The pesticide inert ingredients market is estimated to account for USD 3.5 billion in 2018 and is projected to reach USD 4.7 billion by 2023, at a CAGR of 6.14% during the forecast period. The need to ensure food security and cater to the requirements for pesticides in the agricultural industry drives the market for pesticides inert ingredients.
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Pesticide inert ingredients are used in herbicide spray solutions to accentuate the emulsifying or other surface modifying properties of liquids. Inert ingredients are mostly present in herbicide treatment solutions with the aim to improve the penetration of active ingredients into plant foliage or to reduce foaming activity of the spray solution. Also, with reference to the herbicides available in the market, the amount of inert ingredients used in herbicide solutions are higher compared to insecticides and fungicides.
High adoption of inert ingredients in the North American region also drives the overall pesticide inert ingredients market. The major use of the formulation of herbicides is in the form of emulsifiers and solvents.
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Liquid inert ingredients reduce waste and have a larger target coverage area. In addition, the uniformity and ease in mixing the liquid inert ingredients in pesticide formulations are key factors driving the demand for these forms among local manufacturers in developing countries. Thus, the liquid segment is estimated to dominate the pesticide inert ingredients market. Most of the pesticide formulations are also available in liquid form and thus the share for the liquid segment is projected to remain high.
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).
