Superabsorbent polymers have been witnessing an increased application in agricultural practices across the world since last few years. The trend looks rising steadily in the near future, owing to the absorbing property of these polymers.
In 2014, the opportunity in superabsorbent polymers, globally, reached US$184.7 mn. Expanding at a CAGR of 6.80% between 2015 and 2023, it is estimated to possibly worth US$327.4 mn by the end of 2023. The application of superabsorbent polymers in agricultural practices, In terms of volume, is projected to report a CAGR of 5.90% during the same period.
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Rising Depletion of Soil Water Boosts Application of Superabsorbent Polymers in Agriculture
The rapid growth in the global population has increased the demand for food across the world. The rise in the depletion of soil water is causing significant threat to crop yield, putting farmers and agriculturists in a fix. Moreover, the escalating global warming has created draught-like situation in various parts of the world by badly impacting the rains. Superabsorbent polymers, also called slush powder, possess a property to absorb a huge amount of liquid, specifically water. This factor has increased the application of these polymers substantially in farming.
Their application in agriculture has also been fueled their capability to support crops in survive through the reduction of water up to 50% of the required amount in mountains, deserts, as well as dry lands.
Going forward, the emergence of bio-based polymers, propelled by the growing focus of consumers on sustainability and their increasing awareness regarding environment, is likely to provide ample opportunity for growth to market players. The potential application of bio-bases superabsorbent polymers in agriculture, pharmaceuticals, and medical and healthcare are also anticipated to fuel their demand in the near future.
According to analysts at TMR, the application of these polymers will remain increasing in the agriculture sector in the forthcoming years. However, the high costs associated with raw materials may hinder their adoption to some extent over the next few years.
Asia Pacific to Register Fastest Consumption of Superabsorbent Polymers
North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa are the key regional markets for superabsorbent polymers. North America emerged the leading consumer of these polymers with a share of approximately 30% in 2014. Technical advancements in farming methods led to early adoption of these polymers in this region, resulting in its dominance.
By 2023, North America is expected to retain its position; however, Asia Pacific, which emerged third in 2014, will not remain far behind, rising at the fastest growth rate during the forecast period. The growing demand for food, owing to a huge population base, is projected to encourage farmers and agriculturalists to conform to advanced farming techniques, thereby fueling the demand for superabsorbent polymers in this region.
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Europe is also expected to contribute significantly in the revenue generated from superabsorbent polymers, worldwide. France and Germany are the key consumers of agricultural superabsorbent polymers in this region.
The leading producers of superabsorbent polymers for agriculture purposes are Evonik Industries, LG Chem Ltd., Songwon Industrial Co. Ltd., Nippon Shokubai Co. Ltd., Sumitomo Seika Chemicals Co. Ltd., and BASF SE