New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Coatings Global Market Report 2023" - https://www.reportlinker.com/p06466669/?utm_source=GNW
, The Arkema Group, Sociedad Química y Minera de Chile, and Vivify Specialty Ingredients.
The global agricultural coatings market is expected to grow from $3.48 billion in 2022 to $3.83 billion in 2023 at a compound annual growth rate (CAGR) of 10%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The agricultural coatings market is expected to reach $5.36 billion in 2027 at a CAGR of 8.8%.
The agricultural coatings market consists of sales of red oxides, barn paints, aluminium 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.
Agricultural coatings can be defined as substances that are used to provide chemical resistance and protect edible products from harmful chemicals. Agricultural coatings are used to provide protection for agricultural tools so that they can provide long-lasting and optimal performance.
North America was the largest region in the agricultural coatings market in 2022. The regions covered in agricultural coatings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main categories involved in agricultural coatings are seed coatings, fertilizer coatings, and pesticide coatings.Seed coating refers to a technique in which an ingredient that is active in nature is applied to the surface of the seed and can act as a carrier.
The various coatings involved includes polymers, colorants, and pellets, with several coating types included, such as powder coating and liquid coating. These are used for various applications, such as agricultural vehicles, agricultural machinery, agricultural tools, and others, and are used by several end uses including insecticides, herbicides, fungicides, rodenticides, and others.
Increasing demand for food will propel the growth of the agricultural coatings market going forward.Food can be defined as substances that can provide protein, carbohydrate, fat, and other nutrients used in an organism’s body and are essential for its proper growth and other nutrients used in the body of an organism necessary for its proper growth.
Agricultural coatings give chemical resistance so that dangerous chemicals won’t also be carried through food products when machinery passes through them.For instance, in July 2022, according to an article by the Food and Agriculture Organization, an Italy-headquartered international organization of the United Nations, there were approximately 828 million people globally affected by hunger in 2021, an increase of 46 million people compared to 2020.
Furthermore, in February 2022, according to a report published by the World Food Programme, an Italy-headquartered international organization of the United Nations that provides food assistance, there will be 345.2 million people projected to be food insecure in 2023, which is double compared to 2020 and 200 million more compared to pre-pandemic levels. More than 900,000 people around the globe are fighting the food crisis. Therefore, increasing demand for food is driving the growth of the agricultural coatings market.
Technological advancements are a key trend in the agricultural coatings market.Major players operating in the agricultural coatings market are concentrating their efforts on introducing new and advanced technologies to strengthen their position in the market.
For instance, in March 2022, Germains Seed Technology, a UK-based provider of seed technology solutions, launched Spinach Goseed, a nutrient-rich coating technology and bio-stimulants created specifically for spinach to enable plants to more effectively handle abiotic stress.Spinahc Goseed focuses on enhancing early plant nutrition throughout the plant’s emergence and early growth stages to ensure its success in a variety of growing situations.
In each of the multiple trials, spinach goseed produced an average of 21% more final yields, 30% better plant stand, and 31% better emergence. With this technology, the company embraces the next generation of seed health technology solutions that give more natural plant-supporting options by fusing carefully chosen nutrients with bio-stimulants and other micro-ingredients.
In August 2022, Kansai Helios, a Germany-based paint and coatings manufacturer, acquired Wefa for an undisclosed amount.With this acquisition, Kansai Helios will get Wefa’s experience with water-based coatings.
The company will be able to expand its business and create new opportunities in product development. Wefa is a Germany-based agricultural coatings manufacturer that produces paints for the rail vehicle industry or agricultural machinery.
The countries covered in the agricultural coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The agricultural coatings market research report is one of a series of new reports that provides agricultural coatings market statistics, including agricultural coatings industry global market size, regional shares, competitors with a 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. This 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.
Read the full report: https://www.reportlinker.com/p06466669/?utm_source=GNW
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