ALBANY, New York, September 27, 2018 /PRNewswire/ --
The global agricultural adjuvants market has highly consolidative landscape, observes Transparency Market Research (TMR). Some of the players operating in the global agricultural adjuvants market are Akzo Nobel N.V., Croda International Plc., Solvay S.A., Clariant, and Momentive Performance Materials Inc. The key players including Solvay, Akzo Nobel N.V., and Clariant are collectively accounted for more than 50% of the overall market in 2015. This situation is likely to remain the same for the next few years. Additionally, consolidation of the market will likely to further intensify the competition.
According to the TMR, the agricultural adjuvants market is expected to reach the value of US$4.16 bn by the end of 2024 by expanding with the CAGR of 6.60% over the forecast years from 2016 to 2024. The agricultural adjuvants market was valued at US$2.36 bn in 2015. Based on the application, the agricultural adjuvants market dominated by the herbicides. On the basis of region, North America is dominating the global market for agricultural adjuvants followed by Latin America. The high demand for agricultural adjuvants is expected to help remain dominant over the forecast period. However, the market in Asia Pacific is expected to expand with higher CAGR owing to increasing awareness among farmers in the developing countries such as India and China.
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Growing Importance for Commercial Farming to Drive Growth
The increasing population globally is leading to an increase in food. This increasing demand for food is encouraging farmers to adopt advanced farming techniques in order to improve yield during farming. Additionally, the farmers are adopting superior chemicals for protection of crops globally. This is a key factor in fuelling the growth of the agricultural adjuvants market.
Additionally, increasing importance for precision farming, contract farming, and commercial farming are boosting use of agricultural adjuvants for agrochemical applications. The chemicals such as emulsifiers, surfactants, and salts are beneficial for effective crop production. This factor has boosted adoption of agricultural adjuvants which is likely to fuel the growth of the agricultural adjuvants market.
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The agricultural adjuvants are gaining popularity among the utilities such as herbicides, insecticides, and fungicides to ensure the protection of crops from insects is propelling the growth of the global agricultural adjuvants market. Increasing awareness among farmers about usage and benefits of usage of agrochemicals and advanced equipment in farming is bolstering growth of the global agricultural adjuvants market. Additionally, in numerous developing countries, the government is providing some resemblance policies to encourage the use of these adjuvants. These policies are acting as major supporters of the growth.
Increasing Usage of GM Seeds to Hamper Market
Despite these growth prospects, growing popularity of genetically modified seeds due to its effectiveness are limiting growth of the agricultural adjuvants market. Additionally, price volatility of agricultural adjuvants is hampering growth of the global agricultural adjuvants market. Nevertheless, increasing investment on the research and development (R&D) activities in order to improve the effectiveness of the agricultural adjuvants and agrochemicals are expected to provide lucrative opportunities for key players operating the agricultural adjuvants market over the forecast period.
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This information is from the new report by TMR, titled "Agricultural Adjuvants Market (Product Types - Activators (Surfactants, Oil Adjuvants, and Ammonium Fertilizers) and Utility (Wetting Agents & Spreaders, Buffering Agents, Drift Control & Foaming Agents, and Defoaming and Antifoaming Agents); Applications - Herbicides, Insecticides, and Fungicides) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global agricultural adjuvants market has been segmented as presented:
By Product Type:
- Oil Adjuvants
- Ammonium Fertilizers
- Wetting Agents & Spreaders
- Buffering Agents
- Drift Control & Foaming Agents
- Defoaming and Antifoaming Agents
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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