APAC oil storage market to amass substantial gains over 2018-2024, China to emerge as a chief revenue contributor

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The volatility of oil prices is a crucial factor that has tremendously impacted oil storage market in recent years. Indeed, oil prices have been a debatable topic over the last half a decade. The crude prices underwent a major decline from trading at USD 109.45/barrel in 2012 to USD 52.51/barrel in 2017, resulting in a supply-demand imbalance. The supply of crude oil has surpassed its demand leading to an overabundance of the crude oil worldwide. This has resulted in a surging demand for oil storage facilities across the globe, rapidly propelling oil storage market trends.

The declining crude oil prices have also built a tough competitive scenario in the O&G market. In accordance, oil companies have been focusing toward expanding their operations to increase their supply and storage infrastructure – a move that will commendably impact global oil storage market growth. Having once been the monopoly of the Gulf countries, oil storage industry as on today has established its footprint across myriad geographies. The emerging economies, mainly the Asia Pacific in fact, have been particularly proactive across this business space. Heavy import of crude oil across this region has resulted in an upsurge in the demand for storage facilities. As per the National Bureau of Statistics, Asia held 191 barrels of crude in its petroleum reserve in the year 2015.

U.S. Oil storage Market size, by fuel, 2013 – 2025 (Million Units)

U.S. Oil storage Market size, by fuel, 2013 - 2025 (Million Units)

Regional governments across the APAC have also been taking initiatives to augment oil storage market outlook across the continent, taking into consideration the national economic security as these oil reserves can be used at the time of energy crisis, safeguarding the national economy. For instance, the Petroleum Ministry of India announced its decision to increase its oil storage capacity taking the advantage of the reduced crude oil prices. The Government of India has set up three strategic crude oil reserves, each of 5 MMT capacity in Mangalore, Vishakhapatnam, and Padur. Rajasthan and Odisha are also under the pipeline for this set-up. Initiatives such as the aforementioned are certain to stimulate India oil storage market share in the ensuing years, inherently leading to the growth of this vertical across the Asia Pacific.

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It is noteworthy to mention that China has been a notable contributor toward APAC oil storage market. The country has been particularly keyed up with regards to crude storage and has been adopting various means to strengthen its stance in the geographical landscape of oil storage industry. In 2016 for instance, the Chinese government announced that it would be constructing additional 441 million barrels of strategic petroleum reserves by 2020. A year later, the China Energy Investment Corporation announced that it plans to invest more than USD 83 billion in the development of shale gas across West Virginia. This testifies that the increasing focus toward the expansion of refineries and the ongoing investments toward unconventional resources are certain to impel China oil storage market size.

The competitive landscape of oil storage market is inclusive of some heavy hitters such as CST Industries, Inc., Poly Processing, Snyder Industries, Red Ewald, Inc., Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites Inc., Zepnotek Storage Tank, Belco Manufacturing Co Inc, L.F. Manufacturing, Inc., Containment Solutions, Inc, Polymaster, Holvrieka, Tuffa Tanks, and Vopak. The coming years will witness the key players adopting strategic alliances and mergers & acquisitions as a major part of their growth strategy. Additionally, core oil companies are expected to involve themselves in the massive expansion of their supply and storage infrastructure in order to outbid their rivals. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Powered by the rising number of capital investments toward the development of storage units from domestic and foreign companies, in tandem with the growing demand for the refurbishment of existing storage units, oil storage industry size is anticipated to cross 1.2 billion cubic meters by 2024.

 

Author Name : Saipriya Iyer

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Global Hydrogen generator market share to surpass USD 1.32 billion by 2024

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The vivid growth of industrial hydrogen applications across sectors such as chemical processing, fuel cells, refinery, and petroleum is soon going to result in hydrogen generator turning into a billion-dollar market. According to Global Market Insights, Inc., “The Hydrogen Generator market worth USD 800 million in 2015, is estimated to surpass a revenue of USD 1.32 billion by 2024.” Hydrogen generators are primarily the units installed to produce hydrogen. Depending on the requirements of the industrial process, the hydrogen generator deployment is mainly done either as an onsite generator or a portable generator.

The government initiatives towards a sustainable environment by reducing fuel emissions and dependency on non-renewable energy resources also play a vital role in increasing the hydrogen generator market size. The rising trend of green fuel use across the industrial, commercial, and residential sectors will also heavily boost the industry share. Hydrogen generator offers high operational reliability and is considered to be a convenient and secure hydrogen storage and delivery source free from the hassles of cylinder handling.

