Technavio analyzes that the Crop Oil Concentrates Market is expected to grow at a CAGR of 3.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 46.4 million.There are various factors that contribute to the growth of the market. The global Crop Oil Concentrates (COC) market is experiencing significant growth due in part to the increased adoption of herbicides in modern agriculture. COCs are essential in herbicide formulations, enhancing their efficacy and reducing the amount required for effective weed control. This trend is particularly prominent in regions with large agricultural sectors, such as North America and Europe, where the use of herbicides is widespread. As a result, the demand for COCs is projected to continue rising, driving market expansion.
Crop oil concentrates play a crucial role in enhancing the efficacy of herbicides in agriculture by facilitating the absorption of herbicides in plant tissues. These concentrates, often derived from petroleum, amplify herbicide action, mitigating plant resistance. The global crop oil concentrates market is driven by the increasing demand for herbicides, particularly in the Asia Pacific region, due to the expansion of agricultural activities. Notably, the emergence of bio-herbicides as an alternative to synthetic herbicides represents a significant trend in the market. The Pesticide Action Network (PAN) reports that insecticides and fungicides account for a substantial portion of herbicide usage, further emphasizing the importance of crop oil concentrates in optimizing herbicide performance and agricultural yield.
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Crop Oil Concentrates Market Segmentation
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The Crop Oil Concentrates (COC) market encompasses the use of COCs in agriculture, particularly in the application of pesticides, herbicides, and adjuvants. These concentrates, which include surfactants, are utilized in crops like corn, wheat, and cereals and grains, oilseeds and pulses, fruits and vegetables, and herbicide-tolerant crops. They enhance herbicide deposition, improve insecticide and fungicide efficacy, and contribute to precision farming. Raw material costs, weed resistance, and plant growth regulators are key factors influencing market growth. Agrochemicals such as glyphosate-tolerant crops also utilize COCs.
The global commodity chemicals market encompasses businesses specializing in the production of industrial and fundamental chemicals, encompassing yet not limited to plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. This market excludes chemical corporations engaged in the manufacturing of diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Key growth drivers for the commodity chemicals market include the expanding demand for plastic packaging. Plastics, being the most extensively utilized material in the packaging sector worldwide, is witnessing increasing demand for lightweight, corrosion-resistant alternatives. This trend is fostering continuous innovation and influencing the application of chemicals in the production of advanced plastic packaging materials.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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