North America Agrochemical Intermediates Market to Grow with a CAGR of 3.97 % through 2028
Enhancing
the soil health and rising adoption of advanced farming practices are the major
driver of the North America Agrochemical Intermediates Market in the forecast
period 2024-2028.
According to
TechSci Research report, “North America Agrochemical Intermediates Market -
By Country, Competition, Forecast and Opportunities, 2018-2028”, North
America Agrochemical Intermediates Market Size is USD 12,091.10 million in 2022
and is anticipated to increase at a CAGR of 3.97%. Agrochemical intermediates represent chemical
compounds pivotal in the synthesis of agrochemicals, holding a critical role in
modern agriculture. Their significance lies in their ability to significantly
enhance crop yields, preserve crop quality, and mitigate the environmental
footprint associated with agricultural practices. Although the use of synthetic
agrochemicals has given rise to concerns related to their potential adverse
impacts on both the environment and human health, ongoing research and
development endeavors are actively contributing to the emergence of more
sustainable and environmentally friendly alternatives within the agrochemical
sector. Furthermore, the advent of precision farming, a farming methodology
that leverages technology to optimize crop yields while minimizing wastage,
relies heavily on the precise application of agrochemicals. This precision can
only be achieved using specialized agrochemical intermediates, making them an
indispensable component of modern farming practices. The adoption of precision
farming techniques is on the rise, particularly in developed countries, where
farmers are actively seeking ways to enhance operational efficiency and reduce
costs. Consequently, the growing embrace of precision farming techniques is
fueling the demand for agrochemical intermediates.
Moreover,
agrochemical intermediates play a vital role in the production of various types
of pesticides, including herbicides, fungicides, and insecticides. Notable
examples of these agrochemical intermediates encompass 4-Fluorotoluene Diethyl
Phosphorochloridothionate, 2-Chloro-6-(Trichloromethyl) Pyridine,
2-Chloro-5-Chloro Methyl Pyridine, and 2-Chloropropionic Acid. Among end users,
amines, alkylamines, aldehydes, and acids stand as some of the most employed
agrochemical intermediates. Their widespread usage further contributes to the
growth of the United States Agrochemical Intermediates Market within the
forecast period.
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Moreover,
amines, including alkylamines, are versatile agrochemical intermediates used to
synthesize a wide range of agricultural chemicals. They are crucial in the
creation of herbicides, fungicides, insecticides, and plant growth regulators.
Their ability to form various chemical bonds makes them indispensable in
tailoring solutions for specific crops and regions, along with this, some
agrochemical intermediates include specialty ingredients derived from renewable
sources, such as agricultural residues, plant extracts, and microbial
processes. These eco-friendly intermediates are key components in the
production of sustainable agrochemicals.
The North
America Agrochemical Intermediates Market is segmented into product type,
application, country distribution, and company
Based on the
category of product type insights, the amines segment is expected to register
the highest growth of 4.39% during the forecast period 2024-2028. The expansion
witnessed in the agrochemical intermediates market can be attributed to its
wide array of applications, cost-efficiency, remarkable environmental
sustainability, and relatively lenient regulatory compliance prerequisites.
Amines stand out as exceptionally versatile intermediates, finding utility in
the production of a diverse spectrum of agrochemicals, including herbicides,
fungicides, insecticides, and plant growth regulators. This extensive range of
applications positions amines as the preferred choice for companies operating
within the agrochemical intermediates sector. Moreover, companies in this
market favor amines due to their alignment with regulatory requirements. For
instance, amines are frequently employed in the synthesis of agrochemicals that
have secured regulatory approvals from entities such as the Environmental
Protection Agency (EPA) in the region. This strict adherence to regulatory
standards significantly contributes to the growth of the North America
Agrochemical Intermediates Market throughout the forecast period.
Based on the
application, the herbicides segment is expected to register the highest growth
of 4.46% during the forecast period, 2024-2028. This emerging trend can be
ascribed to the expansion of agricultural activities, the potential for
innovative solutions, and the supportive policies implemented by governments.
Herbicides, essential for effective weed control, ultimately result in higher
crop yields and improved food security. The application of herbicides
facilitates the creation of tailored solutions, adapted to various crops and
geographical regions. This adaptability empowers companies to distinguish
themselves in the market by offering specialized solutions that cater to the
unique needs of their customers. The upsurge in herbicide demand, fueled by the
growing requirements for food production and the emphasis on sustainable
agricultural practices, is a driving force behind the growth of the North
America Agrochemical Intermediates Market during the projected period.
Based
on country, United States will witness fastest growth during the forecast
period, 2024-2028. This can be attributed to the significant agricultural
sector in the United States, which yields a diverse range of crops encompassing
grains, oilseeds, fruits, vegetables, and more. The demand for agrochemicals,
including intermediates essential for manufacturing pesticides and fertilizers,
remains substantial to sustain this extensive agricultural activity.
Furthermore, the presence of supportive government policies and regulations
focused on agriculture and environmental sustainability adds to the requirement
for agrochemical intermediates. These policies frequently promote the
utilization of agrochemicals that are both crop-friendly and environmentally
safe.
Major companies
operating in North America 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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“The market has
witnessed substantial growth in recent years, primarily fueled by the growing
utilization of agrochemical intermediates within the agricultural sector. These
intermediates are essential to produce pesticides, herbicides, and fungicides,
which assist farmers in enhancing crop yields, managing pests and diseases, and
enhancing overall crop quality. Additionally, there is an increasing demand for
natural or organic-based agrochemical intermediates, such as bio-based
agrochemicals. These bio-based agrochemicals are derived from natural sources
and are perceived as safer and more environmentally friendly compared to
synthetic counterparts. Anticipated growth in the demand for bio-based
agrochemicals is expected to drive the need for agrochemical intermediates
utilized in their production. Bio-based agrochemical intermediates are sourced
from renewable resources, resulting in a lower carbon footprint and greater
long-term sustainability creates a lucrative opportunity in the market growth,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“North America
Agrochemical Intermediates Market, By Product Type (Amines, Alkyl Amines,
Aldehydes, Acids, Others), By Application (Herbicides, Insecticides,
Fungicides, Nematicides, Others), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of North America 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 North America Agrochemical Intermediates
Market.
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