terms of production and consumption. The region accounted for over 60% of global demand in 2013 and is expected to witness fastest growth in terms of market penetration. Increasing food demand coupled with large exports to other Asian and European countries may result in high demand of agricultural films in the nation.
Major industry participants have been investing heavily on R&D for commercializing biodegradable and longer shelf life products. Companies have been collaborating with biotechnology firms in order to ensure sustainable product innovation in the near future. Key players operating in global agricultural films market include BASF, ExxonMobil, BP Industries (BPI), Trioplast, Armando Alvarez, Ab Rani PlastOy, Group Barbier, Britton Group, Kuraray, and Novamont.
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