Agricultural Coatings Market Revenue, Growth, Top Competitor, Regional Investment, Forecast
Market Highlights
The global Agricultural Coatings market is projected to grow at a CAGR of 7.87% during the forecast period.
Agricultural coatings are substances and chemicals that are used to help a wide range of machines, vehicles, and equipment. They are traditionally used in two ways: as a lubricant to help keep things running smoothly, and also to eradicate problems with pesticides or other substances. They help reduce wear-and-tear and keep components from moving too quickly or unexpectedly, while also protecting them from the harsh environment they often operate in. It is anticipated that the market for agricultural coatings is set to experience growth as the demand for these chemicals increases in developing economies. This is mainly due to the rising need and growing population of developing countries, which require more crop production for food and feed. Moreover, multiple factors will make the agrochemical market grow. There is high demand for these products and more focus on protecting the crops from pests and diseases. This will lead to better quality seeds being grown, which will eventually contribute to further expansion of the market.
The outbreak of COVID-19 has affected the Agricultural Coatings market in many ways. Manufacturers and sellers in the market have been facing numerous production issues, including non-availability of raw materials, factory shutdowns, and shortage of resources. Additionally, the spread of COVID-19 has disrupted the supply chain majorly across ecosystems. However, the demand for essential products is increasing. These coatings are considered an essential product, the market will experience continuous demand. Owing to this, the market has been less affected by the COVID- 19 in terms of demand and is anticipated to witness a major demand in the forecast period.
Key Players
Some of the key players in agricultural coatings market are BASF SE (Germany), Bayer AG (Germany), Clariant Technologies (Germany), Croda International Plc (UK), Sensient Technologies (US), Germains Seed Technology (UK), Milliken Chemical (US), Precision Laboratories (US), Pursell Agri-tech (US), Novochem Group (Netherlands), Dorfketal (India), Deltachem (Germany), Israel Chemicals Ltd (Israel), Arkema (France), SQM (Chile), Mosaic (US), Nutrien Ltd (Canada), Aakash Chemicals, Evonik Industries (Germany) and Encapsys LLC (US)
Segmental Analysis
The global Agricultural Coatings market has been segmented based on Category, Coatings, Coating Type, Application, End-Use, and region.
By Category, the market has been segmented into Seed Coatings, Fertilizer Coatings, and Pesticide Coatings. The Seed Coating segment holds the largest market share in the global Agricultural Coatings market revenue for the year 2020. The surging agricultural sector and the introduction of new technologies in the field of seed coating have led the segment to expand at a substantial rate.
Based on type, the market has been segmented into Polymers, Colorants, and Pellets. The Polymers segment holds the largest market share in the global Agricultural Coatings market for the year 2020. Polymers provide improved shelf life and ease of handling. Polymers require less water and result in less settling out of components, which means that there are fewer storage losses. Polymers also offer better seedling establishment as they can be placed onto the soil, instead of being buried like peat moss.
By Coating Type, the global Agricultural Coatings market trends has been segmented into Powder Coating and Liquid Coating. The powder coating segment holds the largest market share in the market for the year 2020. Powder coating is more flexible than liquid coating and limits the chances for mistakes by only requiring one coat.
By Application, the global Agricultural Coatings market has been segmented as Agricultural Vehicles, Agricultural Machinery, Agricultural Tools, and Others. The Agricultural machinery holds the largest market share in the global Agricultural Coatings market for the year 2020. However, The Agricultural Vehicle segment is expected to experience the highest growth in the forecasted period
By End-Use, the global Agricultural Coatings market has been segmented as Insecticides, Herbicides, Fungicides, Rodenticides, and Other Pesticide Coatings. The Insecticides segment held the largest market share in the global Agricultural Coatings market for the year 2020 this is because a substantial amount of time and effort is being invested in research and development for new insecticides. With the cost of materials going up, there will be a greater push towards microencapsulated insecticides in the coming years.
Regional Analysis
Geographically, the global Agricultural Coatings market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. As per analysis, North America constituted a dominant share of the Agricultural Coatings market in 2020 and Asia Pacific is expected to grow with the highest CAGR during the forecast period
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