North America Silo Bags Market Growth Set To Surge Significantly During 2022 - 2026

Future Market Insights' latest report on North America's silo bags market indicates that undulating prices of raw materials such as polyethylene films is curbing the production of silo bags.

The study conducted by Future Market Insights estimates that the 60 meter and 75 meter lengths of silo bags are estimated to cumulatively account for around 90% of market share in 2022 and the market valuation of these segments is projected to expand at a CAGR of 4.7% and 5.1% respectively during the forecast period 2022-26.

The U.S. is expected to drive the silo bags market in North America and is estimated to hold a significant market share of around 84% in 2022.

FMI team further estimates that in 2022, the Canada silo bags market will grow 5.5% year-over-year.

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Contingent upon the monotony of this scenario in the years to come, North America's silo bags is less likely to soar at a steady momentum, and will probably exhibit revenue growth at 4.8% CAGR.

Nonetheless, the decline in demand for silo bags across North America is not solely orchestrated by volatility of raw material prices. Future Market Insights' report, titled "Silo Bags Market: Global Industry Analysis and Opportunity Assessment, 2022-2026," predicts that strict environmental regulations associated with industrial use and large-scale production of plastic films is restraining a cost-effective production of silo bags.

Silo bags, made from raw materials such as polyethylene or polypropylene films, are another burden on such regulatory authorities as dumping waste silo bags leads to environmental degradation. Key findings of the report indicate that through 2026, more than 90% of North America's silo bags revenues emanate from sales of polyethylene bags, which further aggravates the environmental regulatory conditions.

The report reveals that in terms of volume, the consumption of silo bags in the US and Canada will exhibit a 4.4% CAGR. In 2016, the market has been estimated to be valued at US$ 31.8 Mn, and is expected to exceed a little over US$ 50 Mn by 2026-end. During this forecast period, the demand for 75-meter silo bags will remain high and bring in more than US$ 25 Mn in revenues towards the end of 2026. Also, over two-third of the market's value is accounted by sales of silo bags for protection of grains.

The demand for silo bags is also predicted to gain traction for forage applications, revenues from which are expected to soar steadily at 5.1% CAGR. The report further projects that US will dominate with more than 80% share, while Canada's silo bags market will gain traction by showcasing a value CAGR above 5%.

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Another factor that is expected to inhibit the growth of North America's silo bags is the aggressive competition for securing higher profits. Leading manufacturers of silo bags in the region are faring the market's cut-throat competitive landscape by providing a product line with extra features.

The overall profitability behind the sales of basic silo bags gets comprised and distorts the demand influx. The report has profiled key players in North America's silo bags market, which include Grain Pro, Inc., IPESA - Rio Chico SA, GEM Silage Products, RKW Hyplast NV, Grain Bags Canada, Blue Lake Plastics, LLC., BagMan LLC., Canadian Tarpaulin Manufacturers LTD., Temudjin Flex-Pack BV, and KSI Supply, Inc.

Silo Bags Market By Category
By length:
60 Meters
75 Meters
90 Meters

By material:
Polyethylene (PE)
Low-Density Polyethylene (LDPE)
High-Density Polyethylene (HDPE)
Polypropylene (PP)

By application:
Grains
Dry Grains
Wet / Humid Grains
Rolled Grains
Forages
Fertilizer
Dried Fruits
Others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.