（原标题：阿根廷大幅放松农用化学品管制） 国家农业食品卫生与质量服务局官网将发布《农药产品管理操作指南》， 以提高流程透明度，方便企业理解相关手续。 阿国家农业食品卫生与质量服务局发布2025年第 843号决议，对今年第 458号决议进行修改与澄清，制定了农用化学品注册、进口及销售新规。 新规将于2026年1月5日生效，核心内容包括简化生产企业的准入要求、缩 短产品审批时间，扩大对境外开展的研究与试验报告的认可范围。生产企业只 需提交一份宣誓声明，无需事先获得授权，也无需配备技术负责人，即可启动 生产活动，后续将接受国家农业食品卫生与质量服务局的监管。此外，对于符 合良好实验室规范（GLP）的国际试验报告予以认可，对于在欧盟、美国、加 拿大、瑞士、挪威等高监管标准国家上市的农药产品，进口流程将简化为宣誓 声明加临时注册制度。对与转基因生物产品，规定只要获得国家农牧业生物技 术咨询委员会（Conabia）的事先批准，就无需再接受新的评估。 ...

从市场规模来看，2026年全球农用化学品市场规模预计达777亿美元，较2025年的757亿美元增长 2.7%，增速较2024—2025年的0.3%实现显著回升；同期全球种子市场规模预计增长2.3%。这一温和增 长对历经长期低迷的农化企业而言，无疑是一剂强心剂。2023-2024年，全球农化品行业经历了史无前 例的去库存周期，行业被迫开启结构性调整。科迪华宣布2026年下半年启动拆分，将种子与作物保护业 务独立运营；巴斯夫也计划剥离其农业解决方案部门。科迪华首席执行官查克.马格罗曾在2025年6月直 言，过去几年对整个行业而言是一段艰难时期。 政策风险也是悬在农化品行业头顶的一把利剑。特朗普政府的关税政策及农业领域的政治化倾向，持续 给农户与供应商带来不确定性。美国关税政策的不确定性将贯穿2026年，并将持续引发市场波动。 尽管农化市场挑战重重，但也不乏利好因素。马格罗称，从宏观层面看，谷物、油籽、肉类及生物燃料 的需求将维持历史高位，农户端需求将保持稳定，且为实现产量最大化仍会优先选择高端技术产品。他 特别强调，与其他农业投入品相比，种子的选择对农户而言是刚性需求。科迪华预计，作物保护业务将 实现低个位数增长 ...

Group 1 - The American Chemistry Council (ACC) forecasts that the growth of chemical production and industrial sectors in the U.S. will remain weak until 2026, with a projected increase of only 0.7% in 2025 and a further decline to 0.3% in 2026 [1] - Economic uncertainties have eased somewhat, but factors such as trade fluctuations and high interest rates continue to pose constraints. The growth momentum in the manufacturing sector is expected to wane due to changes in tariff policies and high customer inventory levels [1] - A recovery turning point is anticipated in mid-2026, with a gradual recovery process in the second half of the year supported by industrial capacity expansion plans and the lagging effects of interest rate cuts [1] Group 2 - The performance of sub-markets is notably divergent, with specialty chemicals benefiting from an 8.4% growth in the coatings category, leading to an overall increase of 4.3% in 2025, although a decline of 0.2% is expected in 2026 [1] - Basic chemicals are projected to see a slight increase of 0.1% in 2025, while inorganic chemicals and plastic resin production declines offset some growth. A rebound to 1.2% growth is expected in 2026, despite a downturn in synthetic rubber and artificial fiber production [1] - Agricultural chemicals and consumer chemicals remain under pressure, with expected declines of 1.0% and 1.5% respectively in 2026, following a 2.7% increase in agricultural chemical production and a 2.2% decrease in consumer chemical production in 2025 [1] Group 3 - The end-use market shows mixed performance, with 11 out of 20 tracked markets experiencing a decline in consumption. The apparel sector sees a drop of 3%, while the semiconductor and electronics sectors lead with a 12% increase [2] - Artificial intelligence (AI) is identified as a core growth driver, boosting U.S. corporate investment growth to 4.1% in 2025, which directly stimulates demand for chemical-related products such as semiconductor materials and data center cooling systems [2] - However, non-AI sectors are affected by high interest rates and rising raw material prices, leading to a reduction in investment plans, with corporate investment growth expected to fall to 2.6% in 2026 [2]

Abstract 摘要 印度化工产业近年来不断发展，受到市场关注，我们推出印度化工崛起系列报告，本篇报告聚焦印度化工产业发展，探讨印度化工产业现状、未来发展的 优势以及挑战。 印度化工产业全球地位逐渐抬升。 近年来印度化工产业产值稳健增长，根据CEFIC，2023年度印度化工全球市场份额为2.6%，位列全球第六、亚洲第 四。印度化工产业沿海聚集，整体贸易逆差较大，优质子行业包括农用化学品、染料与颜料、氟化工、聚酯等，行业重点公司呈多样化，信实工业、UPL 等全球龙头公司分布在不同化工子行业。根据NITI Aayog，印度规划至2040年化工产值有望达万亿美元，全球占比达10%-12%。 内需市场、成本优势、政策鼓励铸就印度化工产业发展优势。 印度是全球第五大经济体、第一人口大国，经济增长、人口红利与城市化进程带来庞大且 快速增长的内需市场，其中医药、汽车、纺织服装等印度优势产业在全球占据较为重要地位，有利于拉动相关化工产业发展。此外，印度在劳动力、工业 水电、工程化等方面具备一定成本优势，叠加相对温和的税率和利率，使得印度的固定资产投资所产生的回报相对较高。而印度政府积极推进"Make in India"、" ...

