Plant
growth regulators have sought extensive adoption in the modification
of plant physiological processes that include regulating the plant
metabolism and inhibiting or stimulating enzyme systems. Plant growth
regulators also seek robust demand for the regulation of cotton
metabolism. Growth in the textile industry across countries such as
Turkey, Germany, Bulgaria, India, and China, is anticipated to create
high demand for cotton, thereby driving adoption of plant growth
regulators.
In a
bid to ensure crop protection and curtail production costs, farmers
are being compelled to opt new methods that include use of
agrochemicals and organic farming, on account of increasing
profitability concern. This will further create high demand for plant
growth regulators, particularly in the agriculture-driven economies.
However, robust foothold of fertilizers in the agriculture sector,
which has endured for a long time, is likely to constrain demand for
plant growth regulators to a certain extent. Stringent regulations
pertaining to pesticides are also anticipated to restrain demand for
plant growth regulators by shifting the farmers’ focus toward
cost-effective, bio-based alternatives.
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As
projected by a new Transparency Market Research report, the global
plant growth regulators market will reflect an impressive growth
during the forecast period, 2017 to 2026. Worldwide sales of plant
growth regulators are estimated to account for more than US$ 3,000 Mn
revenues by 2026-end.
Cytokinins
to Lead the Market by Hormone Type
Among
various hormone types in the plant growth regulators market globally,
cytokinins are likely to lead the market in terms of revenues through
the forecast period. Cytokinins have been increasingly employed for
as key phytohormones for inducing cell division in the plant shoots
and roots, along with improving dormancy, cell enlargement, fruiting,
and flowering in plants. Cytokinins are highly sought-after among
various industrial sectors including cosmetic, agriculture, food,
pharmaceutical, and biomedicine.
Fruits
& vegetables are likely to prevail as the dominant crop type in
the global
plant growth regulators market. Utilization of plant growth
regulators in fruits & vegetable crops helps in preventing their
senescence and enhancing the overall yield. In addition, growing
health-consciousness among consumers has led them in preferring
healthier and more nutritious consumption habits by incorporating a
wide variety of fruits and vegetables in their diet.
Adoption
of organic farming activities has surged considerably in Europe, with
larger availability of arable land for organic practices. This has
further driven adoption of bio-based substitutes of fertilizers such
as plant growth regulators. In addition, textile industry across
European countries are witnessing robust expansion. On account of
these factors, Europe is expected to remain the most lucrative market
for plant growth regulators.
Key
Research Findings from the Report
Water-dispersible
and water-soluble granules are expected to remain preferred
formulation of plant growth regulators, with sales projected to bring
in nearly US$ 1,800 Mn revenues by 2026-end. However, wettable
powders are estimated to reflect fastest sales expansion through
2026.
Plant
growth promoters by function are likely to spearhead the global plant
growth regulators market in terms of revenues.
Although
dominated by few well-established companies, the global market for
plant growth regulators is highly competitive in nature. This is
mainly because of vast geographical reach of these companies along
with their massive production facilities worldwide. The leading
companies producing plant growth regulators compete in terms of the
product quality, cost, and innovations. Nonetheless, a sizeable
number of small local & regional vendors hold significant market
shares. TMR’s report has profiled key participants driving growth
of the global plant growth regulators market, which include BASF SE,
FMC Corporation, Bayer Cropscience, Somitomo Chemicals Company LTD,
Xinyi Industrial Co., Ltd., Syngenta AG, Nufarm Limited, Valent
Bioscience Corporation, Dow Chemical Company, and WinField Solutions.
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