Asia-Pacific Agrochemical Intermediates Market to Grow with a CAGR of 4.24 % through 2028
Enhancing the soil health and growing implementation of
advanced farming practices are the major driver of the Asia-Pacific
Agrochemical Intermediates Market in the forecast period 2024-2028
According to TechSci Research report, “Asia-Pacific
Agrochemical Intermediates Market - By Region, Competition, Forecast and
Opportunities, 2018-2028”, Asia-Pacific Agrochemical Intermediates Market
Size is USD 21,735.13 million in 2022
and is anticipated to increase at a CAGR of 4.24% through 2028. Agrochemical
intermediates are chemical compounds that play a vital role in the production
of agrochemicals, making them indispensable in modern agriculture. Their
importance lies in their ability to significantly boost crop yields, maintain
crop quality, and reduce the environmental impact associated with agricultural
practices. While the use of synthetic agrochemicals has raised concerns
regarding potential adverse effects on the environment and human health,
ongoing research and development efforts are actively promoting the emergence
of more sustainable and environmentally friendly alternatives in the
agrochemical sector.
Furthermore, the rise of precision farming, an
agricultural approach that leverages technology to optimize crop yields and
minimize resource wastage, heavily relies on the precise application of
agrochemicals. Achieving this level of precision requires the use of
specialized agrochemical intermediates, solidifying their status as an
essential component of modern farming practices. The adoption of precision
farming techniques is steadily increasing, particularly in developed countries,
where farmers are actively seeking ways to enhance operational efficiency and
reduce costs. Consequently, the growing adoption of precision farming
techniques is driving the demand for agrochemical intermediates. Additionally,
agrochemical intermediates play a critical role in the production of various
types of pesticides, including herbicides, fungicides, and insecticides.
Prominent examples of these agrochemical intermediates include 4-Fluorotoluene
Diethyl Phosphorochloridothionate, 2-Chloro-6-(Trichloromethyl) Pyridine,
2-Chloro-5-Chloro Methyl Pyridine, and 2-Chloropropionic Acid. Amines,
alkylamines, aldehydes, and acids are among the most commonly used agrochemical
intermediates among end-users, further contributing to the growth of the
Asia-Pacific Agrochemical Intermediates Market in the forecast period.
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Moreover, amines, including alkylamines, serve as
highly versatile agrochemical intermediates extensively utilized in the
synthesis of a wide range of agricultural chemicals. Their pivotal role extends
to the production of herbicides, fungicides, insecticides, and plant growth
regulators. Amines' ability to participate in various chemical bonding processes
makes them indispensable for customizing agricultural solutions tailored to
specific crops and geographic regions. Additionally, certain agrochemical
intermediates comprise specialized components sourced from renewable origins,
such as agricultural residues, plant extracts, and microbial processes. These
environmentally friendly intermediates play a critical role in the production
of sustainable agrochemicals.
The Asia-Pacific Agrochemical Intermediates Market is
segmented into product type, application, country distribution, company and region
Based on the category of product type insights, the amines
segment is expected to register the highest growth of 4.72% during the forecast
period 2024-2028. The expansion of the agrochemical intermediates market can be
attributed to its wide array of applications, cost-effectiveness, high level of
environmental sustainability, and minimal regulatory compliance demands. Amines
are versatile intermediates extensively used in the production of various
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, amines are favored by companies in this market due to their
adherence to regulatory requirements. For instance, amines are commonly
employed in the synthesis of agrochemicals that have received regulatory
approvals from entities in the region. This commitment to meeting regulatory
standards is expected to drive the growth of the Asia-Pacific Agrochemical
Intermediates Market throughout the forecast period.
Based on the application, the herbicides segment is
expected to register the highest growth of 4.75% during the forecast period,
2024-2028. This trend can be attributed to the expansion of agricultural
activities, the potential for innovative solutions, and supportive government
policies. Herbicides play a pivotal role in weed control, ultimately leading to
increased crop yields and enhanced food security. The utilization of herbicides
enables the development of tailored solutions designed for various crops and
geographic regions. This flexibility allows companies to distinguish themselves
in the market by providing specialized solutions that cater to the unique
requirements of their customers. The surge in herbicide demand, driven by the
rising food needs and a focus on sustainable agricultural practices, is driving
the growth of the Asia-Pacific Agrochemical Intermediates Market in the
projected period.
Based on country, India will witness fastest
growth during the forecast period, 2024-2028. The demand for agrochemical
intermediates in India has been on a steady rise, reflecting the country's
evolving agricultural landscape. India's vast and diverse agricultural sector,
which supports the livelihoods of millions of farmers, continues to seek innovative
solutions to address the growing demand for food, feed, and fibre. Agrochemical
intermediates, which serve as essential components in the production of
pesticides, fertilizers, and other agricultural inputs, have become
increasingly crucial in modern farming practices. One of the primary drivers of
this demand surge is the need to enhance agricultural productivity. India's
population is rapidly growing, and with it, the demand for food is increasing
exponentially. To meet this demand, farmers are increasingly turning to
agrochemicals to protect their crops from pests, diseases, and weeds while
optimizing nutrient utilization. As a result, the agrochemical intermediates
market has expanded to cater to the diverse needs of Indian agriculture.
Furthermore, the push towards
sustainable agriculture has also contributed to the increased demand for
agrochemical intermediates. Indian farmers are increasingly aware of the
importance of environmentally friendly and socially responsible farming
practices. Agrochemical intermediates play a pivotal role in the development of
eco-friendly pesticides and fertilizers that minimize harm to non-target
organisms, reduce soil and water pollution, and promote safer working
conditions for agricultural laborers. Government policies and initiatives have
further propelled the demand for agrochemical intermediates in India. The
government's focus on doubling farmers' incomes by promoting advanced farming
practices, including the judicious use of agrochemicals, has spurred investments
and research in this sector. Additionally, the "Make in India"
campaign has encouraged domestic production of agrochemical intermediates,
fostered self-sufficiency and reduced dependency on imports.
Major companies operating in Asia-Pacific Agrochemical
Intermediates Market are:
- Mitsubishi Chemical Group Corporation
- LG Chem Ltd.
- Sumitomo Chemical Co., Ltd.
- Alkyl Amines Chemicals Limited
- Swarup Chemicals (P) Ltd.
- India Pesticides Limited
- Ishihara Sangyo Kaisha, Ltd.
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“The market has witnessed substantial growth in recent
times, primarily fueled by the growing adoption of agrochemical intermediates
within the agricultural sector. These essential intermediates play a
fundamental role in the production of pesticides, herbicides, and fungicides,
assisting farmers in increasing crop yields, managing pests and diseases, and
enhancing overall crop quality. Furthermore, there is a growing demand for agrochemical
intermediates sourced from natural or organic origins, particularly bio-based
agrochemicals. These bio-based agrochemicals are extracted from natural sources
and are widely considered a safer and more environmentally friendly alternative
compared to their synthetic counterparts. The anticipated increase in demand
for bio-based agrochemicals is expected to drive the need for the corresponding
agrochemical intermediates essential in their manufacturing processes. These
bio-based agrochemical intermediates originate from renewable sources,
resulting in a reduced carbon footprint and promoting long-term sustainability,
aligning with the evolving environmental preferences in the market that creates
a lucrative opportunity in the market growth,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific Agrochemical Intermediates
Market.
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