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

The expanding automotive industry will bring enormous growth prospects for the overall market. Increasing adoption of electric vehicles is encouraging the growth of hydrogen fuel stations in turn stimulating the market growth. The government is also encouraging the use of electric vehicles over the conventional means of transport owing to the eco-friendliness, reduced fossil fuel dependency, and operational cost-effectiveness of the former. Key automobile manufacturers such as Ford Motors, Nissan, GM, Mercedes-Benz, Honda, Toyota, and Tesla Motors are also significantly sharing the electric vehicle business space. It is estimated that the global electric vehicle sale will surpass 7 million units by 2024. This will in turn result in a comprehensive increase in the fuel cell demand. Hydrogen generator application in the fuel cell market is anticipated to grow at a CAGR of 6% over the period of 2016-2024.

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The refinery industry is another major growth prospect for the hydrogen generator market. It is estimated that the hydrogen consumption in refineries accounts for 12 billion standard cubic feet per day. The demand for hydrogen in the processing of crude oil into refined fuel such as gasoline and diesel and removing the impurities from these fuels are expected to catalyze the application growth. Hydrogen generator application in refineries is forecast to surpass USD 120 million by 2024. The food and beverage industry is also supporting the hydrogen demand owing to its application in removing contaminants such as bacteria and viruses from the food items.

The refinery, oil & gas, and chemical processing industries usually adopt the onsite installation method, which is predicted to dominate the industry with a CAGR of 5% over the timeframe of 2016-2024. Portable hydrogen generators are popular amongst the transportation and construction industries and are estimated to record an annual growth rate of 5.8% over the coming eight years.

“Global hydrogen generator market is anticipated to grow at a CAGR of 5% over the period of 2016-2024.” North America market accounted for USD 300 million in 2015, and is estimated to witness substantial gains over the coming period. The growth can be attributed to the rising demand across power generating plants & refueling stations and growing trend of green fuel across this region. The U.S. and Canada will be the major revenue pockets for the North America hydrogen generator market.

Asia Pacific, primarily led by South Korea and Japan, will also grow significantly over the coming years owing to rising demand across the refinery sector, growth in the petroleum industry, and stringent government regulations across this region. The Asia Pacific market is estimated to register a CAGR of 6% over the period of 2016-2024.

Some of the major players in this market are Linde AG, Air Products & Chemicals, Inc., Hydrogenics Corporation, Air Liquide SA, McPhy Energy, Airgas Inc., Praxair Inc., and Idro Energy.

                                                     Author NameShikha Sinha

Global Enterprise application market to surpass USD 287.7 billion by 2024

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Technological advancements and digitization is setting high goals for the enterprise application market, which is expected to hit a revenue of USD 287.7 billion by 2024, as per Global Market Insights, Inc. Enterprise application is a highly complex system deployed across corporate bodies to ensure real- time information flow along with smooth business operations. Growing demand for efficient IT infrastructure, rising internet connectivity, rapid adoption of cloud computing technologies, and growth in smartphones and mobile devices are the vital factors influencing the enterprise application market share worldwide.A huge adoption trend across various end-use industries such as Healthcare, BFSI, Manufacturing, Government, Retail, Telecom & IT, and Aerospace & Defense is boosting the global enterprise application market size. Enterprise application provides these industries with a wide set of solutions such as CRM, SCM, ERP, Business Intelligence [BI], Web Conferencing, BPM, EAM, and CMS. These solutions enable the users with better inventory management, quality management, customer engagement, and supply chain management.

Asia Pacific Enterprise Application Market Size, by end-use, 2013-2024 (USD Billion)

Asia Pacific Enterprise Application Market Size, by end-use, 2013-2024 (USD Billion)

ERP market which accounted for 20% of the overall enterprise application share in 2015, is anticipated to register a CAGR of 7.7% over the coming eight years. Website content management, which has become an integral part of any organization is driving the growth of the CMS (Content Management System) market. CMS market share is estimated to exceed USD 8.5 billion by 2024. Owing to the growing demand for customer engagement management, CRM segment will also witness significant growth over the coming years, accounting for over 25% of the overall enterprise application market share by 2024.

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Cloud based enterprise application, which accounted for 30% of the overall share in 2015, is gaining popularity among various sectors, particularly manufacturing and retail, due to increasing focus on cost optimization, growing internet connectivity and demand for enhanced accessibility. Also, on-premise deployment model is projected to witness a CAGR of 4.5% over the period of 2016-2024.

