The most recent study conducted by Report Ocean, titled “Global Btx-Based Agrochemical Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Btx-Based Agrochemical. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Btx stands for the chemical benzene, toluene, and xylene. These chemical compounds occur naturally in crude oil and can also be found in sea water in the vicinity of petroleum deposits. These aromatic compounds are separated in pure benzene, toluene, and mixed xylenes products at the BTX (benzenetoluene-xylene) Unit in refineries.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The BTX is then sold to other chemical facility for production of a wide range of chemicals including solvents, fibers, films, and plastics. The rising consumption of agrochemicals worldwide and growing concern over agriculture productivity as well as Strategic initiatives from leading market players are factors that are accelerating the global market demand.
For instance, according to Statista – during 2019, the global demand for agrochemicals was valued at USD 234.2 billion. This amount is projected to increase to more than USD 300 billion by 2025. Furthermore, leading market players are working towards new acquisitions to capitalize the growing consumption of agrochemicals.
For instance – in September 2021, New Delhi, India based Best Agrolife Limited acquired India based Best Crop Science Pvt Ltd. Best Crop Science specialises in manufacturing of active Ingredients of Herbicides, Insecticides & Fungicides. Also, growing advancements in agriculture sector in emerging regions and rising urbanization and increasing concern towards food security are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, health Hazards associated with BTX compounds impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Btx-Based Agrochemical Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing utilization of agrochemicals and presence of leading market players. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of agriculture sector and increasing penetration of leading market players, would create lucrative growth prospects for the global Btx-Based Agrochemical Market across the Asia Pacific region.
Major market players included in this report are:
Ram Shree Chemicals
LGC Group
G.J. Chemical
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MOL Group
Chevron Phillips Chemical Company LLC
Dow Chemicals
Royal Dutch Shell plc
SABIC
JFE Chemical Corporation
Formosa Chemicals & Fibre Corp.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type
Insecticides
Herbicides
Fungicides
Other
By Region:
North America
U.S.
Canada
Europe
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UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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