The
volatility of raw material prices highly impact on the competitive landscape of
the global superabsorbent polymer market. Leading producers, namely Nippon
Shokubai Co. Ltd., Evonik Industries, Sumitomo Seika Chemicals Co. Ltd., LG
Chem Ltd., Songwon Industrial Co. Ltd., and BASF SE have invested heavily in
the production of raw materials used for these polymers in order to minimize
their impact.
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Water Retaining Property of
Superabsorbent Polymers Boosts their Application in Agriculture
The alarming rise in the global population
has created a huge need for food. Hi-tech farming methods are yet to reach
underdeveloped and emerging economies and the rapid depletion of arable land
has already put farmers in a tight situation. On the top of it, the increase in
global warming has been affecting the rains severely, causing draught-like
situations in many parts of the world.
“As superabsorbent polymers, also
known as slush powder, can absorb huge amounts of liquid, particularly water,
their application in farming, in order to retain soil water, is increasing
significantly,” says an analysts at TMR. Their adoption in agriculture has also
been fueled by another significant property of them that is to enable crops to
survive through the depletion of water in mountains, deserts, as well as dry
lands up to 50% of the required amount.
The application of superabsorbent
polymers will remain growing in agriculture over the next few years,
anticipates TMR. The high costs of raw materials, however, may limit the
adoption of these polymers to some extent in the coming years.
On the other hand, the advent of
bio-based polymers, stimulated by the increasing focus of consumers on
sustainability and their growing awareness pertaining to environment, is
anticipated to provide an opportunity-rich market for players. Their potential
applications in agriculture, pharmaceuticals, and medical and healthcare are
also expected to boost superabsorbent polymer market demand in the coming
years.
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North America Emerged as Biggest
Consumer of Superabsorbent Polymer Market Used for Agriculture
According to TMR, the global
opportunity in superabsorbent polymer market for agriculture is expanding
at a healthy CAGR of 6.80% during the period from 2015 to 2023. In 2014,
superabsorbent polymer market stood at US$184.7 mn and is projected to
worth US$327.4 mn by the end of forecast period 2023. In terms of volume, the
application of superabsorbent polymers in agricultural practices is registering
a CAGR of 5.90% over the forecast period.
Currently, North America is the
leading consumer of superabsorbent polymers used for agriculture across the
world. In 2014, it accounted for a share of nearly 30% in the global
consumption of these polymers.
The study presented here is based
on a report by Transparency Market Research (TMR) titled “Superabsorbent Polymer Market for
Agriculture - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast, 2015 - 2023.”
