According to TechSci Research report, “Asia-Pacific Agrochemical Intermediates Market – By Region, Competition, Forecast and Opportunities, 2018-2028”, Asia-Pacific Agrochemical Intermediates Market Size is USD 21,735.13 million in 2022 and is anticipated to increase at a CAGR of 4.24% through 2028. Agrochemical intermediates are chemical compounds that play a vital role in the production of agrochemicals, making them indispensable in modern agriculture. Their importance lies in their ability to significantly boost crop yields, maintain crop quality, and reduce the environmental impact associated with agricultural practices. While the use of synthetic agrochemicals has raised concerns regarding potential adverse effects on the environment and human health, ongoing research and development efforts are actively promoting the emergence of more sustainable and environmentally friendly alternatives in the agrochemical sector.
Market Trends
1. Rise of Precision Farming
Precision farming, an agricultural approach that leverages technology to optimize crop yields and minimize resource wastage, heavily relies on the precise application of agrochemicals. This precision requires specialized agrochemical intermediates, solidifying their status as essential components of modern farming practices. The adoption of precision farming techniques is increasing, particularly in developed countries, driving the demand for agrochemical intermediates.
2. Development of Sustainable Agrochemicals
Certain agrochemical intermediates are sourced from renewable origins, such as agricultural residues, plant extracts, and microbial processes. These environmentally friendly intermediates play a critical role in the production of sustainable agrochemicals. This trend is expected to continue, supporting market growth.
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Market Drivers
1. Increasing Agricultural Productivity
The need to enhance agricultural productivity is a primary driver for the demand for agrochemical intermediates. As the population grows, so does the demand for food, feed, and fiber, leading farmers to turn to agrochemicals to protect crops from pests, diseases, and weeds while optimizing nutrient utilization.
2. Government Policies and Initiatives
Supportive government policies and initiatives aimed at promoting advanced farming practices and increasing farmers’ incomes are driving investments and research in agrochemical intermediates. Programs like the “Make in India” campaign encourage domestic production, fostering self-sufficiency and reducing dependency on imports.
3. Demand for Eco-friendly Products
There is a growing demand for agrochemical intermediates sourced from natural or organic origins, particularly bio-based agrochemicals. These are considered safer and more environmentally friendly compared to synthetic counterparts, promoting long-term sustainability and aligning with evolving environmental preferences in the market.
Market Segmentation
The Asia-Pacific agrochemical intermediates market is segmented into product type, application, country distribution, company, and region.
By Product Type
- Amines: Expected to register the highest growth of 4.72% during the forecast period due to their versatility and extensive use in the production of various agrochemicals, including herbicides, fungicides, insecticides, and plant growth regulators.
- Alkyl Amines
- Aldehydes
- Acids
- Others
By Application
- Herbicides: Expected to register the highest growth of 4.75% during the forecast period. Herbicides play a pivotal role in weed control, leading to increased crop yields and enhanced food security.
- Insecticides
- Fungicides
- Nematicides
- Others
By Country
India will witness the fastest growth during the forecast period, driven by the country’s evolving agricultural landscape and the need to enhance agricultural productivity. The push towards sustainable agriculture and supportive government policies further contribute to the demand for agrochemical intermediates in India.
Competitive Landscape
Major companies operating in the Asia-Pacific agrochemical intermediates market include:
- Mitsubishi Chemical Group Corporation
- LG Chem Ltd.
- Sumitomo Chemical Co., Ltd.
- Alkyl Amines Chemicals Limited
- Swarup Chemicals (P) Ltd.
- India Pesticides Limited
- Ishihara Sangyo Kaisha, Ltd.
The Asia-Pacific agrochemical intermediates market is poised for significant growth, driven by the need to enhance agricultural productivity, supportive government policies, and the demand for eco-friendly products. Despite challenges such as regulatory compliance and the initial cost of transitioning to more sustainable practices, the market offers substantial opportunities for growth and expansion. Companies must continue to innovate and adapt to changing regulations and consumer preferences to stay competitive.
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“The market has witnessed substantial growth in recent times, primarily fueled by the growing adoption of agrochemical intermediates within the agricultural sector. These essential intermediates play a fundamental role in the production of pesticides, herbicides, and fungicides, assisting farmers in increasing crop yields, managing pests and diseases, and enhancing overall crop quality. Furthermore, there is a growing demand for agrochemical intermediates sourced from natural or organic origins, particularly bio-based agrochemicals. These bio-based agrochemicals are extracted from natural sources and are widely considered a safer and more environmentally friendly alternative compared to their synthetic counterparts. The anticipated increase in demand for bio-based agrochemicals is expected to drive the need for the corresponding agrochemical intermediates essential in their manufacturing processes. These bio-based agrochemical intermediates originate from renewable sources, resulting in a reduced carbon footprint and promoting long-term sustainability, aligning with the evolving environmental preferences in the market that creates a lucrative opportunity in the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Asia-Pacific Agrochemical Intermediates Market, By Product Type (Amines, Alkyl Amines, Aldehydes, Acids, Others), By Application (Herbicides, Insecticides, Fungicides, Nematicides, Others), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Asia-Pacific 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 Asia-Pacific Agrochemical Intermediates Market.
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