The Rising Adoption Of Sustainable Agricultural Practices Is Expected To Drive The Seed Coating Materials Market, By TBRC
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LONDON, Nov. 8, 2022 /PRNewswire/ -- Implementation of sustainable agricultural practices is driving the growth of the seed coating materials market during the forecast period. The sustainable agriculture practices include ensuring soil fertility and encouraging biodiversity, improving the ecological conditions and preventing pollution, consuming less non-renewable resources, supporting rural economic development, and raising people's environmental awareness and responsibility. The sustainable agricultural practices are promoting the use of bio-based seed coating materials as these use ingredients such as microbes like fungi and bacteria, as well as plant extracts and algae extracts.
The global seed coating materials market size is expected to grow from $1.82 billion in 2021 to $1.97 billion in 2022 at a compound annual growth rate (CAGR) of 8.02%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The seed coating materials market is expected to reach $2.72 billion in 2026 at a CAGR of 8.42%.
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Biological Seed Treatment Is Among The Key Trends In The Seed Coating Materials Market
Biological seed treatment is the key trend gaining traction in the seed coating materials market. Biological seed treatment includes active ingredients such as fungi and bacteria, plant extracts, and algae extracts that are applied to the seed in a powder form or as a liquid. Research and development for biological seed treatment is being undertaken and major companies are developing innovations in seed coating materials market.
BASF SE Was The Largest Competitor In The Seed Coating Materials Market In 2021
BASF SE was the largest competitor in the seed coating materials market in 2021, with a 40.18% share of the market. BASF's growth strategy focuses on expanding its manufacturing capabilities through strategic acquisitions. For instance, in August 2020, BASF acquired Sinopec Shanghai Petrochemical Company Ltd. Through this acquisition, the company aims to increase its alkoxylate production capacity in the Asia Pacific, especially China. Alkoxylation technology helps in the production of surfactants, which are used in industrial formulations such as raw materials for emulsion polymerization, plasticizers, polyurethane foams for the rubber industry, crop protection additives, and various other surfactants.
Seed Coating Materials Market Segments
The global seed coating materials market is segmented -
- By Coating Type: Bio-Based Coating, Synthetic Coating
- By Material Type: Polymers, Colorants, Pellets, Minerals/Pumice, Active Ingredients
- By Crop Type: Cereals and Grains, Fruits and Vegetables, Flowers and Ornamentals, Oilseeds and Pulses, Others
- By Process: Film Coating, Encrusting, Pelleting
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