The implementation of enterprise application across various industries solely depends upon the requirements from the respective sectors. Enterprise application in the healthcare industry was worth USD 16.5 billion in 2015 and is forecast to grow at a CAGR of 8.9% from 2016-2024. The growth will primarily be driven by growing demand for real-time data transparency across this sector. Retail industry will also witness huge adoption of this system to ensure better customer management.

Global enterprise application market worth USD 150 billion in 2015, is forecast to register a CAGR of 7.6% over the period of 2016-2024. The North America market size is estimated to account for 30% of the overall revenue by 2024, driven by modern organizational structure and customer-centric approach of the companies across this region. The Asia Pacific market is anticipated to record a CAGR of 9.5% over the coming eight years, hitting USD 75 billion by 2024.  Technological advancements coupled with cloud-based solution demand by SMBs is likely to drive the regional demand.

Novel IT developments like Big Data and Internet of things will bring immense growth opportunities for the market players. The participants will spend largely on R&D to develop innovative products and solutions in order to meet growing technological needs and most importantly to sustain competition. Startups and small scale industries will also share decent business space over the coming timeframe. Key market participants are IBM, Oracle, , Microsoft, SAP, Epicor Software, IFS, Infor, Hewlett-Packard, and QAD.

Author NameShikha Sinha

Lignin market landscape to be characterized by highly enhanced research programs, global industry volume to exceed 1.5 million tons by 2024

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Over the recent years, lignin market has been traversing along a lucrative growth path owing to the rapid technological progressions in bioenergy and biofuel domains. Moreover, the rising environmental concerns pertaining to the worldwide increase in air pollution has favorably influenced the revenue share of the overall lignin industry. Apparently, the potential environmental benefits from finding alternative uses of lignin are humongous. Lignin can be used to substitute fossil based raw materials over an extensive range of products, from carbon fibers to plastics and individual chemical products. Furthermore, the demand for value-added products has been on the rise lately – a factor that would provide an additional economic incentive to the global lignin market stakeholders.

U.S. Lignin Market Size, By Application, 2016 & 2024 (Kilo Tons)
U.S. Lignin Market Size, By Application, 2016 & 2024 (Kilo Tons)

Elaborating further, it would be prudent to mention that numerous research projects have been undertaken by various lignin industry participants and universities to explore the commercial potential of lignin. Citing an instance of the same, Nordic Innovation Centre, ScanBalt Campus Knowledge Network Environmental Biotechnology, and a host of universities of Sweden had initiated a joint industry-academy project, named as LigniMatch, to address environmental challenges and study the economic prospects of lignin.

The ambitious project aimed at finding a basis for efficient upgradation of the lignin fraction from paper and pulp industry into commercially viable products that can replace fossil-based alternatives. Apparently, the project identified a wide range of probable lignin-derived products such as activated carbon, binders, phenol, carbon fibers, sorbents, plastic materials, and motor fuel. Moreover, the project laid out a roadmap to guide lignin industry players on how to successfully incorporate the emerging technologies in order to develop advanced lignin-based products in the Nordic region.

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Concurrently, the aforementioned instance goes on to demonstrate the significance of lignin, given that it could prove to be of immense help to conserve the ecological balance. Apparently, owing to the innumerable applications of lignin across various business domains, the global lignin market is bound to flourish in the ensuing years.

Speaking of the geographical growth outlook, lignin has found massive usage in European nations as a colorant in diverse industrial applications such as textile processing, printing inks, food processing, and wood stain. Moreover, the rising consumer awareness has led to an increased demand for bio-based products in this region which has subsequently boosted the overall Europe lignin market expansion in the recent times.

In addition to this, European Union has been proactive in enforcing strict regulations such as REACH (namely the registration, evaluation, authorization and restriction of chemicals) which aims to constrain the transportation of synthetically driven chemicals. Furthermore, it has been observed that dust collectors have gained prominence in this region, given that these systems lower the ill-effects of air pollutants.

Apparently, the presence of robust regulatory framework and the rising popularity of lignin derived products is certain to propel the fortunes of this business space. In fact, as per a report by Global Market Insights, Inc., the Europe lignin market, majorly driven by France, Italy, UK, and Poland, is anticipated to surpass an impressive remuneration portfolio of USD 350 million by 2024.

