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CHEMICALS AND ADVANCED MATERIALS

Silage Film Market Analysis by Type (LLDPE, LDPE, HDPE, EVA/EBA, and Other); by Film Type (Monolayer and Multilayer); and by Application (Corn, Grasses, Vegetables, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Coveries Management GmbH to collaborate with start-up Notpla to offer recyclable, biodegradable, and printed food cartons. Notpla has facilitated Coveries Management GmbH with its new award-winning barrier coating technology. These new innovative cartons are projected to be ideal for tackling the lack of kerbside and street recycling infrastructure.
  • BASF SE to introduce product carbon footprints (PCFs) for its plastic additives customers. These PCFs are one of the premium services of the VALERRAS portfolio of the company. BASF SE is stepping forward along with PCFs to provide assistance to customers to gain greenhouse gas emission reduction targets. 

Global Silage Film Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

The global silage film market is estimated to garner noteworthy revenue by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated remarkable revenue in the year 2022. The growth of the market can primarily be accounted to the skyrocketing livestock population across the globe. For instance, the number estimated for cattle in 2018 was nearly 950 million head which was projected to reach approximately 1000 million head in 2022.

Silage-Film-Market-Size

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Global silage film market trends such as, the growing need for permanent pasture and increasing demand for silage wrap films worldwide are projected to influence the growth of the market positively over the forecast period. As of 2022, only 250,000 hectares of land were being used as permanent pastures in the UK which is expected to witness a decrease over the decade. Silage films are highly utilized by farmers to preserve maize, silage, and hay. Silage films are helpful to keep the nutritional values of the product wrapped in them. Hence, such utilization is anticipated to push the market growth over the forecast period.

Global Silage Film Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Requirement for Animal Food  

For instance, more than 5500 facilities solely in the United States are projected to produce nearly 250 million tons of animal food every year.

Silage films are commonly used to prevent hay and maize from rotting away for a long time. The animal food such as grass and crops are gathered in round or square bales and then these bales are covered with silage films. Silage films are quite useful for keeping the hay from extreme weather conditions

  • Growing Production of Silage to Boost the Market Growth

As of 2021, nearly 100 million tons of corn for silage were produced solely in the United States.

  • Increasing Consumption and Production of Corn

For instance, about 350 million metric tons of corn were produced in the USA in 2021-22, meanwhile, the consumption of corn was projected to be nearly 10 billion bushels in a similar period.

  • Growth in the Government Revenue Expenditure on Animal Husbandry

In 2018, the central and state government of India spent nearly 145 billion Indian rupees on animal husbandry.

Challenges

  • Presence of Alternatives in the Market
  • Requirement for Higher Initial Investment
  • Disrupted Supply-Chain due to COVID-19

The global silage film market is segmented and analyzed for demand and supply by type into LLDPE, LDPE, HDPE, EVA/EBA, and other, out of which, the HDPE segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the growing demand for high-density polyethylene. For instance, the production of HDPE is anticipated to be approximately USD 65 million metric tons in 2022.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Silage Film Market Regional Synopsis

Regionally, the global silage film market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be ascribed to the significant expansion in agricultural land. For instance, as of 2019, around 50% of the agricultural land was utilized for arable land crops. Furthermore, ongoing technological advances in the region are also estimated to push the market growth in the region over the forecast period.

Silage-Film-Market

The global silage film market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global silage film market includes the following segments:

By Type

  • LLDPE
  • LDPE
  • HDPE
  • EVA/EBA
  • Other

By Film Type

  • Monolayer
  • Multilayer

By Application

  • Corn
  • Grasses
  • Vegetables
  • Others

Top Featured Companies Dominating the Global Silage Film Market

  • The Dow Chemical Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Coveries Management GmbH
  • Exxon Mobil Corporation
  • Groupe Barbier
  • BASF SE
  • RPC Group plc
  • Berry Global, Inc.
  • Ball Corporation
  • RPC Group plc
  • Sonoco Products Company

 

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