The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Agrochemicals are substances that help in the management of agricultural ecosystems and micro-organisms in the farming area. The use of Agrochemicals is critical to raising crop yield. Agrochemicals include various substances, such as fertilizers, pesticides, liming & acidifying agents, soil conditioners, etc. Fertilizers are substances that are added to agricultural lands to encourage the growth of plants and to increase crop yield. They are manufactured using synthetic chemicals or organic living materials.
Most of the fertilizers use Potassium, Nitrogen and Phosphate as essential ingredients. Pesticides are substances that are used to treat pests or other parasitic organisms that may be harmful to crops. Many different types of pesticides, such as fungicides, herbicides, insecticides, bactericides and others, are used in agricultural farms. Soil conditioners are substances that are added to the soil to increase its ability to hold oxygen and water.
Materials used as soil conditioners includes sewage sludge, peat, shaded newspapers and others. Agrochemicals hold an important place in the agriculture industry and thus, the global market for Agrochemicals is projected to register healthy growth during the forecast period and reach a market value of US$ 281.93 Bn by the end of the forecast period.
On the basis of product type, Agrochemicals can be classified into fertilizers, pesticides and others. The Pesticides segment will dominate the Agrochemical market in terms of global market value share and is estimated to account for 74.3% of the total incremental $ opportunity created by the end of the forecast period.
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Agrochemicals are used for several applications in the agriculture industry. For instance, agrichemicals are used to enhance crop yield in less cultivable lands. They help maintain the fertility of soil and enrich the crop ecosystem. Liquid Agrochemicals are used as pesticides for pest control. Different types of pesticides have different applications. For instance, fungicides and bactericides are used to kill bacteria and fungi in various types of crops. The solid form will lead the global Agrochemicals market and is projected to create incremental $ opportunity worth US$ 72.06 Mn by the end of the forecast period.
In 2018, Asia Pacific proved to be one of the most lucrative regions in the global Agrochemicals market and is estimated to have accounted for approximately 63.6% share in the global incremental dollar opportunity created in the Agrochemicals market. Asia Pacific continues to be a dominant market for Agrochemicals and significant growth is being observed in the region owing to rising demand for fertilizers and pesticides to induce higher crop production in the region.
Moreover, rising consumption of Agrochemicals in Latin America and Europe owing to the expanding agriculture industry in these regions is also expected to drive the growth of the global Agrochemicals market. Middle East & Africa and North America regions are estimated to register healthy growth over the forecast period.