Dubai, UAE, Sept. 18, 2023 (GLOBE NEWSWIRE) -- As per the recent report released by Kings Research, the global Agricultural Spray Oil Market size was recorded at USD 901.2 Million in 2022 and is estimated to grow to USD 1,237.7 Million by 2030, exhibiting a CAGR of 4.17% during the forecast period of 2023-2030. Numerous factors, such as the rising demand for organic crop protection and advancements in spray oil technology, are likely to contribute to the market growth. The usage of natural crop protection techniques, such as agricultural spray oils, has increased due to rising consumer awareness of and adoption of sustainable agriculture practices.
In order to manage different kinds of insects, agricultural spray oil is utilized as an oil in water emulsion that is sprayed. The oil is particularly effective for protecting agricultural trees against dangerous sooty mold infections since it kills a variety of organisms. By spraying a diluted solution on plant surfaces, these oils are used in horticulture and agriculture to control insects and mites.
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Competitive Landscape
Prominent businesses competing in the global market for agricultural spray oil are focusing on launching new products in order to expand their product portfolio. For instance, in February 2021, Novozymes introduced a groundbreaking enzyme-based technology aimed at broadening its portfolio of microbial products and innovations. With the capacity to manage pests effectively, this unique technology holds out great promise for offering extremely efficient and durable pest management solutions.
The major players in the agricultural spray oil market are:
- Calumet Specialty Products Partners, L.P.
- Eastern Petroleum
- Evonik Industries AG
- Exxon Mobil Corporation
- Gulf Oil International Ltd
- Indian Oil Corporation Ltd
- Solvay
- INTOchem S.A.
- RENKERT OIL
- BASF SE
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Trending Now: Pyka Receives World's First Approval for Nighttime Agricultural Spray Missions
The Pelican Spray, an entirely autonomous and electric aerial application aircraft for agriculture, is made by Pyka and has recently received the first-ever regulatory license to undertake unmanned aerial spray missions by a fixed-wing aircraft at night.
The product received authorization from the General Directorate of Civil Aviation (DGCA) in Costa Rica on July 20, 2022. Large commercial banana plantations can now be sprayed both day and night by Pyka's local customers
The project represents a significant advancement in technology for the agricultural sector and represents a crucial step for the company toward obtaining widespread commercial certification throughout Central and South America.
The global Agricultural Spray Oil Market is segmented as:
By Product
- Orchard
- Rubber
- Apple
- Mango
- Others
Rising Demand for Orchard Spray Oils as Crop Protectors to Boost Revenue
The orchard segment held the largest share of the global agricultural spray oil market in 2022 and is expected to record a valuation of USD 548.5 million by 2030. The rise in the production of orchard spray oils, which are typically formulated from high-quality base oils and incorporate specially selected additives, is expected to be the primary factor driving the segment’s growth. These additives play a crucial role in safeguarding crops against a wide range of diseases and organisms, thus supporting market growth.
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By Power Source
- Manual
- Battery-operated
- Fuel-operated
- Solar
- Electric
Growing Popularity of Electric Agricultural Spray Oil to Drive Market Expansion
The electric segment is projected to retain its dominant share in the agricultural spray oil market throughout the forecast period. In comparison to manual sprinklers, the electric agricultural sprayer oil provides better convenience and ease of use. It also has a more environmentally favorable profile than gas-powered sprinklers. This type of sprayer is used to apply various chemicals, such as herbicides, insecticides, and fertilizers, on crops, trees, and fields. It offers better coverage and adherence, which may result in less spray being used overall and provide more efficiency, further supporting segmental growth.
High Environmental Consciousness Regarding Pesticide Implications to Spur Market Growth
Governments worldwide have acknowledged the importance of raising awareness about the risks associated with pesticide use in agriculture. The increasing awareness of the potential environmental effects caused by improper pesticide usage is expected to fuel market growth. Scientists and policymakers are focused on developing strategies to reduce the use of dangerous pesticides and promote eco-friendlier agricultural methods.
The use of integrated pest management (IPM) techniques, which is a new trend, further promotes market expansion. These methods minimize the use of pesticides by combining biological, cultural, and chemical techniques to control pests.
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Growing Environmental and Health Awareness in APAC to Propel Product Demand
The Asia Pacific region is estimated to be the largest market for agricultural spray oil during the forecast period, accruing a valuation of USD 506.0 million by 2030. As people become more aware of the harm that traditional pesticides and fertilizers cause to the environment and people's health, the market for agricultural spray oil in the region is expanding quickly.
The increasing demand for organic and sustainable crop protection methods, including agricultural spray oils, is prompting a shift away from synthetic pesticides. These environmentally friendly alternatives promote healthier soils and contribute to the cultivation of more sustainable crops.
North America Market to Flourish Due to Increasing Focus on Soil Health Improvement
North America is likely to be the second-largest market for agricultural spray oil and is expected to grow at a CAGR of 4.07% during the forecast period of 2023-2030.
The mounting emphasis on enhancing soil health and lowering dependency on synthetic pesticides and fertilizers is projected to fuel the regional market growth. Agricultural spray oils are widely used in the region as a crucial element of environment-friendly crop protection techniques, which augment product adoption.
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Key Points from TOC:
1 Introduction of the Global Agricultural Spray Oil Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Agricultural Spray Oil Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Agricultural Spray Oil Market, By Product
7 Global Agricultural Spray Oil Market, By Power Source
8 Global Agricultural Spray Oil Market, By Geography
9 North America
10 Europe
11 Asia-Pacific
12 Middle East & Africa
13 Latin America
14 Global Agricultural Spray Oil Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
15 Company Profiles
15.1 BASF SE
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Calumet Specialty Products Partners, L.P.
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Eastern Petroleum
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Evonik Industries AG
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Exxon Mobil Corporation
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
Continued………
Browse Complete TOC: https://www.kingsresearch.com/toc/agricultural-spray-oil-market-58
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