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Pesticide Inert Ingredients Market: An Emerging Market with Attractive Growth Opportunities

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Pesticide Inert Ingredients Market: An Emerging Market with Attractive Growth Opportunities

December 03
16:07 2019
Pesticide Inert Ingredients Market: An Emerging Market with Attractive Growth Opportunities

MarketsandMarkets™
The pesticide inert ingredients market is projected to reach USD 4.7 billion by 2023, from USD 3.5 billion in 2018, at a CAGR of 6.14% during the forecast period.

The pesticide inert ingredient is added to the active ingredients to formulate the pesticide final product. When the inert ingredient is added to the formulation, it modifies the surface tension between pesticide spray drops and plant leaf surface to achieve better wetting, distribution, and penetration quality, resulting in an enhanced pesticide effect. The effectiveness of a pesticide increases manifolds with the addition of inert ingredients. The global market for pesticide inert ingredients is projected to grow at a steady rate, and the growth of the market is highly dependent on the requirement of crop protection products for improving the quality of crops. The pesticide inert ingredients market is projected to grow at CAGR of 6.14% from USD 3.5 billion in 2018 to 4.7 billion during the forecasted year of 2023.

Pesticide Inert Ingredients Market

The inert ingredients of a pesticide product potentially constitute up to 99% of the pesticide formulation and have been a confidential composition and therefore withheld by most of the pesticide manufacturers on their labels. According to the National Center for Biotechnology Information (NCBI), inert ingredients have been legally kept hidden from public view despite their toxic nature; the primary factor was to protect industry trade secrets. However, the US regulatory authority, Environmental Protection Agency (EPA) has been working toward policy changes, which requires 100% disclosure of a pesticide product’s ingredients. The major issue with pesticides and the inert ingredients is associated with its handling and environmental degradation, which in turn, gives rise to the development of major technologies such as microencapsulation. The advent of microcapsules as a type of inert ingredient results in better handling of toxic active ingredients and also controls the optimum release of pesticides. Technological advancements in inert ingredients for pesticide formulations are inevitable to succeed in the biological agrochemicals industry. This is projected to encourage the adoption of the microencapsulation technology in the crop protection industry, which has proven effects on the target. These factors are projected to impact the overall pesticide inert ingredients market with its rapid growth rate.

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With the increasing demand for organic fruits and vegetables, the bio-based segment is projected to witness the fastest growth, on the basis of source.

It has been witnessed that some of the inert ingredients used in pesticide formulation are more toxic than the active ingredients. Increasing health hazards associated with the usage of synthetic-based inert ingredients in pesticides creates an opportunity for the market players to develop bio-based inert ingredients from sources such as microbes for the formulation of bio-based pesticides. Governmental bodies and regulatory authorities have introduced regulations for the use of toxic pesticides, which affects the growth of bio-based inert ingredients in the market.

Asia Pacific is projected to witness the highest growth in the pesticide inert ingredients market during the forecast period.

The Asia Pacific region is one of the leading consumers of pesticides across regions, even though the region mainly depends on imports for pesticide supply. Inert ingredients are increasingly consumed by pesticide manufacturers at the production facility during the formulation stage, and countries such as India, Thailand, and Vietnam depend on imports for pesticides. Hence, the market for pesticide inert ingredients remains smaller when compared to the Americas and Europe. However, the pesticide inert ingredients market is well-established in developed countries with the increasing establishment of production plants in the Asian countries. Due to these factors, the use of inert ingredients along with pesticide application is projected to increase in the future.

This report includes a study of development strategies for leading companies. The scope of this report includes a detailed study of major companies such as BASF (Germany), Clariant (Switzerland), DowDuPont (US), Stepan Company (US), and Croda International Plc. (UK). Other players in the market include Eastman Chemicals (US), Solvay S.A. (Belgium), Evonik (Germany), Huntsman Corporation (US), AkzoNobel (The Netherlands), Royal Dutch Shell (The Netherlands), and LyondellBasell Industries (Netherlands).

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Key questions addressed by the report:

Which market segments to focus on in the next two to five years for prioritizing efforts and investments?

Which region will have the highest share in the pesticide inert ingredients market?

Which type of pesticide inert ingredients witnesses high demand in each key country market?

What are the trends and factors responsible for influencing the adoption rate of bio-based inert ingredients in key emerging countries?

Which are the key players in the market and how intense is the competition?

 

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