Diquat Market Projections: Steady Growth at 4.8% CAGR to Achieve $3.7 Billion by 2034 | Fact.MR Report
Growth of diquat market driven by increasing demand for herbicides in water treatment and agriculture
ROCKVILLE, MD, UNITED STATES, December 11, 2024 /EINPresswire.com/ -- The Diquat market1 is expected to grow from US$ 2,305.5 million in 2024 to US$ 3,684.6 million in 2034. Fact. MR’s extensive study shows that the market will expand at a growth rate of 4.8% from 2024 to 2034.The diquat market globally is going to witness critical growth, on account of the increasing demand for herbicides in water treatment, agriculture, and other associated industries. The increasing concern for water quality and a growing need for effective weed control in agricultural fields are expected to take it a long way. Besides, the market is stepping towards the sustainable and eco-friendly products, and diquat stands out to be one of them. Other key trends include increases in alternative products, for example, biological herbicides, and the adoption of precision agriculture techniques.
Over the years, the global diquat market has been poised for strong impetus of growth credited to rising demands for the herbicides, not only in the water treatment sector but also in agriculture and other sectors. Presently, the major drivers of demand in the market are related to increasing concerns regarding water quality and the critical need to fight weed within the agricultural field. Additionally, the market is motivated via the shift towards sustainable and environmental-friendly products, with diquat staying at the forefront for a while now. Alternative controls, for example, biological herbicides, as well as the increased practice of precision agriculture techniques, are some of the key trends.
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Key Takeaways from Market Study
Global Diquat market will grow at a CAGR of 4.8%, reaching US$ 3,684.6 million by the end of 2034.
North America will expand at a CAGR of 5.2% from 2024 to 2034, capturing 13.6% of the market share in 2024 and offering an absolute opportunity of US$ 206.9 million.
East Asia will account for 26.8% of market share in 2024, generating an absolute dollar opportunity of US$ 395.4 million between 2024 and 2034.
Between 2024 and 2034, the water treatment end-use verticals classification is expected to produce an absolute dollar opportunity US$ 796.2 million.
With a 9% market share, the diquat dibromide product type is estimated to be worth US$ 1,565.5 million in 2024.
"Growing demand for herbicides in water treatment and agriculture, as well as a trend towards more environmentally friendly and sustainable products, have contributed to the growth of the Diquat market” says a Fact.MR analyst.
Leading Players Driving Innovation in the Diquat Market:
The market growth for Diquat is being driven by leading companies such as Aceto, Alligare, Syngenta, and YongNong BioSciences CO., Ltd.
Market Development
As these important companies took advantage of a variety of primary strategies to improve their position in the electronic chemicals and materials market, they released new products, acquired companies, expanded, and made deals. As an instance-
In June 2020, Syngenta Group Co. Ltd. made an announcement to the effect that Syngenta Group, a new-world leader in agricultural science and innovation, was established. This is the merger between the strengths from Switzerland's Syngenta AG, ADAMA from Israel, and the agricultural businesses of Sinochem based in China.
In June 2020, Alligare, LLC Launched a new product line of aquatic herbicides, which include diquat-based formulations that target the growing demand for water-treatment solutions.
Country-wise Insights:
"In the US, farmers are looking for herbicides like diquat to reduce weeds and increase crop yields."
Between 2024 and 2034, American farmers apply large quantities of herbicides to improve weed control. This increases demand, and herbicides like diquat are employed to meet these demands. Diquat is used as a nonselective herbicide to control weeds that reduce crop yields in maize, soybeans, and cotton. The U.S. Department of Agriculture projects that between 2020 and 2025, maize and soybean production would rise by 2% year, increasing the need for diquat and other herbicides.
The U.S. diquat market was valued at US$ 163.7 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% until 2023, when it will reach US$ 216.7 million. Diquat is subject to strict regulations in the United States, where the herbicide is registered under FIFRA by the Environmental Protection Agency. The EPA has established safe usage limitations for diquat, stating that its concentration in water cannot be greater than 1.9% and that a maximum of 2.4 pounds per acre per application is permitted. Additionally, the EPA has established some dos and don'ts when it comes to the application, such as avoiding direct application into bodies of water and making sure that water treated with these chemicals isn't utilized for anything other than sprinkling.
By 2024, the US market will be worth US$216.7 million, and between 2024 and 2034, there will be a total absolute dollar potential worth US$153.2 million.
Diquat Industry News:
Syngenta unveiled a new diquat formulation in March 2024 with the goal of increasing crop desiccation efficiency while reducing farmer exposure and environmental effect.
One of the biggest producers of herbicides based on diquat, Aceto, increased its capacity in July 2023 to meet the herbicide's rapidly increasing demand worldwide, which is mostly due to expanding demands for weed control in landscaping and agriculture.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Diquat market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on product type (diquat dibromide, diquat dichloride), form (crystalline, liquid), end-use verticals (water treatment, agriculture, others) and across major seven regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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1 https://www.factmr.com/report/diquat-market
2 https://www.factmr.com/report/3709/water-treatment-membrane-market
3 https://www.factmr.com/report/ethylene-dichloride-market
