World News: 10:30 GMT Friday 11th January 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
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%.
The pesticide inert ingredients market is driven by various factors such as the increasing demand for specific inert ingredients for the formulation of pesticide products and the capability of inert ingredients to increase the efficacy of pesticide application on crops and leaves. However, the regulatory implications by EPA and other respective authorities may restrict the growth of the pesticide inert ingredients market. In modern crop protection, it is highly important to use chemicals such as pesticide products to protect the crops. Moreover, it is also necessary to reach the desired effect with the least environmental loads. The use of pesticides may kill non-target pests due to the inefficacy of pesticide application; this can be overcome through the use of carrier inert ingredients as carriers, which are adherence enhancers and also aid the application of pesticides on the target plants and crops. Due to these factors, carrier inert ingredients have recorded the highest CAGR. Synthetic inert ingredients are chemically manufactured substances, which are added to the pesticide for enhancing the overall application and performance of the pesticide product. Chemically sourced inert ingredients are produced with petroleum products. Most of the key players in the industry such as BASF (Germany), DowDuPont (US), and Stepan Company (US) are serving the market with synthetic-based inert ingredients. Although the synthetic ingredients have a toxic effect, the market for the same is larger as compared to bio-based inert ingredients, due to the ease of availability of synthetic products. North America is one of the key exporters of pesticides, with the US standing at the third position in the global export market for pesticides. The increasing cultivation of industrial crops such as corn and soybean in North American countries result in the adoption of agrochemicals and crop protection inputs for obtaining higher yield, due to which the demand for inert ingredients for the formulation of pesticides remains high; hence, North America dominated the market for pesticide inert ingredients in 2018.The global market for pesticide inert ingredients is dominated by companies such as BASF (Germany), Clariant (Switzerland), and Stepan Company (US). Whereas companies such as DowDuPont (US) and Croda International (UK) also contributed a major share by serving the market with inert ingredients products.
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Related Topics: Agrochemicals and Fertilizers, Food Ingredients
Globe Newswire: 10:30 GMT Friday 11th January 2019
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