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Greenhouse Film Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Greenhouse Film Market Size
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According to The Business Research Company's, The greenhouse film market size has grown strongly in recent years. It will grow from $5.7 billion in 2023 to $6.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to crop yield enhancement, extended growing seasons, resource efficiency, crop protection, energy conservation.
The greenhouse film market size is expected to see strong growth in the next few years. It will grow to $8.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to sustainable agriculture, biodegradable films, vertical farming, global food security, smart agriculture technologies. Major trends in the forecast period include advanced materials, energy-efficient films, anti-reflective coatings, insect and pest control films, vertical farming films
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Market Drivers and Trends:
The rising demand for food production is expected to propel the growth of the greenhouse film market going forward. Food production is the process of producing sellable food items using raw ingredients available from plants and animals. Plastic greenhouses would help to increase and secure the yield. For instance, in April 2022, according to Agriculture Victoria, an Australia-based innovation company for economic growth in Victoria's agriculture through leading science and strong science capacity data, representing 26.0% of Australian food and fibre export value. Victoria's food and fibre exports have increased to reach a record $14.5 billion for the 2019-20 period. Therefore, the increase in agricultural production is driving the growth of the greenhouse film market.
Product innovations are a key trend gaining popularity in the greenhouse film market. Major companies operating in the greenhouse film market are focused on developing new technological solutions to strengthen their position. For example, in September 2021, BASF, a German greenhouse film company, will launch IrgaCycleTM, a line of additive solutions aimed at meeting the urgent needs in plastic recycling.This improves the properties of recycled plastics mechanically for various industries and enhances the quality of post-consumer and industrial polyolefin material for re-use in flexible, molding, and rigid applications. It also helps in increasing the percentage of recycled content for various end-users.
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Major Key Players of the Market:
BASF SE, Berry Global Inc., EIFFEL Industry Plastics S.p.A, Essen Multipack Limited, Exxon Mobil Corporation, FVG Folien-Vertriebs GmbH, GCR Group, Ginegar Plastic Products Ltd., Iris Polymers Industries Pvt Ltd., Lumite Inc., Plastika Kritis SA, Polifilm Extrusion GmbH, RPC Group plc, Saudi Basic Industries Corporation (SABIC), Sichuan Bozong Greenhouse Co. Ltd, The Dow Chemical Company, Agriplast Tech India Pvt. Ltd., Beijing Kingpeng International Hi-Tech Corporation, Central Worldwide Co. Ltd., Tuflex India, Aserpro S.A., Goutham Plastic (India) Pvt. Ltd., Paklite (Pty) Ltd., Grupo Armando Alvarez, Plastchim-T, D.S.E. Co. Ltd., Arid Agritec, Groupe Barbier
Greenhouse Film Market 2024 Key Insights:
• The greenhouse film market size is expected to see strong growth in the next few years. It will grow to $8.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Agricultural Production Boosts Greenhouse Film Market Growth As Demand For Food Security Rises
• Innovative Product Solutions Drive Growth In The Greenhouse Film Market
• Asia-Pacific was the largest region in the greenhouse film market in 2023
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