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- The agricultural films market registered a CAGR of over 4.0% during 2013 to 2017.
- Gains continue to remain driven by the introduction of innovative and eco-friendly products in the agriculture films industry, along with the constantly growing demand for food. Agricultural films sales in 2018 surpassed revenues worth US$ 9 Bn, and is estimated to record a Y-o-Y growth at over 5% in 2019.
- East Asia continues to remain the leading market for agricultural films, with China at the forefront. Intensifying cross-industry collaborative efforts in the country is a vital aspect bolstering agricultural production, and in turn demand for agricultural films.
- South Asia is estimated to emerge as a high growth region for the agricultural films market with the presence of numerous agriculture-dependent countries in the region. Additionally, increasing government investments into boosting agricultural production is expected to significantly favor growth of the agricultural films industry.
What are the Challenges that Need to be Addressed by Stakeholders in the Agricultural films Market?
- The production and development of biodegradable agricultural films are still in the nascent phase, with production costs of the significantly higher compared to their traditional counterparts. The trickle-down effect of high production costs on the selling price of biodegradable plastics, coupled with the bolstering efforts to reduce plastic pollution is likely to stifle growth of the agricultural films market.
- Numerous studies suggesting the use of plastic films in agriculture as the prime source of entry of carcinogens in the food chain, is likely to hamper agricultural films sales. Additionally, growing consumer interest in the supply chain of food and agriculture production is estimated to dent agriculture film sales during the forecast period.
- The estimated adverse impact of plastic films on agriculture production such as decreased soil porosity, changing nature of microbial communities, and the eventual decrease in the production capacity of farmland is likely to continue to pose a daunting challenge in the agricultural films market.
Agricultural films Market ??" Competitive Landscape
- In order to capitalize on the burgeoning demand for agricultural films in North America, ExxonMobil announced a strategic investment of US$ 20 billion over the period of 10 years in the construction of new production facilities across the continent. Under the elaborate plan, ExxonMobil is planning to construct a new polyethylene production facility to increase its ma manufacturing capacity by 65% to meet the bolstering demand for the material in the agricultural films market.
- Continuous innovation in incorporating sustainability in agriculture films production and disposal received a huge boost when Novamont, a leading player in the agriculture films market, announced the launch of a biodegradable mulch film manufactured using its proprietary bioplastic Mater-Bi.
- The launch of a triple mulching film machine by Checci and Magli named Plastic Stop Plus which can potentially triple the mulch plastic films laying efficiency is estimated to aid agriculture films market in gaining penetration.
Other leading players operating in the agricultural films market are Ginegar Plastic Products, Berry Plastics, Polifilm, AEP Industries Inc., Dow, BASF SE, Trioplast Industries AG, and Dow.
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