Overview of Agricultural Chemicals Market - Agricultural chemicals are substances used to enhance agricultural productivity by controlling pests, weeds, and improving soil fertility. This includes pesticides, herbicides, fungicides, and fertilizers. In 2024, global pesticide consumption is expected to exceed 2 million tons, playing a crucial role in food security and sustainable agricultural development amid population growth and climate change pressures. Major multinational companies like Syngenta, Bayer Crop Science, BASF, Corteva Agriscience, and others dominate the industry, investing heavily in sustainable formulation innovations [3][4]. Supply Chain Dynamics - The upstream supply chain for agricultural chemicals involves petrochemical and specialty chemical manufacturers providing raw materials such as intermediates, solvents, surfactants, and catalysts. Agricultural product manufacturers process these into technical-grade active ingredients for marketable products. The downstream user base is diverse, including large agricultural firms like Cargill and ADM, which focus on cost-effectiveness and crop-specific performance, while small farmers prioritize flexible packaging and affordability [4]. Market Trends and Growth Drivers - The global agricultural market is undergoing a transformation driven by sustainability, digitalization, and regulatory scrutiny. Increasing pesticide resistance is accelerating the demand for new mechanisms, biobased crop protection products, and Integrated Pest Management (IPM) strategies. Governments in Europe and North America are tightening regulations on chemical residues and environmental impacts, leading to higher R&D costs and a shift towards safer, low-toxicity formulations. The Asia-Pacific and Latin America regions remain the fastest-growing markets due to their large agricultural bases and the adoption of modern agricultural technologies [5][16]. Market Size and Projections - According to QYResearch, the global agricultural chemicals market is projected to reach USD 78.18 billion by 2031, with a compound annual growth rate (CAGR) of 4.2% over the coming years [5]. Leading Manufacturers and Market Share - The top ten agricultural chemical manufacturers, including Syngenta, Bayer Crop Science, BASF, and others, are expected to hold approximately 83.0% of the market share in 2024 [10]. Product Segmentation - Herbicides currently dominate the market, accounting for about 45.7% of the total share. In terms of application, grains represent the largest demand source, making up approximately 43.2% of the market [12][14]. Challenges and Opportunities - The agricultural chemicals market faces challenges from stricter regulations in Europe, which have led to a decline in pesticide usage despite ongoing agronomic demand. Additionally, rising input costs and weather impacts may limit farmers' ability to pay for high-priced products. However, the increasing focus on food safety is driving the growth of biopesticides, which are becoming more widely used in various agricultural sectors [18][19]. Regulatory Environment - In the EU, all active ingredients must undergo renewal under Regulation 1107/2009, with some facing bans or restrictions. The ongoing loss of active ingredients due to regulatory pressures and the high costs associated with developing new active ingredients pose significant challenges for the industry [19]. Conclusion - The agricultural chemicals industry is poised for growth driven by innovation, compliance, and sustainable practices, despite facing regulatory challenges and market dynamics that may impact traditional chemical usage [5][18].

Financial Data and Key Metrics Changes - The company reported a Q2 EBITDA that was 19% higher than the same quarter last year, and H1 EBITDA was nearly 20% above H1 last year, marking the fifth consecutive quarter of EBITDA growth [9][10] - Gross margin improved from 26.8% to 29.6%, and EBITDA margin increased from 10.8% to 13.3% compared to the same period last year [11] - Free cash flow increased by $24 million to a total of $32 million, reflecting strong cash management [15][32] Business Line Data and Key Metrics Changes - The company achieved a top-line sales increase for the first time since Q3 2022, reaching $908 million, driven by a 6% volume growth that offset a 3% decline in prices [17] - Gross profit increased by 14%, with a gross margin of 29% in Q2 2025 compared to 26% in Q2 2024 [17][21] - EBITDA for H1 2025 reached $244 million, a 20% increase compared to the previous year [21] Market Data and Key Metrics Changes - Sales in North America grew by approximately 20%, benefiting from a rebound in market volumes [25] - Sales in Europe, Africa, and the Middle East showed a slight drop, but would have grown by 3% if not for geopolitical issues in Turkey [24] - The company faced significant price pressure in Latin America, particularly in Brazil and Argentina, impacting overall performance in that region [28] Company Strategy and Development Direction - The company is focused on a transformation strategy called "Fight Forward," aimed at improving profitability and growing the top line by focusing on high-margin products [12][59] - The management emphasized the importance of operational efficiency and cost reduction initiatives that have contributed to improved margins [12][19] - The company aims to leverage its differentiated product portfolio to gain market share in key regions moving forward [59] Management's Comments on Operating Environment and Future Outlook - Management noted that the agrochemical market remains in an oversupply situation, primarily due to overcapacity from China, which continues to exert price pressure [5][6] - Despite challenges, there are signs of market stabilization, with normalized inventory levels leading to improved volume dynamics [46][48] - The management expressed confidence in the company's ability to navigate the current environment and capitalize on growth opportunities [59][60] Other Important Information - The company has undergone significant restructuring, which has resulted in a narrowing of net profit losses, with reported net profit at $43 million in Q2 2025, down 64% from the previous year [19][22] - The company has a net debt to EBITDA ratio of 2.5, which is within the required covenant limits [34] Q&A Session Summary Question: What are the main challenges faced in the market? - Management highlighted ongoing price pressures due to farmer profitability issues and geopolitical factors affecting sales in certain regions [47][48] Question: How is the company addressing operational efficiency? - The company has implemented various initiatives under the "Fight Forward" plan to reduce costs and improve operational efficiency, contributing to better margins [12][19] Question: What is the outlook for growth in key markets? - Management expressed optimism about growth opportunities in North America and Europe, while acknowledging challenges in Latin America and India [25][28]