With the presence of a large pool of participants, the global mulch film market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). BASF SE, British Polythene Industries PLC, AEP Industries Inc., Armando Alvarez Group, Britton Group, ExxonMobil Chemical, Ab Rani Plast Oy, Plastika Kritis S.A., Group Barbier, Kuraray Group, and The Dow Chemical Company are some of the key vendors of mulch film across the world. These players across mulch film market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the mulch film market study.
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Citing an instance, in May 2018, Chesco firm introduced a longleaf pine straw for using it as an alternative for hardwood mulch.
As estimated in this report, the global mulch film market stood at US$ 2.9 Billion in 2015. Witnessing a tremendous rise during the period from 2016 to 2021, the revenue in this mulch film market is expected to reach US$ 4.2 billion by the end of the forecast period.
Escalating Demand For Raising Crop Yield To Boost Product Sales
“Enhanced demand for increasing crop productivity as a result of reduction in the cultivable land is predicted to boost mulch film market trends,” says the author of this mulch film market study. Apart from this, qualities such as prevention of weed growth, conservation of soil moisture through reduction of water evaporation loses, and reduction in water evaporation losses is likely to drive the growth of mulch film market. In addition, mulching practice helps in increasing yields, providing better quality produce, enhancing insect management, and early maturity of crops, which provides additional financial benefits to the grower.
The regulations in Western European markets on the use of non-biodegradable plastics are, however, restricting the demand for agricultural films. This, in turn, will inhibit the growth of mulch film market over the years ahead. In addition, the high installation cost of the films is anticipated to pose a big challenge for mulch film market.
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Massive Adoption Of New Farming Technology To Propel Regional Dominance
Regionally, Asia Pacific has been leading the worldwide mulch film market and is anticipated to continue on the dominant position in the years to come, states the mulch film market study. Growing acceptance of advanced technology pertaining to farming along with massive availability of arable land is the main factor behind the dominance of the North America mulch film market. Enhanced demand for crop production from countries such as China, South Korea, and India is expected to further boost the growth of mulch film market in Asia Pacific is another significant factor that is supporting the growth of this regional mulch film market.
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