According to the report presented by Mordor Intelligence, the global agricultural films market is expected to reach a market value of USD 12.5 billion by 2023 witnessing a CAGR of 7.1%over 2018-2023. The market was valued at USD 8.61 billion in 2017.
The report contains an analysis on various parameters of the agricultural films market on a global scale. The market segmentation has been done the basis of type, application, and geography. The report presents wide-ranging analysis of market share, size, and trends of agricultural films market globally.
By type, the market is segmented into low-density polyethylene, linear low-density polyethylene, high-density polyethylene, ethyl vinyl acetate (EVA)/ethylene butyl acrylate (EBA), reclaims, and other films. By application, the market has been segmented into greenhouse, silage, mulching, and others. On the geographical basis, global agricultural films market is segmented into: North America, Europe, Asia-Pacific, South America, and Africa.
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Linear low-density polyethylene has the highest market penetration with the fastest growth rate globally. By application, mulching holds the largest global market share of around 47%. Agricultural films are predominantly used in greenhouse and mulching applications. Asia-Pacific is the leading region in the global agricultural films market and is expected to dominate the market in the coming years owing to steady growth in China and India. South America is expected to witness the fastest growth, recording a CAGR of 6.3% during the forecast period. Due to the growing need for food security and expansion of the export markets in countries like Brazil and Argentina, the demand for agricultural films in crop production is going upwards, thus leading to a faster growth of the region.
Agricultural Films Market Dynamics
Development of biodegradable PE films and other innovations, growing demand and shrinking farmland, and adoption of modern farming practices and sustainability are the key factors driving the agricultural films market. However, stringent government regulations and growing concerns over environmental safety and disposal are the major obstacles for the growth of the market. Developing green agricultural films which can prevent the environmental hazards can be the key opportunity for this market.
The presence of several small-scale and regional players makes the global marketplace for agricultural films highly fragmented. According to Mordor Intelligence research and analysis, the major players in the market include AB Rani Plast Oy, BASF SE, Berry Plastics Corporation, British Polythene Industries PLC, Britton Group LDC, The Dow Chemical Company, ExxonMobil, Novamont, Plastika Kritis S.A., Hyplast NV, and Trioplast AB, among others.