Agrochemical Intermediates Market to Grow with a CAGR of 3.65% through 2029
Rising technological
advancements and innovation is expected to drive the Global Agrochemical
Intermediates Market growth in the forecast period, 2025-2029.
According to TechSci
Research report, “Agrochemical Intermediates Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029F”, the
Global Agrochemical Intermediates Market stood at USD 53542.77 Million in 2023 and
is anticipated to grow with a CAGR of 3.65% in the forecast period through 2029. The market's expansion primarily stems from increased food demand driven by population growth and shifting dietary preferences. To meet this demand, there's a heightened necessity for enhanced crop yields, prompting a surge in agrochemical usage and consequently boosting the demand for agrochemical intermediates.
Precision farming, employing technology to optimize yields and minimize waste, relies on precise agrochemical application, necessitating specialized intermediates. This method's adoption is on the rise, particularly in developed nations, as farmers seek efficiency and cost reduction, thereby propelling the demand for said intermediates.
Technological advancements in agrochemicals lead to the creation of newer, more efficient variants, thereby amplifying the need for corresponding intermediates. As new agrochemicals emerge, so does the requirement for compatible intermediates, marking them as pivotal factors in the agrochemical intermediates market.
Growing apprehensions regarding the environmental and health ramifications of synthetic agrochemicals have sparked interest in organic and natural alternatives. Bio-based agrochemicals, derived from natural sources, are perceived as safer and more eco-friendly. The anticipated rise in demand for bio-based solutions is set to bolster the market for agrochemical intermediates tailored for their production.
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"Global Agrochemical Intermediates Market”
The Global Agrochemical
Intermediates market is segmented into product
type, application, regional distribution, and company.
Based on the
product type, the aldehydes segment emerged as the dominant segment in the
Global Agrochemical Intermediates Market in 2023. Aldehydes offer excellent stability
and compatibility with a wide range of agrochemical formulations, making them
versatile intermediates in the production of pesticides, herbicides, and
fungicides. Their chemical properties allow for easy formulation and blending
with other active ingredients, enhancing the efficacy and performance of
agricultural chemicals. As a result, aldehydes are widely used in the synthesis
of agrochemical intermediates, contributing to their dominance in the market. Besides,
the regulatory approval and widespread acceptance of aldehydes as safe and
effective agrochemical intermediates further bolster their dominance in the
market. Regulatory agencies worldwide, including the Environmental Protection
Agency (EPA) in the United States and the European Chemicals Agency (ECHA) in
Europe, have approved the use of aldehydes in agriculture, ensuring compliance
with stringent safety and environmental standards.
North America
emerged as the dominant region in the Global Agrochemical Intermediates Market
in 2023, holding the largest market share. Stringent regulatory standards and
quality control measures in North America contribute to the dominance of the
region in the global agrochemical intermediates market. Regulatory agencies
such as the Environmental Protection Agency (EPA) in the United States and
Health Canada set rigorous standards for the registration, use, and safety of
agrochemical products. Compliance with these regulations ensures the safety and
efficacy of agrochemical intermediates, enhancing consumer confidence and
market competitiveness. The presence of
leading agrochemical companies, research institutions, and universities in the
region fosters innovation and collaboration, driving the development of new and
advanced agrochemical intermediates.
Major companies
operating in Global Agrochemical Intermediates Market are:
- BASF SE
- Nouryon Chemicals
Holding BV
- Mitsubishi Chemical
Group Corporation
- Arkema S.A.
- Dow Inc.
- LG Chem Ltd.
- Eastman Chemical
Company
- LyondellBasell
Industries Holdings B.V.
- Sumitomo Chemical
Co., Ltd.
- Alkyl Amines
Chemicals Limited
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“The Global Agrochemical
Intermediates market is poised for significant expansion in the forthcoming
years. Rapid advancements in agricultural biotechnology and the increasing
adoption of precision farming techniques are expected to drive demand for
agrochemical intermediates. Likewise, the growing need for sustainable
agriculture practices amid concerns over environmental degradation and food
security is spurring the development of eco-friendly intermediates.
In addition, government initiatives promoting organic farming and stricter
regulations on conventional pesticides are creating opportunities for bio-based
intermediates”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Agrochemical
Intermediates Market- Global Industry Size, Share, Trends, Opportunity and
Forecast, By Product Type (Amines, Alkyl Amines, Aldehydes, Acids, Others), By
Application (Herbicides, Insecticides, Fungicides, Nematicides, Others), By
Region and Competition, 2019-2029F”, 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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