Global Penoxsulam Market is anticipated to reach US$ 355.6 Mn in 2020, expanding at a CAGR of 5.1% by 2020
Invented by DowAgroSciences LLC, Penoxsulam is a major rice herbicide used across the world. Hangzhou Tianlong Biotechnology Co., Ltd., and Shijiazhuang Xingbai Bioengineering Co., Ltd., besides Dow AgroSciences LLC currently hold dominance in the market’s competitive landscape, finds Transparency Market Research (TMR) in a new study.
Desirable qualities of penoxsulam such as flexibility in terms of being usable in both terrestrial and aqueous environments and its ability to protect crop against weed without harming fauna or animals will encourage farmers to invest in this herbicide. While this may impel growth in the global penoxsulam market, not much change is likely in the vendor landscape. Besides profiling the aforementioned companies, the report also profiles other strong contenders in the global penoxsulam market such as Bayer, BASF, DuPont, and Sumitomo Chemical.
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The global penoxsulam market is projected to expand at a CAGR of 5.1% between 2014 and 2020 to reach US$355.6 by the end of 2020. The market stood at a valuation of US$253.7 mn in 2013. Regionally, Asia Pacific dominated the global market with a share of 58.6% in 2013. In terms of crop share, the market was led by the rice segment, which held over 88% of the market in 2013.
Approval by International Agencies to Boost Demand for Penoxsulam
The herbicide penoxsulam is approved by and registered under the U.S. EPA. Due to the benefits it offer, penoxsulam is used across several countries worldwide. The market is therefore projected to witness moderate growth during the course of the forecast period. However, in the forthcoming years it could face competition from the availability of substitute products such as butachlor, pretilachlor, and clomazone.
On the downside, the aspect that could potentially disrupt the market’s expansion could be the impending expiry of Dow AgroSciences LLC’s patent on the herbicide in 2017. This however will create opportunities for the entry of new players, thus fashioning an interesting competitive mix in a year or two.
Demand for Penoxsulam to be Considerably High in Asia Pacific
The market is forecast to witness lucrative opportunities in Asia Pacific’s rice producing countries such as India, China, Bangladesh, Indonesia, Japan, Myanmar, and Thailand. Crop protection is of prime importance across these countries, since agriculture constitute a leading sector in their economy. The prevailing socio-economic scenario across Asia Pacific countries thus support the expansion of the penoxsulam market in the region.
Besides this, North America, Europe, and Rest of the World (RoW) will exhibit favorable prospects for the market as well. In RoW Africa and Latin America could witness substantial rise in demand. However, growth witnessed across North America and Europe will be comparatively slower.
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The demand for penoxsulam has significantly accelerated since its launch in 2005. The major application segments of penoxsulam comprise aquatics, rice, and others such as turf. Penoxsulam is used across rice fields primarily to control sedge, grass weeds, and broadleaf in dry-seeded and water-seeded rice. Besides this, penoxsulam is also used in turf, in golf courses, sports grounds, and lawns, which adds to the demand witnessed by a market during a certain period.
This review is based on information published by TMR in a report, titled “Penoxsulam Market for Rice, Aquatics and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
The report segments the global penoxsulam market as:
Penoxsulam Market – Crop Type Segment Analysis
Other Applications (Including turf, etc.)
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