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Global Penoxsulam Market to Hit US$355.6 Million by 2020 Owing to Greater Preference over other Chemical Fertilizers

Posted on Feb 04, 2015

Penoxsulam, a very essential rice herbicide, was invented by Dow AgroSciences LLC and has been registered by and been approved by the U.S. Environment Protection Agency (EPA).

Based on the acetolactase synthase (ALS) inhibitor, penoxsulam is essentially a post-emergence herbicide and is primarily used to control the growth of broadleaf weed such as annual blackgrass, canary grass species, young watergrass, barnyardgrass, ryegrasses, and wild buckwheat that grow in rice fields. Apart from this, penoxsulam is also used on certain aquatic plants and grasses to remove unwanted growth on sports fields, lawns, and golf courses. This herbicide is best suited for wet and damp environments.

Developing at a compound annual growth rate (CAGR) of 5.1% between the years 2014 and 2020, the global penoxsulam market is estimated to reach a market value of US$355.6 million by the year 2020, rising from US$253.7 million in 2013.

Application Areas and Types of Penoxsulam

The global penoxsulam market is segmented on the basis of crop types and geography. On the basis of crop types, the global penoxsulam market is classified into aquatics, rice, and others such as turf. Penoxsulam, which is available in sulfonamide-based herbicides, is generally available in two main grades: liquid product grade and technical grade. Penoxsulam is primarily used for controlling sedge, grass weeds, and broadleaf weeds in rice fields. 

Butachlor, acetochlor, and clomazone are the three types of herbicides that are used to control the growth of weeds in rice fields. In the U.S., Granite SC and Grasp SC herbicides are used extensively in rice field applications. Rainbow, Clipper, Ricer, Viper, and Fencer are other formulations that are available in the global market for penoxsulam. Penoxsulam is known to be a herbicide that is quite mobile and generally not very persistent in either terrestrial or aqueous environments. The high demand for penoxsulam can be attributed to the fact that it does not have an adverse impact on the environment and it prevents weed growth via a mechanism that does not harm animals. 

Asia Pacific - Dominant Regional Player in the Global Penoxsulam Market

Geographically, the global penoxsulam market is segmented into Asia Pacific, North America, Europe, and Rest of the World. With more than 55% share in the market, Asia Pacific has emerged as the regional leader in the global penoxsulam market. Asia Pacific is expected to dominate the penoxsulam market in the forthcoming years as well owing to the growth of the crop protection industry in this region. The Asia Pacific penoxsulam market has received a significant impetus owing to the rising demand stemming from rice growing economies such as Thailand, Bangladesh, China, Indonesia, Vietnam, and India. The second-largest penoxsulam market after Asia Pacific is the Rest of the World region, which is also expected to witness tremendous growth in the years to come. 

The smallest share in the penoxsulam market is held by North America, which also has a rather small land share under rice cultivation. As against other geographical markets, this region is expected to witness slow growth rate in the forthcoming years. Owing to the availability of other rice herbicides in the region, it is anticipated that the Europe market for penoxsulam will witness a rather moderate pace of growth. LockUp and Sapphire are the two main brands in the turf applications segment in the global penoxsulam market. 

Hangzhou Tianlong Biotechnology Co. Ltd., Shijiazhuang Xingbai Bioengineering Co., Ltd, and Dow Agro Sciences LLC are some of the prominent companies operating in the global penoxsulam market. 

Browse Full  Global Penoxsulam Market Report With Complete TOC @ https://www.transparencymarketresearch.com/penoxsulam-market.html

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