The Asia Pacific leads the market in this region led the global industry with iver 70% of the total demand. Usage of mulch is done by over 80% of the farmers. Government supported initiatives in R&D for this product is the major driver of this product in this region. China is to witness the fastest growth over forecast period.
Stringent environmental policies regarding manufacturing, usage and disposal of this product in Europe will cause stagnant growth in near future. However, focus is shifting towards biodegradable materials in this region. Demand will be average in Central & South America. Developing economy like Brazil, India and Argentina with advancement in technology and implementation to achieve desired yield will cause the product penetration.
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Competitive Insights
Presence of small scale industry of this product segment regionally resulted in fragmentation of market space, especially in China and India. Major companies operating in the industry include BASF, BELLY’S, Novamont, BP Industries (BPI), Trio Plast, Armando Alvarez, ExxonMobil, Trioplast, Group Barbie, Britton Group, Kuraray, and Ab Rani PlastOy.
Key players significantly plays a major part in the whole value chain. The major competitive factor is innovation that is the reason major companies have been investing immensely in R&D to differentiate themselves from competitors to increase their presence in the industry. Strategic collaborations with biotechnology firms to develop new polymers and enhancing supply chain efficiency are also used by companies to have competitive advantages including M&A.
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