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Diquat Dibromide Market Demand, Analysis, Size And Growth Forecast By 2033
Diquat Dibromide Market
According to The Business Research Company's, The diqat dibromide market size has grown strongly in recent years. It will grow from $7.23 billion in 2023 to $7.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to global agricultural trends, r&d and innovation, environmental concerns, crop yield and quality, agricultural practices, pest control practices.
The diqat dibromide market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to crop protection demand, market expansion strategies, emerging weed resistance, global agricultural trends, research and development. Major trends in the forecast period include usage in aquatic environments, urban landscaping and maintenance, demand for non-residual herbicides, resistance management, focus on fast action herbicides.
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Market Drivers and Trends:
Increased demand for industrial crops such as sugar cane is expected to propel the growth of the diquat dibromide market going forward. Sugar cane refers to a tall grass called Saccharum officinarum that is native to tropical and warm climates, has a strong, jointed stalk, and is the main source of sugar. Diquat is a non-selective herbicide that kills or harm a wide range of plants when it meets them. It is absorbed by plant leaves and causes direct cell tissue destruction and increase the productive of the crops. For instance, in November 2022, according to the United States Department of Agriculture, a US-based government organization, Australia's sugarcane production is estimated at 33.0 million tons in 2022 with the increase in harvested area from 350,000 hectares in 2021 to 5,000 hectares in 2022. Therefore, increased demand for industrial crops is driving the growth of the diquat dibromide market going forward.
Product innovations are a key trend gaining popularity in the diquat dibromide market. Major companies operating in the diquat dibromide market are adopting new technologies to sustain their position in the market. For instance, in June 2022, Ihara, a Brazil-based manufacturer of pesticides, launched DORAI MAX (Diquat dibromide + Amicarbazone) herbicide. It is uniquely designed with a new active ingredient that enables quick and efficient action. The new herbicide makes it possible for maintaining consistent maturity and decreases harvest losses, machine wear, and fuel usage. It is uniquely designed to reduce the exposure of grains to the attack of crop detractors and environmental variations and allows to plant of the second crop within an ideal window.
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Major Key Players of the Market:
Corteva Agriscience Inc.; Coromandel International Limited.; EverGrow Group; BASF SE; American Vanguard Corporation; Bayer CropScience SE; Nutrien Ltd.; Agriculture Solutions Inc.; Deepak Fertilizers and Petrochemicals Corporation Limited.; Hafia Groups; Sapec Agro SA; Kugler Company; Yara International ASA; Israel Chemicals Limited.; Van Iperen International B.V.; U.S. AG LLC; Adama Agricultural Solutions; FMC Corporation; Syngenta International AG; Nufarm Limited; UPL Limited; Sumitomo Chemical Company Ltd.; Aceto Corporation; Alligare LLC; YongNong BioSciences Co. LTD; Albaugh LLC; Chemtura Corporation; Dow AgroSciences LLC; DuPont de Nemours Inc.; The Gowan Company LLC; Hubei Xianlong Chemical Industry Co. Ltd.; Jiangsu Luye Agrochemicals Co. Ltd.; Kenvos Biotech Co. Ltd.; Lonza Group AG; Nantong Jiangshan Agrochemical & Chemicals Co. Ltd.; Nissan Chemical Corporation; Nutrichem Company Limited; Shandong Luba Chemical Co. Ltd.; Sharda Cropchem Limited; Willowood USA
Diquat Dibromide Market 2024 Key Insights:
• The diqat dibromide market will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Growing Demand For Industrial Crops Boosts The Diquat Dibromide Market For Enhanced Productivity
• Ihara Introduces Dorai Max Herbicide With Diquat Dibromide And Amicarbazone
• North America was the largest region in the diqat dibromide market in 2023
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