Manufacturers of silo bags have incorporated innovation in their production of silo bags in terms of storage efficiency, optimum space requirement, flexible plastic sheets and high performance attributed to growing demands for convenience packaging among farmers. In addition, as silo bags are further used as an alternative for storing grains such as corn, wheat, sorghum, maize, it is further known as harvest grain bags. The North America silo bag market is expected to grow at a CAGR of 4.8% in terms of revenue over the forecast period, 2016-2026.
Silo bags are mainly composed of polypropylene and polyethylene films, which when dumped in waste leads to degradation of the environment. Due to the imposition of stringent environmental regulations regarding the large-scale production of plastic films and industrial application is likely to restrain the growth of the silo bag market in North America in the span of next ten years. Moreover, over 90% sales of the silo bags in North America worsens the condition of the environment and related regulations. Furthermore, increasing competition in the market for securing relatively high profits is further likely to restraint the silo bag market in North America over the following decade.
Consumption of silo bags in U.S. and Canada is likely to witness a CAGR growth of 4.4% in terms of volume in the span of next ten years. Moreover, U.S. will account for a revenue share of over 80% over the following decade, whereas Canada will exhibit over 5% CAGR, and gain traction in the span of next ten years.
Leading manufacturers operating in the North America silo bags market are engaging in product launches with additional and enhanced features over the following decade. Major market players operating in the North America silo bag market include IPESA-Rico Chico SA, Grain Pro, Inc., RKW Hyplast NV, Gem Silage Products, Blue Lake Plastics, LLC., Grain Bags Canada, Canadian Tarpaulin Manufacturers LTD., BagMan LLC., KSI Supply, Inc. and Temudjin Flex-Pack BV.