Agrochemical Intermediates Market to Grow at a CAGR of 4.55% by 2030
According to ChemAnalyst report, “Global Agrochemical Intermediates Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Agrochemical Intermediates market has shown significant growth in historic period and is projected to achieve a healthy CAGR of 4.55% during the forecast period. The damaging impact of excessive pesticide consumption on environment has become a condemning issue for agrochemical industry and farmers as well. In order to maximize the production of agriculture, rapid changes in fertilization, cropping patterns and methods for high yielding varieties have contributed to the increased use of pesticides. Apart from the contamination of environment, agrochemicals can affect the human and animal health when used improperly. However, the proper use of agrochemicals creates a sustainable environment and helps in improving yield and reducing the chances of being resistant to chemical among pests.
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Agrochemical is basically a short term for agricultural chemical that are the chemical substances including pesticides, herbicides, fungicides, insecticides, fertilizers, plant growth regulators, acidifying agents and others used in agricultural processes to induce plant growth and provide crop protection from various diseases. Agrochemical intermediates are of different types such as alkyl amines, amines, aldehydes and acids. Due to their properties, agrochemical intermediates find its application in various kinds of crops including pulses and oilseeds, grains and cereals, fruits and vegetables, commercial crops, fruits and vegetables and others. Agrochemicals can be produced by both chemical and biological method. Due to the increasing population, emerging environmental concern and changing climate pattern, the agriculture industry is being continuously challenged to evaluate ‘green’ or ‘bio-based’ products and processes.
Due to the advancement in farming techniques such as smart plantation, precision farming etc. and surging demand of biobased agrochemical intermediates is anticipated to drive the global market of agrochemical intermediates in the upcoming years. The surety of food security worldwide is another factor which is propelling the demand of agrochemical intermediates in the global market. Furthermore, other factors that are responsible for demand growth of biobased agrochemical intermediates are declining arable land and augmented agricultural productivity. Both pesticides and insecticides are among the commonly used segments of agrochemicals. However, the segment of herbicides is expected to witness a boost in the agrochemical industry. The reduced usage of chemicals has resulted in significant growth of biological insecticides and pesticides, along with these products, several bacteria/viruses was introduced for disease and pest control. Due to the small number of restrictions on product approval and low cost for the development of product, biobased pesticides are highly adopted by agricultural industry.
Due to the onset of COVID-19, the production and supply of agrochemical intermediates were highly affected. The global crises had an impact on the sales and distribution of pesticides, insecticides and other agrochemicals. Due to nationwide lockdowns and government’s restrictions on travel ban, the manufacturers halted their operations for a while, which affected the global supply chain. However, this did not cause hindrance in the production of agrochemical intermediates, but the supply became limited during the pandemic which led to the increase in prices for agrochemical intermediates. During the crises, the demand of agrochemicals and the production of crops decreased due to the unavailability of laborers.
Region wise, Asia Pacific region dominates the agrochemical intermediates market followed by North America. The dominance in the Asian countries is due to the growing population and requirements for food security. Increasing modern agriculture in emerging countries like China and India is also propelling the demand of agrochemical intermediates.
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Key Points of this Report:
- Analysing the market potential by its grade, applications, end-use, segments and volume by calculating the Compound Annual Growth Rate (CAGR) from historic and forecast period.
- Focusing on the driving factors, opportunities, growth, potential and challenges in the market.
- Brief information on the production, manufacturing, handling, sales and distribution across different geographic channels to expand economy and revenue.
- Evaluating a competitive landscape of more than ten global companies by analysing their product value, import-export sales and supply-demand gap.
“Being linked to the downstream application such plant growth and crop protection etc, the global Agrochemical Intermediates Industry has shown a considerable growth along with the growing population, shifting in the consumer preference and demand for food security. It is projected that in the upcoming years, India is going to become the world’s fifth biggest consumer market. In addition, growing per capita income worldwide poised a stronger outlook to the country’s agrochemicals demand. The nationwide lockdown and travel ban travel ban affected the global supply chain and caused immediate shortage of labours for large scale plantation. Meanwhile, China serves as the major region for growth as well as with sufficiently installed capacities. With new competitors emerging across the Asian Agrochemical market, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
Key Players:
Some of the major players operating in global Agrochemical Intermediates market are Rohner Chem, Eastman, Arkema, AGC, Lonza, Sugai Chemical, Kurray, BASF, Evonik, Air Water, Astec, Weyl Chem Group, DPX Fine Chemicals Mitsubishi corp. and Others.
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