The rapid surge in the investments in the agriculture and agrochemical sectors, for product development, in order to enhance the yield, is the major factor that is promoting the growth of the agricultural adjuvants market. As a result, the industry is expected to generate $5,485.1 million revenue by 2030, demonstrating a CAGR of 5.5% during the forecast period (2020–2030).
The ongoing coronavirus pandemic has impacted several markets across the globe; however, it had a negligible impact on the global agriculture sector. The agricultural adjuvants industry witnessed a slight slump in the first quarter of 2020, primarily on account of the shutdown of chemical manufacturing facilities, in order to abide by the nationwide lockdown imposed in several countries across Europe and Asia.
Alkoxylates To Generate Highest Revenue
Based on chemical group, the agricultural adjuvants market is categorized into alkoxylates, organosilicones, sulfonates, and others, among which the alkoxylates category generated the highest revenue in 2019, and the trend is likely to continue during the forecast period. This is majorly ascribed to the non-toxic nature of alkoxylates, which make it suitable for a wide range of applications. With the increasing environmental concerns, which are driving the shift toward environment-friendly products, the consumption of alkoxylate-based agricultural adjuvants is expected to increase, in turn, aiding the growth of the agricultural adjuvants market.
The agricultural adjuvants market has also been categorized on the basis of function, into activator adjuvants and utility adjuvants. Of these, the activator category is projected to showcase the faster growth during the forecast period. This would primarily be on account of the high preference for activator adjuvants, owing to their advantageous properties, which include a reduction in the surface tension as well as the ability to increase the solubilization.
Geographically, the agricultural adjuvants market in North America is expected to generate the highest revenue throughout the forecast period. The region is home to several large-scale agricultural adjuvant manufacturers, including Croda International PLC, Clariant AG, Brandt Consolidated Inc., Wilbur-Ellis Holdings Inc., and Stepan Company. Additionally, only a few states, such as Washington, Idaho, and California, have regulations for agricultural adjuvants. This, coupled with the low level of opposition by proponents to regularize and develop any state-wide or federal regulation for the application of agricultural adjuvants in the future, is expected to increase the consumption of the chemicals in the region.
Product Launch Being Adopted as Key Strategic Measure
Lately, players involved in the agricultural adjuvants market have been making hefty investments for product development, in order to serve a wider array of applications. For instance, in February 2020, Wilbur-Ellis Holdings Inc. unveiled its new product, EFFICAX, an adjuvant that helps growers optimize the functionality of soil-applied residual herbicides. The product is a soil retention adjuvant that helps growers’ spray materials last longer, by increasing the coverage, absorption, and adhesion of the spray material deposits on the soil particles.
Prior to this, in November 2019, Wilbur-Ellis Holdings Inc. had unveiled its drift reduction adjuvant, DILIGENCE-EA, in California, U.S. The product allows farmers to reduce the ground spray drift, particularly on vegetables.
Browse report overview with detailed TOC on "Agricultural Adjuvants Market Research Report: By Function (Activator Adjuvants, Utility Adjuvants), Chemical Group (Alkoxylates, Sulfonates, Organosilicones), Formulation (Built-In, Tank-Mix), Application (Herbicides, Insecticides, Fungicides), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/agricultural-adjuvants-market
Additionally, in November 2018, The Dow Chemical Company and Rizobacter Argentina S.A. together launched the Rizospray Integrum adjuvant in Brazil. According to the manufacturer, Rizospray Integrum is intended to combat resistant weeds, such as sour grass and finger millet, which are common in Brazil.
Evonik Industries AG, Helena Agri-Enterprises LLC, Wilbur-Ellis Holdings Inc., BASF SE, Stepan Company, Solvay S.A., Huntsman Corporation, Nouryon, Brandt Inc., Croda International Plc, Clariant AG, and The Dow Chemical Company are some of the leading players operating in the global agricultural adjuvants market.