It is quite imperative to mention that crucial market participants including Domsjo Fabriker AB, Nippon Paper Industries, Ingevity, Domtar Corporation, Borregaard LignoTech, Burgo Group Spa, and Liquid Lignin Company have been focusing on developing new methodologies to ensure optimal production of lignin in terms of effectiveness and cost-efficiency. Add to it, the abundance of raw materials and rapid adoption of new technologies has favorably influenced the overall lignin industry share which is expected to exceed USD 960 million by 2024, as per reliable estimates.

Author NameSaif Ali Bepari

U.S. autoimmune disease diagnostics market to thrive on the grounds of escalating demand for superior diagnostic tools over 2017-2024

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Touted as one of most evolving niche verticals of recent times, autoimmune disease diagnostics market has been revolutionizing the healthcare space, primarily due to the alarming prevalence rates of autoimmune diseases globally. Inclusive of rheumatoid arthritis, Type 1 diabetes, Hashimoto’s thyroiditis, and the like, autoimmune diseases are self-inflicted diseases caused due to the abnormal immune response to a body part and are widely ubiquitous. As per the NIH Autoimmune Disease Coordinating Committee (ADCC), 14-22 million people in the U.S. are affected by some sort of autoimmune disease. Another study depicts 7 million people in the Europe to be suffering from autoimmune ailments. The NIH (National Institutes of Health) in fact, mentions autoimmune diseases to be one of the top 10 causes of female demise in the U.S. These statistics elicit a clear picture of the widespread occurrence of autoimmune diseases globally, which would necessitate the requirement of superior diagnostic methodologies, thereby carving out a positive growth map for autoimmune disease diagnostics market.

 

Germany Autoimmune Disease MarketBy Product, 2013 – 2024 (USD Million)
Germany Autoimmune Disease Market, By Product, 2013 - 2024 (USD Million)

The issue has been a matter of serious concern worldwide and is being addressed by measurements taken at individual and government levels. According to an autoimmune disease diagnostics market report put together by Global Market Insights Inc., this business space is forecast to cross a revenue collection of USD 16 billion by 2024, having registered a valuation of USD 13 billion in 2016. The report chronicles some of the pivotal factors driving the growth of autoimmune disease diagnostics industry size to be the growing prevalence of these diseases across myriad geographies, rising awareness among patients, and increasing government initiatives towards reducing the frequency of such ailments. While the APAC and Europe belts have depicted considerable potential for autoimmune disease diagnostics industry growth, one of the pivotal regions that has been forecast to make a mark over the forthcoming seven years is that of the United States.

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An insight into U.S. autoimmune disease diagnostics market:

The United States is touted to be one of the most lucrative regions for the growth of autoimmune disease diagnostics industry. The American Autoimmune Related Diseases Association in fact, claims close to 50 million Americans to be currently suffering from autoimmune related disorders, and has forecast that the numbers are expected to escalate over the coming seven years. In consequence, the demand for state-of-the-art and cost-effective diagnostic methods are expected to surge, thereby augmenting the revenue landscape of U.S. autoimmune disease diagnostics market.

The cost factor associated with the diagnosis of these ailments remains a major element of concern for the pivotal players of the U.S. autoimmune disease diagnostics industry. In a bid to address the rising issues of medical care spending, several initiatives have been established to carry out extensive research programs in the discipline. Organizations such as The Johns Hopkins Autoimmune Disease Research Centre and the Autoimmune Research Network (ARNet) have also been working toward the development of myriad strategies for reducing the economic strain caused due to these diseases. Furthermore, the American Autoimmune Related Diseases Association conducts numerous awareness programs to educate the masses regarding the importance of early diagnosis. Inherently augmented by various governmental efforts and the escalating prevalence of rheumatoid arthritis and systemic lupus erythematosus, U.S. autoimmune disease diagnosis industry is likely to generate substantial valuation in the ensuing years.

Addressing the issue of healthcare expenditure in autoimmune disease diagnostics industry

The frequent occurrence of these diseases has resulted in significantly mammoth medical care expenses. The treatment of autoimmune ailments is supposedly way more expensive than numerous other disorders, and is a serious concern to the overall healthcare system. For instance, the annual medical expenditure for the treatment of multiple sclerosis (a type of autoimmune disease) comes to approximately USD 2.5 billion, a cost higher than that incurred during diabetes treatment.

The issue of medical care spending for these ailments postulates the need for improved yet cost-effective diagnostic procedures – a matter of contention which is being addressed at a governmental level. Authorized bodies across various geographies have been customarily addressing this global issue, which has led to the contraption of new diagnostic methods to detect and cure such ailments, sequentially favoring autoimmune disease diagnostics market outlook. A remarkable development in the field of autoimmune disease diagnostics is the formation of the Autoimmunity Centers of Excellence (ACE) by the collaboration of NIH, non-profit organizations, and pharmaceutical companies, which conducts myriad research programs for the development of diagnostic tools.

Autoimmune disease diagnostics industry is rather fragmented and is being influenced by the ongoing trends of the diagnostics space such as developments in genetic testing, surging demand for personalized medicine, increased focus toward prevention rather than treatment, etc. Established autoimmune disease diagnostics market players, it has been observed, have been making sufficiently extensive investments in research and development activities in a bid to brainstorm contemporary methods of diagnostics, which would proportionately drive autoimmune disease diagnostics market share in more ways than one. Another trend witnessed across the competitive landscape of autoimmune disease diagnostics industry is that of new entrants setting up their bases in emerging economies rather than developed ones, to endorse the untapped potential across these geographies. Heavily influenced by the efforts of regional governments and an increasing percentage of R&D activities, autoimmune disease diagnostics market is certain to emerge as one of most opportunistic verticals of the healthcare space.

Author NameSaipriya Iyer

Polymer industry to contribute towards the major Carbon Nanotubes(CNT) market share over 2016-2024

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The carbon Nanotubes market has become a billion-value industry due to the high demand for these materials across various end use industries. Carbon nanotubes are allotropes of carbon having a cylindrical nanostructure and possess excellent properties, making it popular across electronics, optics, nanotechnology, and material science industries. Properties like high tensile strength and light- weight of these materials make them used widely across defense, aerospace, and electronics sectors.

As per a research report on Carbon Nanotubes Market by Global Market Insights Inc., “the global carbon nanotubes market worth USD 1.35 billion in 2015, is estimated to grow at a CAGR of 22.1 % over the period of 2016-2024, hitting USD 8.1 billion by 2024.” Wide applications of these materials across energy, electrical & electronics, and polymers industries are likely to drive the market growth over the forecast timeframe, says the report.

U.S. Carbon Nanotubes Market size, by application, 2013-2024 (USD Million)

U.S. Carbon Nanotubes Market size, by application, 2013-2024 (USD Million)

 

CNTs exhibit exceptional tensile strength which is approximately 20 times higher than that of steel. Moreover, these materials are five times lighter than steel. For instance, CNT can be used in turbine wind blades to reduce the mechanical stress and impart higher strength, thereby increasing the overall efficiency. In addition, surging demand for light weight products in polymers and electronics industry will also favor the carbon nanotubes market share over the coming years.

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The basic raw materials used in the manufacturing of CNTs are ethylene, methane, and acetylene. Prolonged exposure to nanoparticles may result in chronic disorders, which may hamper the industry growth over the coming years. Moreover, high production and operational cost will also restrain the market share over the forecast timeframe.

CNT market will significantly expand owing to its applications in the polymer industry. The polymer industry contributed towards 50% of the overall CNT market share in 2015, and is expected to be the dominant application segment over the coming years.

Electrical & Electronics will be another major industry supporting the growth of CNT market over the next eight years. The industry will demand for high use of CNTs in a wide set of applications like forming p-n diode by chemical doping and polymer coating, building electronic devices like field effect transistors, and dispersing heat from computer chips owing to their incredible thermal transmission properties. Electrical & Electronics application segment is pegged to grow at a CAGR of 20% over the period of 2016-2024.

Carbon Nanotubes are mainly used in the form of either SWCNT (Single Wall Carbon Nanotubes) or MWCNT (Multi Wall Carbon Nanotubes). SWCNTs accounted only for a small portion of the overall carbon nanotubes market. These are mainly used in electrical applications owing to the high electrical conductivity exhibited by these materials.

MWCNTs accounted for 90% of the overall market share in 2015, and is expected to register a CAGR of 22% over the period of 2016-2024. The high growth is attributed to the excellent electrical, thermal, and mechanical properties possessed by these materials which makes them extensively used as polymers additives, catalysts, electron field emitters, gas-discharge tubes in telecom networks, lithium-battery anodes, nanotube composites, nanoelectrodes, etc.

