Biodegradable Mulch Films Market Is Projected To Surpass $64.3 Million By 2024: Grand View Research, Inc.

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According to new report published by Grand View Research, the global biodegradable mulch films market value is expected to reach USD 64.3 million by 2024. Growing concerns regarding residues of plastic mulch in soil can stimulate the growth of the market.

As per the findings of a report by Grand View Research, Inc.; the global biodegradable mulch films market is projected to rise to a valuation of USD 64.3 million by the end of 2024. Biodegradable much films are being increasingly recognized worldwide for their low environmental impact as they do not produce any hazardous waste and their disposal is convenient. They offer advantages such as maintaining temperature and soil moisture levels and improving crop yield by hindering weed growth. Rising awareness regarding these advantages is likely to propel the market during the forecast period (2016 to 2024).

Traditionally, plastics have been used as mulching material; however, they are non-biodegradable and can have a negative impact on soil. Growing concerns regarding residues of plastic mulch in soil can stimulate the growth of the market. Biodegradable films offer several benefits over plastic mulch such as eliminating the need to remove and dispose and thus, curbing the negative impact on environment. Thermoplastic starch (TPS) is the most widely used raw material for manufacturing biodegradable films. Its demand is poised to proliferate at a CAGR of 7.7% during the forecast period.

Full Research Report On Biodegradable Mulch Films Market Analysis:

U.S.biodegradable mulch films market revenue, by raw material, 2014 – 2024 (USD Thousand)

U.S.biodegradable mulch films market revenue, by raw material, 2014 - 2024 (USD Thousand)

Burgeoning global population and the subsequently rising need for food are creating staggering pressure on farmers to generate greater crop yield. Shrinking arable land owing to the rising industrialization and urbanization is compelling them to enhance productivity in the same land holding. This is working in favor of the market. Spiraling demand for biodegradable mulch is estimated to lower product costs, thereby making inroads in consumption of its polyethylene counterparts.

Favorable government regulations, especially in North America and Europe, are promoting the uptake of eco-friendly products, which is anticipated to provide a fillip to the market. However, existing biodegradable mulch films are not entirely bio-based and contain more than 10% synthetic ingredients. This factor is anticipated to restrict the biodegradable mulch films market from realizing its utmost potential.

Nevertheless, increasing investments in R&D activities to create new bio-based formulas are expected to brighten up the future of the market. For instance, In Feb 2017, Walki developed a new soil mulching solution, which is fiber based and entirely biodegradable. It can be used for weed control, optimization of soil conditions, and to enhance crop yield. It is composed of kraft paper, which is coated with a biodegradable coating layer that retards paper degradation.

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The global biodegradable mulch films market has been classified into raw materials, crop, and geography. By raw materials, the market has been categorized into polyhydroxyalkanoates (PHA), aliphatic-aromatic copolyesters (AAC), polylactic acid (PLA), thermoplastic starch (TPS), and others. Demand for PLA-based biodegradable mulch films is projected to witness a 7.6% CAGR during the forecast period.

In terms of crop, the market has been divided into grains and oilseeds, fruits and vegetables, and flowers and plants. The fruits and vegetables segment is poised to lead the market through 2024, registering a CAGR of 7.8% between 2016 and 2024. Demand for biodegradable mulch films for grains and oil seeds may amount to USD 20.3 million by the end of 2024.

Geographically, the market for biodegradable mulch films has been segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific is projected to command a sizeable share in the market through 2024. Rapid industrialization and urbanization are escalating the food demand in the region, thereby contributing to the growth of the market. Changing lifestyles and regulatory scenarios are also playing a vital role in the development of the regional market. Global players are likely to capitalize on the high population growth rates in emerging economies such as China, India, and Indonesia.

Some of the prominent companies in the biodegradable mulch films market are KingfaSci & Tech Co Ltd; AEP Industries Inc.; British Polythene Industries PLC; BioBag International AS, and Al-Pack Enterprises Ltd.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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