Rising demand for food and increasing soil depletion is driving the growth of the Global Agrochemical Intermediates Market in the forecast period 2024-2028. According to the TechSci Research report, “Agrochemical Intermediates Market –Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, Agrochemical Intermediates Market stood at USD 51627.39 million in 2022 and is anticipated to grow with CAGR of 3.88% in the forecast period 2024-2028.
The Important Elements of the Global Agrochemical Intermediates Market
This can be ascribed to the rising demand for food and increasing soil depletion. Agrochemical intermediates are chemical compounds that are used in the synthesis of agrochemicals. They are usually produced on a large scale and sold to companies that specialize in the production of agrochemicals. Agrochemical intermediates can be broadly classified into two categories – synthetic and natural.
The increasing regulations on the use of agrochemicals in different countries could also impact the growth of the agrochemical intermediates market. For instance, the ban on the use of certain pesticides in Europe has led to a decrease in the demand for agrochemical intermediates in the region.
Agrochemical intermediates market is a critical component of the global agriculture industry. The market is expected to continue growing due to the increasing demand for food and the adoption of precision farming techniques. However, challenges such as environmental concerns and increasing regulations could impact the growth of the market.
Emerging economies such as India, China, Brazil, and Indonesia have large agricultural sectors. As these economies continue to grow, the demand for agrochemicals is also growing. This, in turn, is driving the demand for agrochemical intermediates used in the production of these agrochemicals.
The prices of raw materials used in the production of agrochemical intermediates can be volatile, which can impact the cost of production and the availability of products. This volatility can be caused by a range of factors, including weather events, political instability, and changes in demand. This can make it challenging for manufacturers to plan and execute their production strategies.
Developing new and effective agrochemicals requires significant investment in research and development. However, the agrochemical intermediates market is highly competitive, and some manufacturers may be reluctant to invest in R&D due to the risk and uncertainty involved. This can limit the development of new and effective products and impact the growth of the market.
The Agrochemical intermediates market is driven by a range of factors, including the increasing demand for food, the adoption of precision farming techniques, the growing demand for bio-based agrochemicals, advancements in agrochemical technology, increasing awareness about the benefits of agrochemicals, and growing demand from emerging economies. These drivers are expected to continue to fuel the growth of the agrochemical intermediates market in the coming years.
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Global Agrochemical Intermediates Market can be segmented by Product Type, by Application, and Region.
Based on Product Type, Global Agrochemical Intermediates Market can be divided into Amines, Alkyl Amines, Aldehydes, Acids, and Others. The Amines segment is expected to dominate the market during the forecast period. This is attributed to their wide range of applications, cost-effectiveness, high environmental sustainability, and low regulatory compliance.
Based on Application, the market can be fragmented into Herbicides, Insecticides, Fungicides, Nematicides, and Others. The herbicide segment is expected to dominate the market during the forecast period. The rise in the demand for herbicides, worldwide, due to increasing food demand and the need for sustainable agriculture practices is propelling the growth of the overall market. Herbicides are essential for effective weed control, which helps to increase crop yields and improve food security.
Major companies operating in Global Agrochemical Intermediates Market are:
- BASF SE
- Nouryon Chemicals Holding BV
- Mitsubishi Chemical Group Corporation
- Arkema S.A.
- The Dow Chemical Company
- LG Chem Ltd.
- Eastman Chemical Company
- LyondellBasell Industries Holding B.V.
- Sumitomo Chemical
- Alkyl Amines Chemicals Limited
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“Agrochemical intermediates market has seen several significant developments over the last three years, including a growing demand for bio-based intermediates, consolidation in the industry, an increased focus on sustainable practices, advancements in technology, and the increasing use of precision agriculture. These developments are likely to continue to impact the industry in the coming years and will require companies to adapt and innovate to remain competitive,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Agrochemical Intermediates Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” By Product Type (Amines, Alkyl Amines, Aldehydes, Acids, Others), By Application (Herbicides, Insecticides, Fungicides, Nematicides, Others),By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Agrochemical Intermediates Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Agrochemical Intermediates Market.
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