The U.S. CNT market worth USD 340 million in 2015, is set to witness noticeable growth over the coming years, primarily driven by government investments in nanotechnology and growth in the polymer industry across this region.

The Asia Pacific CNT market is estimated to register the highest CAGR of 23% over the next eight years. Expansion of polymer and electronics industry in this region will be primarily driving the industry share. China, Japan, and India are set to be the major revenue pockets for the CNT market in APAC.
The industry is quite fragmented with a blend of large and small market players. Key industry players like Hanwha Nanotech Corporation and Arkema SA are backward integrated, where they manufacture raw materials required for CNTs. Other participants such as C Nano Technology Limited, Nanocyl SA, Raymor Industries, Thomas Swan & Co. Ltd., and Nanoshel LLC have adopted regional distribution strategies to address the high demand for CNTs in end-use industries.

Author NameShikha Sinha

Global Agricultural Films Market Size to be worth USD 15.13 billion by 2024

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Agricultural Films Market is projected to surpass 9.2 million tons by 2024, at a CAGR of 6.2% over the period of 2016-2024. Growing need for producing high-quality crops along with the heavy requirement for increasing agricultural/crop production as a result of rising population is predicted to drive the product demand.  Innovations in biotechnology leading to manufacturing of products from sustainable sources coupled with the adoption of more advanced scientific farming techniques are few other factors likely to boost the market share over the coming years.

Involvement of institutions like Alliance for a Green Revolution in Africa (AGRA), Sustainable Agriculture Network (SAN), and Global G.A.P Academy for farmer welfare is predicted to boost agricultural films market trends over the forecast timeframe.

Europe agricultural films market share, by raw material, 2014
Europe agricultural films market share, by raw material, 2014

Agricultural films are finding growing applications in mulching, silage, and greenhouse. Mulching applications are predicted to surpass 4.24 million tons, at a CAGR of 6.2% over a period of 2016-2024. Farmers are focusing on mulching applications to retain soil water, hinder weed growth, reduce crop damage by insects & pests, maintain soil temperature, and increase crop production. Mulching applications segment worth USD 2.6 billion in 2014, is projected to witness heavy demand for the product over the next eight years.

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Greenhouse applications segment contributing about 41% to the overall volume in 2014, is predicted to record a CAGR of 6.3% over the forecast timeline due to climatic fluctuations and rising floriculture & horticulture trend.

Heavy demand for the agricultural films in silage applications is due to its high nutrition contribution to animal feed resulting in higher milk production.

Polymers/raw materials used to manufacture agricultural films include LDPE, LLDPE, HDPE, EVA, and Reclaims. LLDPE agricultural film market size worth USD 3.2 billion in 2014, at a CAGR of 6.5% over the forecast timeframe, is predicted to witness a heavy demand in the coming eight years due to improved shelf life, moisture resisting features, cost-effectiveness and exceptional thermal strength. Furthermore, rising agricultural activities in countries like Thailand, India, and Malaysia due to modernization in techniques of farming is projected to drive the demand for the product.

LDPE market, contributing 21% to the overall demand in 2014, is pegged to witness moderate growth at a CAGR of 6.3% over the period of 2016-2024, due to its heavy demand in regions like Asia Pacific facing problems of water scarcity.

HDPE market, contributing about 375 kilotons in 2015, is predicted to witness a heavy demand for the product from the Middle East region as a result of harsh weather and flourishing of horticulture and floriculture sectors.

North America agricultural films market is predicted to grow at a rate of 5% over the forecast timeline due to heavy demand for greenhouse applications along with low availability of cultivable land. The U.S. market is predicted to contribute significantly towards the regional growth.

China agricultural films market size worth USD 3.8 billion in 2014, will register a CAGR of 6.5% over the estimated timeframe, owing to the heavy product demand in agriculture as a result of water scarcity and tough weather conditions. In addition to this, the use of modern methods of farming in agriculture is likely to drive the product demand in the region.

MEA agricultural films market share contributing about 8% of the overall demand in 2014, is expected to witness a substantial growth over the forecast timeline with countries like South Africa, Saudi Arabia, and UAE contributing enormously to the regional growth. Furthermore, factors like low availability of tillable/cultivable land along with rising demand for food as a result of a growing population is predicted to boost the market trends.

Key industry players include ExxonMobil, Grupo Armando Alvarez, BASF, The Dow Chemical Company, Kuraray, Novamont S.p.A., Group Barbier, and Britton Group, Inc.

Author NameDhananjay Punekar