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 is a post-emergence herbicide based on the acetolactate synthase (ALS) inhibitor. It is primarily used on rice crops to control broadleaf weeds. Penoxsulam is also used on grasses and certain aquatic plants. This herbicide is also useful for the removal of unwanted plants on golf courses, sports fields, and lawns. Penoxsulam is available in two grades: technical grade and liquid product grade. 
The study segments the global penoxsulam market based on key regions and crop types. The major types of crops included in the report are rice, aquatics and other applications such as turf. Crop type analysis is further provided under each region, including North America, Europe, Asia Pacific and Rest of the World (RoW). Europe includes Western (including the EU and non-EU members), Central and Eastern Europe, while RoW includes South and Central America, Africa and the Middle East. The study comprises market analysis in terms of volume (tons) and revenue (US$ Mn). It includes penoxsulam market estimates for 2014 and forecast for the period from 2015 to 2020.
The report on the penoxsulam market also covers the profile of the inventor company, Dow AgroSciences LLC, and a few other China-based manufacturers such as Shijiazhuang Xingbai Bioengineering Co., Ltd., and Hangzhou Tianlong Biotechnology Co., Ltd. Dow AgroSciences LLC launched penoxsulam in the U.S. in 2005.
Different types of crops in each region have been considered for the global average price while breaking down this market. The prices considered in the report are for technical grade. The volume of the market is for the active ingredient (Penoxsulam) and not for the carrier. The penoxsulam market has been analyzed based on expected demand. Market estimates for this study have been based on volumes, with revenues being derived through regional pricing trends. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors and direct selling regional producers, based on manufacturer feedback and application requirement. We have used the bottom-up approach to arrive at the global market, considering individual crop type segments and integrating these to arrive at the global market. Crop type segments have been further bifurcated using the top-down approach to derive the regional product market.
In order to compile the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represents the bulk of our research efforts, supplemented by extensive secondary research. 
We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following functions: It provides first-hand information on market size, market trends, growth trends, competitive landscape, outlook, etc.; helps in validating and strengthening the secondary research findings; and further develops the analysis team’s expertise and market understanding. Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies.
We reviewed key players’ product literature, annual reports, press releases and relevant documents for competitive analysis and market understanding as part of secondary research. Secondary research also includes a search of recent trade; technical writing; internet sources; and statistical data from government websites, trade associations and agencies. This has proven to be the most reliable, effective and successful approach for obtaining precise market data, capturing industry participants’ insights and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings, internal and external proprietary databases relevant patent and regulatory databases, national government documents, statistical databases and market reports. Also referred are news articles, press releases and webcasts specific to companies operating in the market. Secondary sources referred for penoxsulam study include the U.S. Department of Agriculture (USDA), the U.S. Environment Protection Agency (EPA), Food and Agriculture Organization Corporate Statistical Database (FAOSTAT) and Friends of the Earth Europe (FoE Europe).
The report segments the global penoxsulam market as:
  • Penoxsulam Market - Crop Type Segment Analysis
    • Rice
    • Aquatics
    • Other Applications (Including turf, etc.)
  • Penoxsulam Market - Regional Analysis
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World (RoW)