United States Agrochemical Intermediates Market to Grow with a CAGR of 4.14% through 2028
Growing demand for food and
rising modern farming is the major driver of the United States Agrochemical
Intermediates Market.
According to TechSci Research
report, “United States Agrochemical Intermediates
Market- By Region, Competition, Forecast and Opportunities, 2018-2028”, United States Agrochemical Intermediates
Market Size is anticipated to increase at a substantial rate in the forecast
period. A significant factor
fueling the growth of United States Agrochemical Intermediates Market is the
rising demand for food and modern farming practice. Agrochemical intermediates
are chemical compounds that are used in the synthesis of agrochemicals. Agrochemical
intermediates are essential for modern agriculture. They play a crucial role in
increasing crop yields, maintaining crop quality, and reducing the environmental
impact of agriculture. While the use of synthetic agrochemicals has raised
concerns about environmental and human health impacts, ongoing research and
development are leading to the development of more sustainable and
environmentally friendly agrochemicals.
In addition to this, precision farming
involves the use of technology to optimize crop yields and reduce waste. This
approach requires the use of precise amounts of agrochemicals, which can only
be achieved by specialized agrochemical intermediates. The adoption of
precision farming techniques is growing, especially in developed countries,
where farmers are looking for ways to increase their efficiency and reduce
their costs. As a result, the adoption of precision farming techniques is
driving the demand for agrochemical intermediates. Moreover, agrochemical
intermediates are extensively used to produce pesticides such as herbicides,
fungicides and insecticides. Common examples of agrochemical intermediates are
4-Fluorotoluene Diethyl Phosphorochloridothionate, 2-Chloro-6-(Trichloromethyl)
Pyridine, 2-Chloro-5-Chloro Methyl Pyridine and 2-Chloropropionic Acid. The
most used agrochemical intermediates among end users are amines, alkylamines,
aldehydes and acids which propels the growth of United States Agrochemical
Intermediates Market in the forecast period.
Furthermore, the market is
being further stimulated by rising demand for bio-based agrochemical
intermediates, rising research and innovation regarding agrochemical
intermediates, and growing need for soil enhancement.
However, the high cost of agrochemical
intermediates can be attributed to various factors such as developing and
refining bio-based or advanced agrochemical intermediates involves significant
research, testing, and regulatory approval processes hampers the adoption and
integration of agrochemical intermediates into mainstream agricultural
practices slows down the growth of United States Agrochemical Intermediates Market.
Also, soil pH directly affects nutrient availability by influencing the
solubility of essential elements. Agrochemical intermediates undergo chemical
transformations that alter nutrient accessibility to plants further slowdown
the United States Agrochemical Intermediates Market growth.
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United States Agrochemical Intermediates
Market is segmented based on product type,
application, and region.
Based on product type, the
market is divided into amines, alkyl amines, aldehydes, acids, and others. Amines
is expected to hold the largest market share in the forecast period with 43.55%
in 2023. This growth is attributed to the wide range application,
cost-effective, high environmental sustainability and low regulatory compliance
required.
Based on application, the
market is segmented into herbicides, insecticides, fungicides, nematicides, and
others. Herbicides segment is expected to hold the largest market share in the
forecast period with 47.31% in 2023. This can be ascribed to the growing agriculture
activities, customized solution, innovation opportunities, and favorable
government policies.
Major companies operating in
the United States Agrochemical Intermediates Market are:
- Dow Inc.
- Eastman Chemical Company
- Noah Chemicals Corporation
- Adama Agricultural Solutions
Ltd
- AGC Chemicals Americas, Inc.
- GFS Chemicals, Inc.
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“United
States Agrochemical Intermediates Market has seen significant growth in recent
years, driven by the increasing use of agrochemical intermediates in the agriculture
sector in the production of pesticides, herbicides, and fungicides that help
farmers increase crop yields, control pests, and diseases, and improve overall
crop quality. Moreover, increasing demand of natural or organic based
agrochemical intermediates such as bio-based agrochemicals are derived from
natural sources and are perceived to be safer and more environmentally friendly
than synthetic agrochemicals. As the demand for bio-based agrochemicals is
expected to grow, and this will drive the demand for agrochemical intermediates
used in their production as well as bio-based agrochemical intermediates are
derived from renewable resources, which means they have a lower carbon
footprint and are more sustainable in the long run create huge prospects of market growth during
the forecast period” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
United
States Agrochemical Intermediates Market, By Product Type (Amines, Alkyl
Amines, Aldehydes, Acids, Others), By Application (Herbicides, Insecticides,
Fungicides, Nematicides, Others), By Region and Competition, Forecast & Opportunities,
2018-2028F, has evaluated the future growth
potential of United States Agrochemical Intermediates Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Agrochemical Intermediates
Market.”
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