Agricultural Adjuvants Market by Regional Analysis, Key Players and Forecast 2024
The global agricultural adjuvants market is currently being driven by the growing need for better methods and chemicals for protecting crops. This need is largely borne out of a shrinking average available farmland coupled with a growing consumption of foods. The global agricultural adjuvants market is, however, currently being restrained by the growing use of genetically modified seeds that are generally more efficient in terms of yield and protection from pests. This current market for agricultural adjuvants is also being restrained by the volatility in product prices as this can deter long-term usage and the formation of partnerships between distributors and customers.
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The global agricultural adjuvants market was calculated at US$2.36 bn at the end of 2015 and it is expected that the market will reach US$4.16 bn at the end of 2024, after expanding at an optimistic CAGR of 6.6% within a forecast period from 2016 to 2024. The total volume of the global agricultural adjuvants market in 2015 was 757,570 kilo tons.
Pest Control Leads Global Agricultural Adjuvants Market by Application
The diverse area of applications for the global agricultural adjuvants market include fungicides, herbicides, insecticides, along with a number of minority utilities in crop protection, such as disinfectants, desiccants, defoliants, plant regulators, biocides, fertilizers, bio-stimulants, and micronutrients. Of these, crop control and pest control in the form of fungicides, herbicides, and insecticides led the global agricultural adjuvants market in terms of application-based demand. In 2015, herbicides held the leading application segment in global agricultural adjuvants market in terms of demand and revenue generation. In fact, the demand for herbicides constituted to over 45% of the global agricultural adjuvants market and is also expected to expand at a leading CAGR between 2016 and 2024.
North America Agricultural Adjuvants Market to Remain Dominant among Key Regions
The global agricultural adjuvants market can be segmented according to geography into the key regions of North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. The market had so far seen optimistic levels of success in North America and Latin America, followed by Asia Pacific. The demand for agricultural adjuvants had consistently been very high in North America, allowing a lot of key global players to set base here for consolidated runs, particularly in the U.S. The advanced technologies used in the agriculture industry within the U.S. and even Canada make it easier for the agricultural adjuvants players to establish themselves in these regions. Both regions have, however, begun implementing extremely strict regulations regarding environment protection and dumping of waste in the case of agrochemicals. This could be a potential restraint on the global agricultural adjuvants market over the coming years, for players relying heavily on conventional chemicals that are now deemed harmful to the environment.
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The agricultural adjuvants market in Europe is dependent on the key cash crops of the region, such as sugarcane and oilseeds. The European agricultural adjuvants market is largely driven by the demand for certain crops for their use in multiple industrial purposes, feedstock, and raw materials fuels. The growth rate of this region’s market is, however, very slow due to maturation of demand. On the other hand, the agricultural adjuvants market in Asia Pacific is continuing to show bright opportunities for the future.
The leading companies currently operating in the global agricultural adjuvants market include Akzo Nobel N.V., Croda International Plc., Solvay S.A., Clariant, Momentive Performance Materials Inc., Brandt Consolidated, Inc., Dow Corning Corporation, Loveland Products, Inc.
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