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Pesticides in their raw state or without the addition of carriers are not generally suitable for pest control. This raw state of pesticide cannot blend well with water, unstable in nature, and difficult to handle and transport. For these aforementioned reasons, pesticide producers add inert ingredients such as carriers to increase their application efficiency, security while transportation, and storage.
The usage of pesticide carriers along with pesticide applications is projected to increase the yield quality and ensure food security as it can increase the efficiency of pesticide application. Base expansion and research & development of bio-based pesticide carrier are some of the key strategies adopted by prominent players.
A pesticide carrier is added to the active ingredients to reduce their concentrations and to correct the formulations of active ingredients so that they can be applied in different situations, which are expected to increase the usage of the carrier in pesticide production. Moreover, the increasing adoption of pesticides among growers and the rising focus on the development of highly effective formulations for pesticides are expected to drive the global pesticide carrier market. The development of bio-based pesticide carrier for sustainable agriculture is an important concern in the agrochemical industry. The ongoing research and development for identifying novel bio-based carriers are expected to drive product growth in forthcoming years.
Key Market Driver -
Increasing Production of Bio-based Pesticide Carriers
Key Market Restraint -
Restricted Utilization of Synthetic Pesticide Carriers
The rising concerns regarding the use of pesticide carrier as some of them may pose a health risk to human beings and the environment along with restricted use of some synthetic carriers are predicted to restrain the market growth.
The prominent players operating in the global pesticide carriers market are BASF SE, DowDuPont, Clariant, Croda International, Eastman Chemical Company, Solvay, Huntsman International LLC, Evonik Industries, Stepan Company, and others, and Others.
Though the application of bio-based pesticide carriers can poses less toxicity in the environment but the adoption of synthetic pesticide carriers is higher in the current scenario due to the ease of availability and low cost. However, the demand for bio-based pesticide carrier is likely to increase in upcoming years owing to increasing concerns over hostile environmental effects of synthetic carriers. Several government bodies are supporting the usage and production of bio-based pesticide carriers and introduced stringent rules about the usage of synthetic carriers which is projected to boost the production of bio-based pesticide carriers.
The liquid formulation of pesticide carrier is predicted to hold a significant share in the global market. The ease in mixing the liquid carrier in pesticide preparations and uniformity are expected to drive the demand for liquid carrier among pesticide producers. The usage of liquid carrier can lessen waste which is expected to further leverage the demand for liquid pesticide carriers. In addition, maximum pesticide chemicals are available in liquid form and hence the demand for liquid carrier is projected to remain high.
The increasing demand for insecticides is predicted to drive the market of insecticide carrier. The declining arable land, increasing demand for food, and rising incidence of crop losses due to insect can boost the demand for effective insecticides to avoid food spoilage, as a result, the usage of insecticide carrier is expected to increase in upcoming years.
Asia Pacific is expected to grow at significant pace in the global market. Several regional agri-input companies are embarking on the development of effective pesticides to reduce imports from other countries to increase their footprint the market, which is likely to drive the Asia Pacific pesticide carrier market. The prominent players in the global market are expanding their business in emerging countries of Asia Pacific to increase their consumer base which is predicted to increase the use of pesticide carriers in the future.
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North America is projected to hold a considerable share in the global pesticide carrier market. The presence of prominent players within the region such as Stepan Company, DowDuPont, and others along with the ongoing research and development for the production of novel and bio-based carrier are expected to drive the regional market. In addition, the favorable changes in the rules regarding the uses of pesticide inert ingredients are projected to positively impact market growth. For instance, in March 2020, the Environmental Protection Agency (EPA) of the U.S. gave permission to pesticide producers to get certain commodity inert ingredients from different suppliers without notifying EPA. This will offer pesticide producers to source these necessary and commonly available product components from different suppliers.
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