Northbrook, IL -- (SBWIRE) -- 10/20/2021 -- The report "Greenhouse Film Market by Resin Type (LDPE, LLDPE, EVA), Thickness (80 to 150 Microns, 150 to 200 Microns, More than 200 Microns), Width (4.5M, 5.5 M, 7M, 9M), and Region (APAC, Europe, North America, South America, MEA) - Global Forecast to 2025", size is projected to grow from USD 6.4 billion in 2020 to USD 10.4 billion by 2025, at a CAGR of 10.3%. The global greenhouse film market is witnessing high growth on account of increased demand for greenhouse-cultivated crops and development in areas for greenhouse-protected cultivation.

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The LDPE resin segment is projected to be the largest segment of the greenhouse film market.
LDPE is a type of polyethylene, which is manufactured under high pressure, mostly extruded, and blown. It is comparatively thicker than LLDPE (the number of chains in the bonds is much longer than LLDPE). LDPE with 0.932 g/cm3 of density is used in film applications requiring stiffness and easy tear properties. LDPE is used to manufacture thin films, general-purpose films, and high-barrier films. The vital features of LDPE that make it suitable for use in greenhouse films are low cost, high thickness, optical properties, and high resistance to sunlight and the external environment. The LDPE type offers advantages, such as increased clarity and ease of use, making it suitable for agricultural applications. Its low cost drives its demand in emerging markets.

150 to 200 Microns is the fastest-growing segment of the overall greenhouse film market.
150 to 200 Microns is the fastest-growing segment of the overall greenhouse film market. For optimized crop cultivation, the use of greenhouse films with a thickness of 150 to 200 microns is preferred, as they provide all necessary properties, such as controlled sunlight and UV light transmissions, anti-drop, anti-moisture, and thermicity. The use of these films is very less in Europe and North America, where snowy conditions are observed, as they might decrease light penetration inside the greenhouse tunnel.

APAC is the largest greenhouse film market during the forecast period.
The rising population in the APAC region is the key factor driving the market for greenhouse films. It has increased the demand for food, thereby exerting pressure on agricultural yield. China is the leading producer and consumer of greenhouse films in the region. India is an agriculture-based economy. In Japan, the demand for vegetables and flowers is being meet by crops cultivated in the greenhouse. South Korea is also one of the major markets of greenhouse films, after China and Japan.

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COVID-19 Impact on the Global Greenhouse Film Market

According to recent updates by the IMF (International Monetary Fund), there will be a recession as bad as the global economic crisis of 2008 or worse in 2020. The IMF has warned of a total output loss of USD 9 trillion of the world economy between 2020 and 2021. The extent of the economic damage still depends on how the virus spreads in Europe, the US, and other major economies.

- According to economists, the Chinese economy is likely to be hit further by reduced global demand for its products due to the effect of the outbreak on economies around the world. As the pandemic escalates, the growth rate will fall sharply against the backdrop of volatile markets and growing credit stress.

- Initial data from China suggests that its economy has been hit far harder than projected, although a tentative stabilization has begun. In Europe and the US, increasing restrictions on travel & transportation and prolonged lockdown will lead to a demand collapse that is expected to recover a little in the second quarter before significant recovery begins later in the year.

- Central banks have swung into action and are undertaking some combinations of sharply reduced policy rates, resumed assets purchase, and liquidity injections. Fiscal authorities have generally lagged but begun to loosen their purse strings. It is expected that larger and more targeted spending to the most affected groups is forthcoming.

- Restrictions on movement in Europe and the US are putting a severe dent on economic activity. India and Southeast Asian countries are also facing major disruption in their economies.

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