LONDON, April 6, 2016 /PRNewswire/ -- "Mulch film market projected to grow at a CAGR of 6.5%"
The mulch film market is projected to reach USD 4.07 billion by 2020 at a CAGR of 6.5% from 2015 to 2020. The market is further driven by factors such as global economic growth, increased per capita income of consumers, rising population, and rising demand for food products. The high growth potential in emerging markets and untapped regions provides new opportunities for market players.
"Clear/transparent mulch type is the fastest growing market from 2015 to 2020"
Clear/transparent mulch is projected to grow with the highest CAGR from 2015 to 2020among the different mulch types for cultivation. Clear/transparent mulch helps in increasing crop yield, especially during warm seasons as it traps the sun's infrared radiation to keep the soil warm, and the plastic film helps in the prevention of moisture loss, preserving the moisture content and leading to faster growth of crops. Hence, the demand for this type of mulch film is high as farmers require more crop output in less time.
"LLDPE led the market with the largest share in 2014"
On the basis of element, the mulch film market is led by the LLDPE market followed by the LDPE market. The EVA market is projected to grow at the highest CAGR from 2015 to 2020. Factors such as softness, flexibility, clarity, and resisitance to crack & stress are driving the EVA market. LLDPE has a favorable market growth. Countries such as China, Middle East, and the U.S. are the major producers of LLDPE; moreover, the Middle East, Canada, the U.S., and Southeast Asia are among the largest exporters of LLDPE. Emerging regions such as Africa and India are major importers of the LLDPE as the demand for food products is high in these regions. Increasing demand for food is exerting pressure on agricultural output and hence the demand for plastic mulch has increased as it maintains the soil temperature without eroding the soil.
The figure below shows the breakdown of the primaries on the basis of company, designation, and region, conducted during the research study.
By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
By Designation: C level – 28%, Director level – 22%, and Others – 50%
By Region: North America – 18%, Europe – 25%, Asia-Pacific – 45%, RoW – 12%
"China contributed to the largest market share in the Asia-Pacific region"
The Asia-Pacific region dominated the mulch film market in 2014 and is projected to grow at the highest CAGR during the forecast period. This region is a large market for plastic mulch films and is continuously increasing due to the improved standard of living & purchasing power of people, economic growth, and high demand for food. This growth can be attributed because of high investment by the major players such as BASF SE (Germany) and The DOW Chemical Company (U.S.). High amount of production and consumption in countries such as India and China has been a responsible factor for the Asian market to grow at the highest rate.
Major players such as BASF SE (Germany), Berry Plastics Group Inc. (U.S.), RKW Group (Germany), The DOW Chemical Company (U.S.), and AEP Industries, Inc. (U.S.) collectively accounted for the largest portion of the mulch film market in 2014. Other players such as British Polyethylene Industries Plc (U.K.), Novamont (Italy), Armando Alvarez (Spain), and Al-Pack Enterprise Ltd (Canada) also have a strong presence in this market.
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