Growing at a CAGR of 5.1% between 2014 and 2020, the global isoxaflutole market
, which in 2013 had a market value of US$116.3 million, is expected to record a market value of US$163 million by the year 2020. The isoxaflutole market is an integral part of the agrochemical industry. Isoxaflutole is a herbicide that is used extensively on broad-leaved weeds and grasses in corn. This active ingredient hinders carotenoid biosynthesis, which leads to chlorosis in plants, a condition where chlorophyll production is hampered, leading to lessened photosynthesis and eventual withering.
Apart from being applied in vegetable crops like sugarcane and corn, isoxaflutole is also used in fruit crops like apple, almond, walnut, and peach. Isoxaflutole is mostly used on sugarcane crops for eliminating pests and weeds. The global isoxaflutole market is driven by the rising demand for crops like sugarcane and maize. The rising demand for sugarcane can be attributed to the surging demand for biofuels and food. The expansion of the biofuels market can be attributed to increasing oil prices. This drives the demand for sugarcane.
What are the Factors Driving the Global Isoxaflutole Market?
The global isoxaflutole market is segmented on the basis of crop types, and geography. The different types of crops on which isoxaflutole is used are vegetable crops, and others, which mostly includes fruits. In 2013, the segment for vegetable crops held the largest share in the global isoxaflutole market, with a market share of almost 90%. Sugarcane and maize are the only two vegetable crops that drive the demand for isoxaflutole. Sugarcane production is associated with several environmental and social factors, and its increasing production can be attributed to greater measures for domestic support along with a trade that is highly regulated. These are some of the factors that have further given a significant boost to the application of isoxaflutole for plant growth. The global market for maize has also been witnessing robust growth for quite some time, since maize is widely used in food, ethanol, feed, and industrial production. Maize is used as a major feed for livestock all across the globe. The number of animals consuming maize is a prominent factor that governs the demand for isoxaflutole.
North America - The Dominant Regional Player in the Global Isoxaflutole Market
From the regional perspective, the global isoxaflutole market is classified into Asia Pacific, North America, Europe, and Rest of the World. The largest consumer of isoxaflutole is North America, since the U.S. is by far the largest producer of corn in the world, with a contribution of almost 40% to the global production of the same. In 2013, Asia Pacific held a 30% market share in the global isoxaflutole market owing to increasing demand for food from some of the most populous countries in the world such as China, India, Indonesia, and Bangladesh.
The Asia Pacific market for isoxaflutole is primarily fueled by the demand for ethanol from emerging economies. It is also expected that the maize market in countries like China and India will be impacted by rising demand for meat in these regions. The Europe isoxaflutole market is also driven by increasing demand for sugarcane and maize. E. I. du Pont de Nemours and Company, and Bayer CropScience are the two main companies engaged in the purchasing and production of isoxaflutole. Merline and Balance are the two brand names under which Bayer CropScience sells isoxaflutole.