Albany, NY -- (SBWIRE) -- 04/20/2017 -- Akzo Novel N.V., Solvay, Clariant, Dow Corning Corporation, and KOLA were the top five players in 2015 in the global agricultural adjuvants market, representing over 85% of its value. The highly consolidated nature of the market creates a high entry barrier for new players, observes Transparency Market Research (TMR) in a new study. The stringent government rules and regulations associated with the process of manufacturing adjuvants keep the threat of new entrants moderate. "Key players in the market have well-developed production facilities and well-established suppliers and distribution channels, which helps them in staying ahead," says the author of the report.
The opportunity in the global agricultural adjuvants was valued at US$2.50 bn in 2016 and is estimated to exhibit a CAGR of 6.6% from 2016 to 2024, reaching US$4.16 bn by the end of 2024.
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Demand for Herbicides to Remain High through 2024
On the basis of application, the herbicides segment will continue to dominate the market until 2024, accounting for close to 60.0% of the overall market revenue. The segment is expected to make inroads in the shares of other segments, expanding at a noteworthy CAGR during the forecast period.
North America will continue to be the leading revenue contributor to the global agricultural adjuvants market. The rapid development of the agricultural sector and growing investments by governments in the production of highly efficient agricultural adjuvants are contributing to the growth of the region. The U.S. will be at the forefront of growth throughout the review period.
Latin America, on the other hand, is a promising market for agricultural adjuvants. The region is poised to progress at a CAGR of 7.0% during the same period. The improving economic situations are attracting global participants to invest in this region. Emerging countries such as Brazil and Mexico offer attractive prospects.
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Burgeoning Demand for Crop Protectants Drives Agricultural Adjuvants Market
The ever-growing demand for food is creating a pressing need for maximum crop yield. As a result, there is a rise in the demand for crop protectants, which is subsequently boosting the consumption of agricultural adjuvants. The increasing usage of agricultural adjuvants in various formulations of protectants such as insecticides, fungicides, and herbicides is augmenting the market. Moreover, the rising adoption of precision farming is escalating the growth of the market. Precision farming techniques are generally accompanied by agricultural adjuvants to enable better yield of crops. The declining availability of arable land is also stoking the growth of the global agricultural adjuvants market.
Increasing Usage of GM Seeds Hampers Growth Prospects
The soaring use of genetically modified (GM) seeds is adversely affecting the growth of the market. "GM seeds ensure the better yield of crops and also reduce the dependence on pesticides," says TMR analyst. Furthermore, the volatile prices of agrochemicals are keeping the global agricultural adjuvants market from realizing its utmost potential. On the other hand, the growing investments in the development of highly efficient agricultural adjuvants are likely to provide a significant boost to the growth of the market in the near future.
The report segments the global Agricultural adjuvants market as:
Agricultural Adjuvants Market, by Product Type
- Oil Adjuvants
o Petroleum Oil
o Vegetable Oil
- Ammonium fertilizers
o Wetting Agents & Spreaders
o Buffering Agents
o Drift Control & Foaming Agents
o Defoaming & antifoaming Agents
Agricultural Adjuvants Market, by Application
The above data is collated from a research report released 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."