Jan 22, 2021: Industry Insights
The
global market size of agricultural films market in 2015 was USD 7.27 billion.
The growing population and the increasing demand of food with the rise in
agricultural productivity is driving the market over the forecast period.
The
factors which drive the market are requirement of high quality crop and
declining arable land. These films are basically used for crop protection and
increasing productivity. In order to fulfill the demand of population these
agricultural films are in demand.
Application
of agricultural films includes covering of a greenhouse, covering soil from
shifting due to wind, film for water reservoirs, tunnel films and as a wrapper
around fodder. Basic function it serves in agricultural are farming and crop
production. The wide range of its specialized application led the
commercialization of the product.
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Blocking
Ultra Violet (UV), florescent, NIR (Near Infrared) blocking, and ultra-thermic
films are some of the major innovations that can impact positive product demand
over the forecast years. Concerns regarding disposal of product is anticipated
to be a hindrance on the future growth. Use of plastics and its derivate can
adversely affect the market growth due to strict government policies in concern
of clean planet.
The
innovation of biodegradable and bio-based product films is expected to open new
ways of manufacturing products for industry participants. Developed countries
and their mindset on ecofriendly space for living is gaining demand for the
product.
Horticulture
and development in technology in this field coupled with the development of UV
protection films, single and multi-layer and particle to improve productivity
is expected to lift product demand in future. Bio-PVC films and other modified
products are going to develop immense opportunities for the industry over the
forecast period.
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Raw Material Insights
LLDPE
i.e. linear low-density polyethylene was the raw material segment in 2015
growing with the CAGR of 5.7% from 2016 t0 2024. With Properties like
durability, finished products extended shelf life with high tensile strength,
and improved thermal characteristics are expected to increase the market shelf
life over the forecast period. The increasing use of biodegradable LLDPE films
and its development is going to be the major market driver for its growth over
the forecast period.
Over
21% of the market in 2015 was accountable for LDPE film. LLDPE and LDPE (Low
Density Polythene) are expected to witness high demand in regions such as Asia
Pacific. Areas with limited water supply and harsh climatic conditions these
products find a good market space to bloom.
HDPE
i.e. High Density Polyethylene and EVA i.e. ethyl vinyl acetate/EBA i.e. Ethyl
butyl acrylate films are used in rigid agricultural applications. Mulching and
fumigation applications are mostly served by HDPE films. Recycled films
materials are reclaiming, as compared to other raw material used the price of
this polymer is not competitive despite of its high tensile property.
Films
manufactured from PVC i.e. Poly Vinyl Chloride and EVOH i.e. ethylene
vinyl-alcohol have noncompetitive prices which result in less market
penetration. Other reason which accounts for lesser penetration is lesser durability
of finished products added with non-biodegradability of the products.
Application Insights
Due
to applications such as control on increased soil temperature, speeding up the
germination and cultivation cycles, reduced water consumption and keeping fertilizers
and nutrients closer to the plant mulching leads the segment and is accounted
for more than 43% of total market space in 2015. Increasing demand of
high-quality yield crops, health awareness and rising incomes is expected to
move the industry. The global agricultural films used in mulching is expected
to reach USD 5752.5 million by 2024.
Greenhouse
is projected to witness the rapid usages with the CAGR of 5.6% over the
forecast period. Agriculture based on greenhouse technology will be trending which
will have positive effect on market in Asia, Middle East, and Western Europe.
With uncertain climate change due to multiple factors like population and
industrialization demand for horticulture and floriculture segment will see
more growth of these products.
Stretch
silage due to durability, protection against the damage caused by sunlight,
notably UV light and cost effectiveness serves as air tight package that in
return restricts the unwanted fermentation for all agricultural products.
Regional Insights
The
Asia Pacific leads the market in this region led the global industry with iver
70% of the total demand. Usage of mulch is done by over 80% of the farmers.
Government supported initiatives in R&D for this product is the major
driver of this product in this region. China is to witness the fastest growth
over forecast period.
Stringent
environmental policies regarding manufacturing, usage and disposal of this
product in Europe will cause stagnant growth in near future. However, focus is
shifting towards biodegradable materials in this region. Demand will be average
in Central & South America. Developing economy like Brazil, India and
Argentina with advancement in technology and implementation to achieve desired
yield will cause the product penetration.
Competitive Insights
Presence
of small scale industry of this product segment regionally resulted in
fragmentation of market space, especially in China and India. Major companies
operating in the industry include BASF, BELLY’S, Novamont, BP Industries (BPI),
Trio Plast, Armando Alvarez, ExxonMobil, Trioplast, Group Barbie, Britton
Group, Kuraray, and Ab Rani PlastOy.
Key
players significantly plays a major part in the whole value chain. The major
competitive factor is innovation that is the reason major companies have been
investing immensely in R&D to differentiate themselves from competitors to
increase their presence in the industry. Strategic collaborations with
biotechnology firms to develop new polymers and enhancing supply chain
efficiency are also used by companies to have competitive advantages including
M&A.
Competitive Insights
BASF
SE, Danisco A/S, Beldem, Lonza Group, Cargill, Inc., Riken Vitamin Co. Ltd.,
Adani Wilmar Ltd., Palsgaard A/S, Archer Daniels Midland Company, Stepan
Company Solvay S.A., and Lubrizol Corporation are the key players in the
industry.
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