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July 03, 2019 | Agriculture
The rising demand for advanced crop protection solutions is driving the Global Agricultural Adjuvants Market. Fortune Business Insights in a new study, titled “AGRICULTURAL ADJUVANTS: GLOBAL MARKET ANALYSIS, INSIGHTS, AND FORECAST, 2015-2026” highlights drivers positively impacting the market. The increasing awareness about the use of pesticides and adjuvants among farmers is driving the market.
Considering this, the global market is anticipated to reach US$ 4.55 Bn by 2026, as against US$ 2.92 Bn in 2015. The report further publishes that the global market is expected to rise at a CAGR of 5.77% between 2015 and 2026.
Agricultural adjuvant formulations also referred to as “trade secrets” slightly vary from each other in terms of product combinations or components. The rising support from governments is enabling growth in the market. Furthermore, governments in developing nations are playing an active role by funding to achieve sustainable agriculture practices and reducing the hazards on the environment. Spurred by this, the market will exhibit impressive growth in the coming years.
Growing Herbicide Usage Bolsters Growth of the Market
Among applications, agricultural adjuvant for herbicides accounts for the maximum share in the global agricultural adjuvant market. Herbicides are extensively used in broadleaf crops and winter cereals, which drive this segment’s growth.
Another factor responsible for driving this segment is its high degree of compatibility with several other adjuvants. Driven by these factors, the demand for herbicides is expected to increase in the forthcoming years.
Evonik and Other Players are at the Forefront of the Market
BASF SE, Helena Agri-Enterprises, Stepan Company, DowDuPont, Huntsman Corporation, Akzo Nobel N.V., Drexel Chemical, Clariant AG, Nufarm, and Wilbur-Ellis are some of the leading players functioning in the global market. Several players are getting involved in different stages i.e. discovery, developments, and successful launch of agricultural adjuvants.
Some companies are making strategic decisions to survive the intense competition and expand their product portfolio. For instance, Brandt launched an innovative and advanced adjuvant called Tritek in August 2018. This adjuvant is used in crops such as soya beans and kidney beans and protects them from harmful pesticides.
This launch will further help the company to strengthen its market position and broaden its portfolio. Currently, Clariant, Evonik, BASF, AkzoNobel, Croda International, Solvay, and DowDuPont are leading the global market.
Rising Adoption of Advanced Framing Techniques Stoke Demand for Adjuvants
Agricultural adjuvants are used to enhance the efficiency of crop protection chemicals. Some of the most commonly used adjuvants are wetter-spreaders, drift retardants, stickers, foam retardants, and buffers. As per recent studies, it was revealed that the cost of agricultural adjuvants varies from US$ 0.75-1.0 per acre. This, along with herbicides, helps to improve the absorption spray by 50 to 85%.
The demand for precision farming is increasing rapidly, which is driving the market. Also, governments are paving way for huge capital flows and besides investing in the development of the agricultural sector. These investments are expected to result in novel adjuvants and improve product performance.
Furthermore, advancements in adjuvant spray technology are expected to fuel demand for adjuvants in developing and developed nations. This, as a result, will stimulate growth in the agricultural adjuvants market in the projected period.
Recent advancements in farming which include biodegradable, environmentally friendly, and non-toxic techniques are likely to fuel demand for agricultural adjuvants.
North America and Europe are Leading the Market
Among regions, North America and Europe are dominating the global agricultural adjuvants market and are likely to cover the largest share in the forecast years. Strict regulations formulated by the governments of these regions to protect the crop from the hazardous environment are driving the market.
The Asia Pacific and South America are also expected to witness great growth potential in the forecast years. The rising demand for crop protection chemicals in these two regions is enabling growth in the market. Also, the rising awareness among farmers on the use of adjuvants is expected to create growth opportunities for the market through the forecast years.
Browse Complete Report Details at https://www.fortunebusinessinsights.com/industry-reports/agricultural-adjuvants-market-100769
The global agricultural adjuvants market can be segmented into the following categories: