Albany, New York, Oct. 31, 2018 (GLOBE NEWSWIRE) -- According to the report of Transparency Market Research, the global agricultural adjuvants market has extremely consolidated vendor landscape. The top three companies such as Akzo Nobel N.V., Solvay SA, and Clariant accounted for leading share of about 50% of the overall market in 2015 and likely to remain dominant for upcoming years. However, due to increasing number of new entrants in the global market for agricultural adjuvants are expected to intensify the competition in years to come.
According to TMR, the global agricultural adjuvants market was valued at US$2.36 bn in 2015 and expected to expand with a CAGR of 6.60% over the forecast period from 2016 to 2024 to attain a value of US$4.16 bn by the end of 2024. In terms of volume, the global market for agricultural adjuvants consumed near about 757,570-kilo tons in 2015. Based on the application, the herbicides segment dominated the global agricultural adjuvants market in 2015. Based on the region, North America dominated the global agricultural adjuvants market followed by Latin America. However, Asia Pacific is projected to offer lucrative opportunities over the forecast period.
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Growing Adoption of Precision Farming to Propel Growth of the Market
The agricultural adjuvants are gaining popularity owing to its applications in insecticides, herbicides, and fungicides owing to growing awareness about the benefits due to the uptake of agricultural adjuvants. Farmers mainly in developing countries such as China and India are increasingly using agricultural adjuvants in order to protect their crops and improve yield which is fuelling the growth of the global agricultural adjuvants market.
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Growing preference for precision farming is expected to fuel the growth of the global market for agricultural adjuvants. Precision farming enables usage of agricultural adjuvants for its benefits in the agrochemical applications. The growing activities of protected agriculture practices are augmenting growth of the market. Additionally, products such as emulsifiers, salts, surfactants, and oils provide benefits such as improving crop production are expected to support the growth of the agricultural adjuvants market. Furthermore, the introduction of advanced agricultural practices such as commercial farming and contract farming are driving growth of the global agricultural adjuvants market. Farmers in the developing regions are adopting these practices due to growing need for use of available land and reducing the percentage of arable land. These factors have surged demand for usage of cost-effective and land friendly agricultural products. This factor is accelerating demand for agricultural adjuvants market over the forecast period.
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Emergence of Alternatives to Restrain Growth of the Market
Despite these growth factors, the agricultural adjuvants market is facing a challenge from the emergence of genetically modified seeds. The higher research and development activities on the improvement of these seeds are restraining growth of the agricultural adjuvants market. Additionally, price volatility of the agricultural adjuvants is limiting the growth of the global agricultural adjuvants market. Nonetheless, extensive research on agricultural adjuvants is leading to unveil more effective ways of using agrochemicals which can be resulted in better crop and yield production. Adoption of these new agricultural adjuvants can offer lucrative opportunities for key players operating in the global agricultural adjuvants market.
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This information is based on the new report by TMR, titled “Agricultural Adjuvants Market (Product Types - Activators (Surfactants, Oil Adjuvants, and Ammonium Fertilizers) and Utility (Wetting Agents & Spreaders, Buffering Agents, Drift Control & Foaming Agents, and Defoaming and Antifoaming Agents); Applications - Herbicides, Insecticides, and Fungicides) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”
The global agricultural adjuvants market has been segmented as presented:
By Product Types:
- Activators
- Surfactants
- Oil Adjuvants
- Ammonium Fertilizers
- Utility
- Wetting Agents & Spreaders
- Buffering Agents
- Drift Control & Foaming Agents
- Defoaming and Antifoaming Agents
By Applications:
- Herbicides
- Insecticides
- Fungicides
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