Global Agricultural Films Market Is Expected To Grow 1.7X By 2031

According to Fact.MR - a market research and competitive intelligence provider, historically, from 2016 to 2020, use of agricultural films increased at around 3.5% CAGR, wherein, countries such as China, India, Japan, and the U.S. held a significant share in the global market.

The global agricultural films market is set to exceed a valuation of US$ 10 Bn in 2021, with price growth of greenhouse films playing a significant role in market growth.

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Leading agricultural film manufacturers are focusing on testing in-depth new technologies, thereby targeting the launch eco-friendly products, to capitalize on the burgeoning demand. Additionally, growing utilization of agriculture film laying machines has enabled effortless and effective laying down of films on a large scale, which, in turn, increases consumption.

Fact.MR analyses that agricultural film producer margins will double by recycling used plastic. The recycled plastic market is projected to reach over US$ 65 Bn by 2025, which will drive demand for recycled agricultural films.

Key Takeaways from Market Study

• In terms of value, silo bags manufacturing application is expected to register a CAGR of 5.9% to be valued at US$ 6.5 Bn by 2031-end.
• Among the film types, mulch films and greenhouse plastics are expected to grow 1.9X and 1.7X, respectively, and create an absolute $ opportunity of around US$ 4.2 Bn and US$ 2.5 Bn each.
• Low-density polyethylene material is estimated to account for 55.7% of the market value share by 2031-end, and gain 409.1 BPS in its market share.
• East Asia is witnessing for highest consumption and the market here is expected to expand at a CAGR of 6.9% over the forecast period. The region is expected to hold more than 52% of the market value share by 2031 and be valued over US$ 9.3 Bn.
• It has been observed that, over 48% of agricultural films utilized for crop production is plastic mulch.
• Versatile properties of plastic mulch such as weed growth limiter, soil temperature controller, and crop yield enhancer are driving sales.
• China accounted for a major chunk of the agricultural films business, and is anticipated to witness a steady CAGR of 7.6% through FY2031.
• Considering growing adoption of various types of agricultural films, especially mulch and greenhouse films for crop production with shift in business dynamics, the global agricultural films market is forecast to expand at a healthy CAGR of 5.7% over the next 10 years.

Pricing Strategy

The global agricultural films market is highly fragmented with new players springing up every year owing to rising potential of the product. With new entrants coming into the market, prices are set to normalize at the lower end, thus shrinking manufacturer ability to capture higher margins from the films produced. Therefore, manufacturers should focus on debottlenecking and adoption of recycled plastic to enjoy higher margins over the medium term.

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COVID-19 Skyrocketed Sales of Agricultural Films -
The global market has been appalled by the COVID-19 crisis and left no industry unscarred. The agricultural films industry was also affected by the pandemic and lost nearly 15% of revenue in 2020.
COVID-19 is expected to have a short-term negative impact on the agricultural films business, owing to economic uncertainty. China was worst affected by COVID-19, but at the same time, the country witnessed fast market recovery and GDP growth.
With hike in demand and rising crop cultivation from the 3rd quarter of 2020, sales for agricultural films started increasing at a high pace. Although, the frequency of distribution faces challenges due to supply chain disruptions across the globe.
Recovery of the market has been seen from the beginning of 2021, which is expected to top US$ 10 Bn in 2021.

Competitive Landscape

Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks.

Some of the key developments are :
• On 3rd January 2020, BASF SE announced the acquisition of Solvay's polyamide business segment. With this acquisition, BASF got an opportunity to expand its business by operating eight production sites in different countries across the globe, including China, India, South Korea, North America, Europe, Mexico, and Brazil.
• Lucro Plastecycle, a recycling company in India, and Dow Inc., signed a memorandum of understanding on 10th February 2021 to launch and develop polyethene film solutions by recycling used plastic products.
• On 12th January 2021, Ab Rani Plast Oy introduced a product named "RaniWrap Ecol" in Europe, and its trial also delivered excellent results, as it is considered a more sustainable product and will reduced carbon footprint.
• On 4th March 2021, Berry Global announced an investment of US$ 30 Mn to increase the production capacity of hand stretch films and ultra-high-performance machines.
Similarly, other recent developments related to companies manufacturing agricultural films have been tracked by the team at Fact.MR, which are available in the full report.

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Key Segments Covered in Agricultural Films Industry Research

• By Film :
o Geomembrane
o Agricultural Silage Films
o Agricultural Mulching Films
o Greenhouse Plastic/Covering Film
• By Material :
o Ethylene Butyl Acrylate Agricultural Films
o Ethylene-Vinyl Acetate Agricultural Films
o Low-Density Polyethylene Agricultural Films
o LLDPE Agricultural Films
o LLPE Agricultural Films
o HDPE Agricultural Films
o Polypropylene Agricultural Films
o Polyamide Agricultural Films
o EVA Agricultural Films
o Ethylene Vinyl-Alcohol Copolymer Resins
o PVC Agricultural Films
o Others
• By Application :
o Agricultural Films for Bale Wrapping & Ensiling
o Agricultural Films for Silo Bags Manufacturing
o Agricultural Films for Tunnel Covers
o Agricultural Films for Bunker Ensiling
o Others

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global agricultural films market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of film (geomembrane, silage, mulch, and greenhouse plastic/covering film), material (ethylene butyl acrylate, ethylene-vinyl acetate, low-density polyethylene, LLDPE, polypropylene, polyamide, ethylene vinyl-alcohol copolymer resins, PVC, others), and application (bale wrapping & ensiling, silo bags manufacturing, tunnel covers, bunker ensiling, others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

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This release was published on openPR.