The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Agrochemical Additives Market: Definition and Introduction
Agriculture is a socio-economic unit, and plays a vital role in the global economy. Agrochemical additives are intrinsic for the health of the agricultural system. These agrochemical additives are used as chelating agents, building blocks, pH regulators, and salification agents. To improve the efficiency of a product, foaming level, dispersion activity, and quality and performance of a product, farmers are moving towards the usage of agrochemical additives. The increased demand from the agriculture industry coupled with the food industry is led to be macroeconomic environment for global agrochemical additives market. Food industries are demanding the high quality of a products, due to this agrichemical industries concern towards the performance of crops/products – agrochemical additives play an essential role in the agriculture industry. The primary applications of agrochemical additives are crop protection, colorization of fertilizers, and seed treatment, besides others. Few examples of agrochemical additives are the surfactants, dispersants, organic or inorganic pigments, solvents, de-solvents, defoamers, and emulsions, and among others.
Global Agrochemical Additives Market: Dynamic
Nowadays, the increased global demand for food, feed, fibers, and bio-renewable fuels, coupled with environmental changes and the requirement to preserve natural resources, presents multifaceted challenges to the agriculture sector. Thus, technology enhancement in food industry/agrochemical industry meet the agrochemical additives demand across the world. Growing urbanization and provision of government incentives and investment schemes, together, are expected to shift the focus of farmers from manual agriculture to core technologies such as sulfonation, alkoxylation, amidation, and oxidation. This supports the demand for agrochemical additives over the forecast period. The expanding residential sector coupled with an increase in urban agriculture will raise the demand for the agrochemical additives market on a globe level.
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The world population is growing and is forecasted to increase by over 30% by 2050. Increasing urbanization is expected to make the population more prosperous, increasing concerns regarding better diets and living standards. This rising demand for food will surge the need for agricultural products, which will increase the demand for agrochemical additives throughout the forecast period. Increasing concern towards biopesticides among customers against chemical additives is expected to hamper the growth of the agrochemical additives market during the forecast period. Rising on-farm irrigation projects across the world remains the key trend for the agrochemical additives market over the forecast period.
Global Agrochemical Additives Market: Segmentation
The global agrochemical additives market is segmented on the basis of product type, application area, form, and region.
On the basis of product type, the global agrochemical additives market can be segmented as mentioned below:
- Agricultural Emulsifier Blends
- Antifoams & Crystal Inhibitors
- Dispersing Agents
- Oil Enhancers
- Anionic Emulsifiers
- Non-ionic Emulsifiers
On the basis of form, the global agrochemical additives market can be segmented as mentioned below:
On the basis of application area, the global agrochemical additives market can be segmented as mentioned below:
- Traditional Pesticides
- Seed Treatment
- Micronutrients and Fertilizers
- Soil Health
Global Agrochemical Additives Market: Regional Outlook
Among all the regions, Asia Pacific is projected to account for a substantial market share in terms of value, owing to the increasing demand for agricultural activities in the region. India, China, and Vietnam are expected to be the major consumers of agrochemical additives over the forecast period. North America is expected to be a larger platform for the agrochemical additives market, followed by the European market in between 2018 and 2028. The agricultural sector plays a crucial role in every economy, and will lead the demand for agrochemical additives on a global level.
Global Agrochemical Additives Market: Key Players
The global agrochemical additives market is expected to be fragmented throughout the forecast period. Some of the market participants identified across the value chain of the global agrochemical additives market are:
- Harcros Chemicals Inc.
- Croda International Plc.
- Evonik Nutrition & Care GmbH
- BTC Europe GmbH
- LEVACO Chemicals GmbH
- China National Agrochemical Co., Ltd.
- AkzoNobel N.V.
- Stepan Company
- Aceto Corporation.
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