Pesticide Inert Ingredients Market is anticipated to reach a value of US$ 13,167.2 million by 2034| Fact.MR Report

Increasing demand for sustainable and eco-friendly solutions to propel the global market growth

Rockville , Jan. 11, 2024 (GLOBE NEWSWIRE) — The global pesticide inert ingredients market is poised to reach a valuation worth US$ 7,621.2 million in 2024. During the forecast period, the demand is anticipated to garner a CAGR of 5.6% and hence reach a sum of US$ 13,167.2 million by the end of 2034. 

An increasing need for sustainable agriculture is driving the growth of biodegradable formulations in the pesticide inert ingredients market. Precision agriculture technology, such as drones and data analytics, improve pest management efficiency. These factors contribute to market expansion by aligning with environmentally friendly and technologically sophisticated agricultural trends.

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Key Segments of Pesticide Inert Ingredients Market Research Report        

The growing global need for sustainable agriculture methods provides opportunities in the pesticide inert ingredients market. Precision agricultural innovations provide opportunities for the creation of improved formulations. Opportunities exist for companies to contribute to environmentally responsible and technologically sophisticated pest management products as the market for pesticides inert ingredients advances.

Key Takeaways from the Market Study

• In 2019, the global pesticide inert ingredients market was estimated at US$ 5,945.2 million.
• The North America pesticide inert ingredients market is expected to rise to 25.7% market share by 2024.
• East Asia is expected to have reached 42.1% of the global market by 2024.
• In 2024, the market in the United States is estimated to be worth US$ 1,134.4 million.
• The China market for pesticide inert ingredients is anticipated to be worth US$ 1,659.4 million in 2024.
• In 2024, the liquid form segment is expected to account for 74.50% of the global market.
• The herbicide segment is expected to reach a market share of 40.21% by 2024.

“The pesticide inert ingredients market is driven by rising need for biodegradable formulations that address sustainable agriculture. Drones as well as data analytics are examples of precision agricultural technology which may be used to maximize efficiency and usage of inert ingredients,” remarks a Fact.MR analyst.

Competitive Landscape

To get a competitive advantage, key players in the global market for pesticide inert ingredients are implementing creative tactics. To create sustainable and biodegradable inert ingredients that are in line with environmentally friendly agriculture methods, they are investing in research and development.

The integration of precision agriculture equipment like drones and data analytics is made possible by strategic partnerships with technology companies, which improves the effectiveness of pest management. In addition to addressing environmental issues, these developments establish the businesses as industry leaders in providing efficient, eco-friendly, and advanced technical solutions for the constantly developing market for pesticide inert ingredients.

Key Development

• In 2023, Clariant announced the official launch of their new CATOFIN catalyst manufacturing facility in Jiaxing, Zhejiang Province, China. A fundamental component of Clariant’s new purpose-led approach, which is embodied in the phrase “Greater chemistry – between people and planet,” is investing in technologies like CATOFIN. In addition, the location adds to the company’s currently expanding foothold in China by complementing the catalyst R&D center located within the One Clariant Campus in Shanghai and the neighboring catalytic factories in Jinshan.
• In 2023, Evonik announced the complete acquisition of the previous joint venture Thai Peroxide Company Limited (TPL) in Saraburi, Thailand. The purchase, which was finalized on December 15, allows the multinational manufacturer of peroxides to increase the amount of specialty-grade hydrogen peroxide and peracetic acid that it offers in the rapidly developing Asia Pacific market. The move helps Evonik’s Active Oxygens business division pursue its goal of concentrating on specializations for applications in the future.

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More Valuable Insights Available

Fact.MR offers an unbiased analysis of the global pesticide inert ingredients market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the pesticide inert ingredients market, the market is segmented on the basis of form (liquid, solid), by end use (herbicide, insecticide, fungicide, others) and region (North America, Europe, Latin America, East Asia, South Asia & Oceania, Middle East & Africa).

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