Industrial Films Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, Oct. 12, 2020 /PRNewswire/ -- The global market for industrial films is expected to register a CAGR of over 4% during the forecast period. The major factor driving the market studied is the increasing demand for packaging in the food industry. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
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The agriculture industry is expected to dominate the industrial films market over the forecast period.
The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing demand from Agriculture Industry
- The usage of industrial films in the agricultural industry contributed to greater efficiency and crop productivity. Therefore, the use of industrial films in agriculture has significantly increased.
- Industrial films have several applications in the agriculture industry for farming and gardening, which include a greenhouse, silage, mulching, walk-in tunnel, and low tunnel covers, among others.
- Acceleration of the development of agricultural information technology and the construction of innovative agricultural production and business models on the basis of smart agriculture has been promoting the development of the agricultural sector in recent times.
- A rapidly growing population all over the world is fueling the growth of the agriculture industry. Countries, such as China, the United States, India, Brazil, are the top agricultural producing countries globally. The use of industrial films in agriculture is rapidly growing in these countries.
- Therefore, the demand for industrial films from the agriculture industry across the globe is expected to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
- Growing agriculture, building and construction, packaging industries in Countries, such as China, India, and Japan. are expected to drive the demand for industrial films in the region during the forecast period.
- China is ranked as the top agricultural production country in the world. The agriculture sector in the country has been growing rapidly in recent times. Additionally, the government has been taking initiatives for the establishment of international cooperation to push forward green development in the agricultural industry and rural regions through the advancement of science and technology.
- The packaging industry in China has been witnessing exponential growth, with the increasing trend of express deliveries. Additionally, with the growth in industrial and FMCG products, the packaging demand has been increasing in the country, which is expected to further boost the demand for the market studied in the coming years.
- India is one of the largest producers of agriculture products globally. Growing demand for wheat, rice, fruits and vegetables, sugarcane, cotton, and oilseeds, along with rising urban and rural incomes, are boosting Indian agriculture production.
- Furthermore, with the rapid increase in population across China, India, and Japan, among others, the demand for construction is expected to increase, which, in turn, may augment the usage of industrial films in the construction activities considerably.
- Hence, the growing end-user industries are expected to boost the demand for industrial films in countries of the Asia-Pacific region over the forecast period.
Competitive Landscape
The global industrial films market is partially fragmented in nature. The major companies of the market studied include Saint-Gobain Performance Plastics, Toyobo Co. LTD, Solvay, Sigma Plastics Group, and Mitsui Chemicals Tohcello.Inc., among others.
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