The agricultural films market is expanding gradually all over the world with the rising climate change concerns. The market is associated with the major companies providing various kinds of agricultural films to cater to the growing food demand globally. This varied range of films provides opportunities to other players willing to bear the high risks involved in the industry. Relatively new companies are working in collaboration with the top market players to lead and contribute to the growth of the market. These companies are also looking out for small companies to acquire and bring in new products and services to the market while improving the existing products.
One of the major developments in the global market was witnessed in September 2017, when DuPont and Dow Chemical Company, two of the leading materials suppliers, successfully completed a merger after more than 18 months of discussions. The new company is called DowDuPont and will eventually break up into three publicly-traded divisions – agriculture, materials science, and specialty products – that will stratify and streamline the various businesses, expertise, and operations.1
Another major company, BASF SE, partnered with the German Aerospace Center (DLR) and NASA Goddard Space Flight Center on a new tool to maximize the service life of plastic products by precisely matching plastic additives to the predicted intensity of ultraviolet (UV) radiation. The head of BASF’s Global Competence Center Plastics Additives, Dr. Volker Bach said, “This new global UV radiation mapping tool enables BASF to improve the predicted lifespan of plastics in a given environment and reduce the risk of failure due to climate conditions.”2
Acknowledging the competition in the market and its future growth potential, BIS Research has cogloalmpiled a report titled ‘Global Agricultural Films Market, Analysis & Forecast (2016-2021)’. The global agricultural films market is expected to reach $9.2 billion by 2021, growing at a CAGR of 5.1% from 2017 to 2021. According to the analyst at BIS Research, “In terms of volume, the agricultural films market is expected to reach 7,532.1 kilo tons by 2021, registering a CAGR of 8.6% between 2017 and 2021.”
The major established players in the market are focusing on business expansion and contracts, and companies such as ExxonMobil Chemical Company, Bio Bag International, Danaflex Nano, Cytec Solvay Group Plastika Kirtis, Imaflex Inc., Barbier Group, Dow Chemical Company, BASF SE and Berry Global Inc., among others, are focused more on business expansion and contracts in order to expand their share in the market.
References:
1 PV Magazine
2 Chem Europe
