Pesticide Inert Ingredients Market to See Major Growth by 2023

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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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.

On the basis of form, the liquid segment is projected to account for a higher share in the pesticide inert ingredients market during the forecast period.

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.

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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).