Global Penoxsulam Market: Snapshot
With the significant rise in the global population, the need crop protection has also increased substantially. Farmers and agriculturists are utilizing a number of techniques to increase their crop yield in order to satisfy the augmenting demand for food across the world. Herbicides, especially penoxsulam, have surfaced as one of the key techniques farmers have adopted for the safety of crops. The constant rise in the demand for various crops, such as wheat, rice, and corn, is likely to have a positive impact on the global penoxsulam market in the near future. Apart from this, the efficiency of penoxsulam, impelled by its superior chemical properties, compared to other herbicides is also anticipated to boost this market substantially over the forthcoming years.
The rising number of turfs and lawns is another important factor that is expected to influence the demand for penoxsulam across the world in the years to come. The increase in sports grounds and golf courses are also projected to add to the growth of this market significantly. However, the availability of substitutes and price volatility may create challenges for market players over the next few years.
Continued Dominance of Asia Pacific Ensured by Rise in Crop Protection Industry
Geographically, the worldwide market for penoxsulam boasts of its presence across Asia Pacific, North America, Europe, and the Rest of the World. In 2013, Asia Pacific led the global market with a share of 55%. The regional market is anticipated to remain leading over the next few years on the grounds of the rising demand for penoxsulam in several Asian economies, such as China, Indonesia, India, Vietnam, Bangladesh, and Thailand, fueled by the growth of their respective crop protection industries.
The significant rise in the Asia Pacific agricultural sector is another factor behind the swift growth of the penoxsulam market in this region. The proliferation in the construction industry and the augmenting number of turfs in India, Indonesia, and China, are also anticipated to boost the Asia pacific penoxsulam market in the near future.
Amongst other regional markets, North America and Europe are projected to display a moderate increase in their respective markets over the forthcoming years. However, the escalating demand for penoxsulam in several non-agricultural applications, such as gardening, forestry, and sports, are likely to support the penoxsulam market in these regions considerably in the years to come. On the other hand, Latin America is projected to offer a promising marketplace to players over the next few years on the grounds of the rise in the food production and the high economic development in several countries, such as Brazil and Mexico.
Rice Fields to Remain Key Consumer of Penoxsulam
Rice fields and water bodies, such as aquatic weeds and turfs, are the key application areas of penoxsulam across the world. With 85% share in the global market, rice fields emerged as the leading application segment in 2013. The low level of toxicity in penoxsulam products is likely to increase their application in rice fields over the next few years. The usage of penoxsulam is expected to remain more of less same over the forthcoming years in water bodies on account of the steady growth of each of these application areas.
The Dow Chemical Co., BASF SE, Bayer CropScience AG, Syngenta International AG, Monsanto Co., Nufarm Ltd., and Chemtura Corp. are the key companies operating in the global penoxsulam market.
- Penoxsulam Market - Crop Type Segment Analysis
- Other Applications (Including turf, etc.)
- Penoxsulam Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)