Global greenhouse film market is anticipated to register USD 8.3 billion by 2026 at a CAGR of 9.8% over the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
As per the research report, the rise in global population and increase in food supply demand worldwide will primarily drive the greenhouse film market growth. The potential to cultivate top quality crops throughout the year, utilization of less amount of water for crop production, and increased level of control over crop development will effectively support market growth over the predicted period.
Moreover, increasing urbanization, growing demand for improved agricultural yields, pouring investment from government organization on agricultural schemes & initiatives, and extensive focus on producing nutritious food products as well as rising trend of indoor farming will supplement market growth.
Additionally, rapid technological advancements in the agricultural sector, emergence of newer business markets, increasing size and demand of greenhouse protected cultivation areas would accelerate growth opportunities in the market over the coming years.
As per market experts, the market is certain to accrue massive growth prospective following the use of high-quality plastic films. Polyethylene plastic is one such product which is available in two different strengths; namely utility grade for personal use and commercial grade for huge industrial applications.
Besides polyethylene, another plastic film alternative, being quite an expensive one, is polyvinyl plastic which is indeed durable and offers higher strength capability. However, the most durable greenhouse plastic available is polycarbonate plastic which can effectively maintain heat and humidity within a greenhouse and possess the ability to last for almost a decade.
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Speaking of the geographical landscape, North America greenhouse film market has emerged as a key revenue ground lately. In 2018, the region effectively generated the highest market share in terms of revenue in the greenhouse film industry. Driven by growing urbanization and escalating population, the market has magnified significantly over the recent years. Additionally, increasing technological advancement in the agricultural and farming sector, and the burgeoning need for controlled cultivation environment for producing high quality yields will further accelerate market growth, cites the report.
Specifying the Asia Pacific market, the regional industry is expected to witness the highest CAGR during the forecast period, primarily due to the introduction of supportive government schemes, growing population, and presence of strong technical know-how in the field of agriculture. Moreover, rapid technological advancements and presence of advanced R&D institutes in Japan and China will support growth in the thriving regional market.
The companies profiled in the greenhouse film market include Essen Multipack Ltd., Ginegar Plastic Products Ltd., Polifilm Extrusion GmbH, Central Worldwide Co., Thai Charoen Thong Karntor, The Dow Chemicals Company, Lumite, Inc., and Agriplast SRL. Market players are increasingly collaborating with other industry giants to innovate and launch new products that meet the increasing needs and requirement of consumers.