The wide range of applications of agrochemical additives such as building blocks, salification agents, ph regulator, and chelating agent makes them a vital component of the agricultural landscape. The rise in the demand for food across the globe has positively influenced the agrichemical additives market size and growth rate.
Growing Demand for Food Escalates Market Growth
The growing trend of preservation of natural resources in the agricultural sector has been influencing the agricultural additives market dynamics. The demand has substantially increased in the market to meet the augmenting demand for fibers, food, bio-renewable fuel, and feed. Favorable government initiatives and the introduction of technologies such as suffocation and oxidation are expected to act as prominent growth drivers for the market during the forecast period. The high adoption rate of these additives has been observed amongst the farmers owing to the improvements in different properties of the production including quality of the product, dispersion activity foaming level, and performance of the product. The rising trend of on-farm irrigation projects is expected to impart significant growth to the agrochemical additives market.
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Market Growth Restraints
The current challenges such as growing preference for biopesticides over chemical additives are expected to hinder the robust market growth in the coming years. The growing resistance of pathogens to the chemical agents has emerged as a major challenge ahead of the manufacturers in the market. Market players are consistently involved in identifying new active ingredients that can be formulated into usable products to overcome such challenges.
Multiplicity in the product types substantially expands the agrochemical additives market size. Major products include Alkoxylates, Antifoams & Crystal Inhibitors, Oil Enhancers, Agricultural Emulsifier Blends, Dispersing Agents, and Emulsifiers. Both liquid as well as solid form of the agrochemical additives are gaining traction in the market. The prominent application areas generating significant revenue in the market include traditional pesticides, micronutrients and fertilizers, seed treatment, and soil health. The rapidly increasing global population is estimated to augment the market in the dimension of these applications.
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Agriculture Imparts Significance to Regional Markets
On the regional front, agriculture plays a vital role in the growth of regional markets. The presence of a large scale of agricultural activities in developing economies in the Asia Pacific is driving the demand for agrochemical additives in the region. Besides the Asia Pacific, North America and Europe are the other regions expected to gain prominence in the global market by the end of the forecast period.
Market players have increased their production capacities to satiate the growing demand for these additives. They are strengthening their market presence in the agriculture-based growing economies to benefit from the escalating demand in these regions. Market participants are leveraging the advancements in formulation science to develop more advanced and effective products. They are using innovative surfactant and coating technology to enhance the safety of their products. Established players profiled in the global market include DuPont, Evonik Nutrition & Care GmbH, China National Agrochemical Co., Ltd., Aceto Corporation., Clariant, AkzoNobel N.V., and Harcros Chemicals Inc.
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