With the presence of a few key players, such as Syngenta AG and Hebei Duoke Chemicals, in the overall landscape, the global pinoxaden market exhibits a highly concentrated structure, finds a research study by Transparency Market Research (TMR). Currently, Syngenta owns the patent for pinoxaden; however, it will expire in 2020, after which, small-scale companies and new entrants may gain momentum in this market.
As per TMR’s estimations, the global market for pinoxaden will increase in value at a CAGR of 12.30% between 2014 and 2020 and reach an opportunity of US$0.8 bn by the end of the forecast period. Due to the high demand for wheat, pinoxaden witnesses a greater application in wheat crops. By 2020, wheat crops are likely to hold a share of nearly 82% of the overall demand for pinoxaden.
Demand for Pinoxaden to Remain Strong in Europe
The report has identified Europe, Asia Pacific, North America, and the Rest of the World as the main geographical segments of the global pinoxaden market. According to the study, Europe has been leading the demand for pinoxaden, thanks to a high yield of wheat and barley. The region is anticipated to continue its leading streak over the forecast period with the opportunity in the region rising to US$387.2 mn by 2020.
Asia Pacific, however, is projected to present the most promising growth opportunities in the coming years on account of the high production of wheat in China and India. North America is also projected to exhibit strong demand for pinoxaden in the near future, owing to the increasing production of wheat and barley and the rising weed resistance of the existing herbicide products.
Pinoxaden to Gain Significantly from its Rising Popularity as Highly Efficient Herbicide
Crop protection from weeds, pests, and various plant diseases has been a significant challenge for agriculturists since ages. To overcome this issue, farmers have been predominantly depending on pesticides and herbicides, among which, pinoxaden has emerged as one of the most effective synthetic compounds for crop protection.
“The high efficiency of pinoxaden as an herbicide has boosted its popularity substantially across the world,” says the author of this study. The increasing need for food is compelling farmers to raise their crop yields, which consequently, is leading to an augmented usage of pinoxaden. In addition to this, the growing trend of herbicide spray on crops as a modern agricultural practice is projected to fuel the demand for pinoxaden significantly in the coming years.
High Cost of Pinoxaden to Reflect Negatively on its Demand
While the global market for pinoxaden forecasts a bright future, the high cost of the herbicide may limit its demand in the years to come. Apart from this, the reluctance regarding the usage of pinoxaden in crops among farmers in emerging economies, together with their lack of awareness pertaining to modern agricultural practices, is also anticipated to challenge the growth of this market over the next few years, states the market report.
The research study presented here is based on a report by Transparency Market Research (TMR) titled “Pinoxaden Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
This report segments the global pinoxaden market as follows:
- North America
- Asia Pacific
- Rest of the World
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