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Albany, New York, March 18, 2019 (GLOBE NEWSWIRE) -- The vendor landscape of the global agricultural films market is highly fragmented in nature. This is due to the presence of several small-scale and regional players in the market. Key players in the global agricultural films market are investing heavily in research and development activities to introduce innovative products such as biodegradable agricultural films, notes Transparency Market Research (TMR). Some of the prominent players operating in the global agricultural films market are DowDuPont, BP Industries (BPI), Trioplast, ExxonMobil, Group Barbier, Britton Group, Armando Alvarez, Nova Mont, Kuraray, Ab Rani PlastOy, BASF SE, and British Polyethylene Industries.
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According to a research report by TMR, the global agricultural films market was noted at a valuation of US$9355.1 Mn in 2017. The market is expected to rise at a CAGR of 7.4% from 2018 to 2026. Rising at this CAGR, the global agricultural films market is anticipated to touch a valuation of US$17747.1 Mn by 2026.
Geographically, Asia Pacific is projected to emerge as a major market for agricultural films during the forecast period. This is because of rising population and increasing demand for controlled agriculture in the region. On the basis of application, greenhouse film segment is expected dominate the global agricultural films in the forecast period. The demand of greenhouse films are increasing among farmers as it protect crops from UV rays and offer higher durability.
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High Focus on Improving Agricultural Output to Augur Well for Market Growth
Agricultural films help in increasing area of controlled agriculture. Increasing food demand owing to growing population coupled with rising requirement for optimum agricultural productivity is anticipated to drive the global agricultural films market over the forecast period. Agricultural films are commonly used to cultivate horticulture crops during seasons when the climatic conditions are unfavorable for their growth. The limited availability of arable land due to rapid urbanization and industrialization in developing nations is another factor driving the growth of the global agricultural films market. In addition to this, increasing demand for agricultural films from the dairy industry is expected to fuel growth of the agricultural films market too.
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High Cost of Agricultural Films Market May Hinder Growth
One of the major factors restraining growth of the global agricultural films market is high cost of installation of greenhouse films. Apart from this, the disposal of agricultural films is a major challenge faced by end-users in the global agricultural films market. Additionally, harmful effects of plastics on the environment coupled with stringent government regulations may hamper market growth. Furthermore, limited awareness among the farmers working developing countries is anticipated to negatively affect agricultural films market growth.
Nevertheless, dispose concern can be mitigated through efficient recycling technologies. Furthermore, research and development of the effective uses of these polymers in agriculture are leading to innovation, offering manufacturers lucrative opportunities for growth during the forecast period. In order to cater to the growing demand key companies are launching innovative products. For instance BASF SE presented the ecovio biodegradable mulch film in 2015. It is used for corn, tomato, potato, and cotton fields at the Xinjiang Ecological Agriculture Development Summit in China.
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This review is based on Transparency Market’s Research report, titled “Agricultural Films Market (Product - Low Density Polyethylene (LDPE), Linear Low Density Polyethylene (LLDPE), High Density Polyethylene (HDPE), Ethylene Vinyl Acetate/Ethylene Butyl Acrylate (EVA/EBA), Reclaims, Other Films; Application - Greenhouse, Mulching, Silage) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
The global agricultural films market has been segmented as follows:
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