PUBLISHER: The Business Research Company | PRODUCT CODE: 1413956
PUBLISHER: The Business Research Company | PRODUCT CODE: 1413956
“Agricultural Coatings Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agricultural coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agricultural coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The agricultural coatings market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Agricultural coatings are substances designed to provide chemical resistance and protect edible products from harmful substances. These coatings play a crucial role in safeguarding agricultural tools, ensuring their durability and optimal performance over an extended period.
The primary categories within agricultural coatings include seed coatings, fertilizer coatings, and pesticide coatings. Seed coating involves the application of an active ingredient onto the surface of the seed, serving as a carrier for various substances. Coating materials encompass polymers, colorants, and pellets, and different coating methods such as powder coating and liquid coating are utilized. Agricultural coatings find applications in various aspects such as agricultural vehicles, machinery, and tools. Additionally, they cater to different end-uses, including insecticides, herbicides, fungicides, rodenticides, among others.
The agricultural coatings market research report is one of a series of new reports from The Business Research Company that provides agricultural coatings market statistics, including agricultural coatings industry global market size, regional shares, competitors with an agricultural coatings market share, detailed agricultural coatings market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural coatings industry. The agricultural coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agricultural coatings market size has grown strongly in recent years. It will grow from $3.83 billion in 2023 to $4.2 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historical period can be attributed to several factors, including an increased demand for crop protection measures, compliance with regulatory standards, efforts to enhance productivity, global agricultural trends, and the expansion of the market.
The agricultural coatings market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to the adoption of sustainable agriculture practices, efforts to adapt to climate change, the increasing use of bio-based and organic coatings, global population growth, and ongoing market innovation and research. Key trends expected in the forecast period include advancements in formulations and technologies, a shift towards sustainable and eco-friendly solutions, the integration of precision agriculture, the adoption of smart coatings and IoT (Internet of Things) integration, and customization to cater to various agricultural applications.
The anticipated increase in food demand is poised to propel the growth of the agricultural coatings market in the coming years. Food, essential for proper growth and nutrition in organisms, has witnessed a surge in demand globally. Agricultural coatings play a crucial role in ensuring food safety by providing chemical resistance, preventing the transmission of potentially harmful chemicals through food products when machinery passes through them. As highlighted in a July 2022 article by the Food and Agriculture Organization, approximately 828 million people worldwide were affected by hunger in 2021, marking an increase of 46 million people compared to 2020. Additionally, a report from the World Food Programme, published in February 2022, projected that 345.2 million people would be food insecure in 2023, doubling compared to 2020 and representing an increase of 200 million people compared to pre-pandemic levels. This dire situation underscores the global food crisis, and the increasing demand for food is a significant driver for the growth of the agricultural coatings market.
The surge in the adoption of precision farming is expected to contribute significantly to the growth of the agricultural coatings market. Precision farming involves the monitoring, analysis, and reaction to various inter- and intra-field variable inputs in modern agriculture. Agricultural coatings play a vital role in precision farming practices by reducing pesticide usage and enhancing functionality. According to the USDA, 25% of farms used precision agriculture practices in 2021, a figure that increased to 27% in 2022. The growing adoption of precision farming is a key factor driving the demand for agricultural coatings as farmers seek more efficient and sustainable agricultural practices. This trend is expected to further fuel the growth of the agricultural coatings market.
Technological advancements are a pivotal trend in the agricultural coatings market, with major players actively pursuing the development and integration of new technologies to enhance their market position. A notable example is the initiative taken by Germains Seed Technology, a UK-based provider of seed technology solutions. In March 2022, Germains Seed Technology introduced Spinach Goseed, a cutting-edge nutrient-rich coating technology and bio-stimulant specifically designed for spinach. This technology aims to enable plants to more effectively handle abiotic stress during their emergence and early growth stages. Spinach Goseed, with a focus on enhancing early plant nutrition, has demonstrated impressive results in trials, producing an average of 21% more final yields, 30% better plant stand, and 31% better emergence. By incorporating carefully selected nutrients with bio-stimulants and other micro-ingredients, this technology represents the next generation of seed health solutions, providing more natural and effective plant support.
Major companies in the agricultural coatings market are also emphasizing the development of sustainable products, including plant-based edible coatings designed to enhance produce freshness. A plant-based edible coating is a thin layer of natural, edible materials derived from plants applied to the surface of food items. AgroFresh Solutions, a US-based producer of freshness solutions, exemplifies this trend with the launch of VitaFresh Botanicals, Life Ultra, in April 2021. This plant-based edible coating, tailored for fruits such as avocados and mangoes, utilizes nano-emulsion technology from Brazilian collaborators. Acting as a protective membrane, Life Ultra reduces dehydration, minimizes food loss, and offers sustainability benefits by enabling quick fruit drying, thus lowering energy usage and operational costs.
In August 2022, Kansai Helios, a Germany-based paint and coatings manufacturer, acquired Wefa, a Germany-based agricultural coatings manufacturer. This acquisition not only brings Kansai Helios Wefa's expertise in water-based coatings but also provides opportunities for business expansion and new product development. Wefa's specialization in producing paints for the rail vehicle industry and agricultural machinery aligns with Kansai Helios' strategic goals in the agricultural coatings sector.
Major companies operating in the agricultural coatings market report are BASF SE, Bayer AG, Clariant International Ltd., Croda International Plc, Sensient Technologies Corporation, Germains Seed Technology Ltd., Precision Laboratories LLC, Pursell Agri-Tech LLC, Holland Novochem, The Arkema Group, Michelman Inc., Huntsman Corporation, Momentive Performance Materials Inc., Eastman Chemical Company, The Dow Chemical Company, Akzo Nobel N.V., PPG Industries, Nippon Paint Holdings Co. Ltd., Hempel A/S, Asian Paints Limited, Berger Paints India Limited, Brillux GmbH & Co. KG, CIN S.A., Cloverdale Paint Inc., DAW SE, Flugger Group A/S, Kansai Paint Co.Ltd., Masco Corporation, RPM International Inc.
North America was the largest region in the agricultural coatings market in 2023. The regions covered in the agricultural coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the agricultural coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The agricultural coatings market consists of sales of red oxides, barn paints, aluminum paint, horticultural finishes, roofing paints, anti-corrosive primers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.