The global biodegradable chelating agents market research report by Technavio predicts the market to post a CAGR of approximately 6% during the period 2019–2023.
A key driver for the global biodegradable chelating agents market is the easy availability of raw materials. The key raw materials used to manufacture biodegradable chelating agents are ethylenediamine, chloroacetic acid, formaldehyde, and sodium cyanide. The biodegradable chelating agents are obtained by the bacterial biosynthesis of natural materials or through chemical synthesis. The easy availability, and lower cost of raw materials enhances the consumption of the product by end-users.
As per Technavio, the increasing demand from agrochemical segment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global biodegradable chelating agents market 2019–2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019–2023.
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Global biodegradable chelating agents market: Increasing demand from agrochemical segment
The steady growth in the agrochemical industry owing to the rising demand for food will drive the global biodegradable chelating agents market during the forecast period. The global agrochemicals market is expected to grow at a CAGR of 3%-5% to reach USD 303.5 billion by 2020.
“Increasing concerns associated with the declining availability of arable land, and growing food demand due to expanding the global population is resulting in the rising demand for agrochemicals. The biodegradable chelating agents are used by agrochemical manufacturers to formulate effective micronutrients for crops and improve their uptake,” says a senior research analyst at Technavio.
Global biodegradable chelating agents market: Segmentation analysis
This biodegradable chelating agents market analysis report segments the market by application (paper and pulp, water treatment, industrial cleaners, agrochemicals, and others) and geography (the Americas, APAC, and EMEA).
The paper and pulp segment held the largest biodegradable chelating agents market share in 2018, accounting for nearly 34% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2019–2023.
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