BASF (Germany) and AkzoNobel (Netherlands) are the Kay Players in the Agricultural Micronutrients Market

The Asia Pacific region dominated the agricultural micronutrients market in 2016 and is projected to grow at the highest CAGR from 2017 to 2022, both in terms of value and volume.

(EMAILWIRE.COM, June 20, 2019 ) Agricultural micronutrients can be defined as nutrients required in small amounts which are necessary for plant growth. They provide functions such as cell wall development, water absorption, and resistance to plant diseases. The deficiency of micronutrients has increased due to intensive cropping patterns, extensive use of chemical fertilizers, mining of micronutrient reserves, and extensive irrigation facilities. This deficiency can result in crop losses and lower crop yield.

The agricultural micronutrients market includes players such as BASF (Germany), Dow Chemical (US), AkzoNobel (Netherlands), and Agrium (Canada). Other significant players include Yara International (Norway), The Mosaic Company (US), Land O’Lakes (US), Helena Chemical Company (US), and Nufarm (Australia). The agricultural micronutrients market is projected to reach USD 8.81 billion by 2022, at a CAGR of 8.60% from 2017. In terms of volume, the market is projected to reach 1,681.1 KT by 2022.

The market is highly fragmented, with key market players adopting investments and strategic alliances, expansions, mergers & acquisitions, new product launches, and joint ventures/agreements with other players to strengthen their business, explore new and untapped markets, expand in local areas of emerging markets, and develop a new customer base for long-term client relationships.

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BASF (Germany)

BASF manages its business through six segments—chemicals, performance products, functional solutions, agricultural solutions, oil & gas, and others. BASF offers a wide range of chelated micronutrients.

The company is involved in the manufacturing of micronutrient products under its agricultural solutions segment. It has a strong R&D network established across the world to provide better product quality and reliability. The company is currently focusing on business expansion by expanding its geographical presence in untapped regions. It has a scope to focus on product innovation. It has a vast distribution network and an effective supply chain to deliver specific ingredients to various application industries.

BASF operates globally through its subsidiaries in 80 countries with 376 production sites. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East. The company adopted expansions and acquisitions as its business strategies. On July 2014, the company opened a new BasCat Laboratory building at Technical University (TU), Berlin along with Cluster of Excellence “Unifying Concepts in Catalysis” (UniCat).

AkzoNobel (Netherlands)

AkzoNobel is engaged in the production of specialty chemicals; it is also involved in the manufacture of decorative paints and performance coatings. The company operates through three segments—performance coatings, specialty chemicals, and decorative paints. The specialty chemicals segment operates through five businesses, namely, pulp & performance chemicals, industrial chemicals, polymer chemistry, functional chemicals, and surface chemistry.

The company has a strong product portfolio for the agricultural micronutrients market; it is one of the leading manufacturers of chelated micronutrients such as iron, zinc, manganese, and copper. The company is involved in the innovation of different types of micronutrient products, with various functionalities to meet the growing market demand. The company offers a wide range of products for the agricultural, food & beverage, pharmaceutical, animal feed, personal care, and industrial sectors.

It has a global presence through its subsidiaries in more than 80 countries which include the Netherlands, the US, and Canada. The company adopted expansions and agreements as its business strategies. In July 2017, the company expanded its chelated micronutrient manufacturing capacity in Sweden to meet the increasing consumer demand. In May 2015, the company expanded its product micronutrient product portfolio in the Chinese market.

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