Penoxsulam Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The penoxsulam market is expected to grow at a CAGR of over 4% during the forecast period. Major factor driving the market studied is growing demand of penoxsulam from agrochemicals. On the flip side, Hazardous nature of penoxsulam towards aquatic animals and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

Key Highlights

• Growing demand of penoxsulam as biochemical from agriculture industry is forecasted to offer various opportunities for the growth of the market over the forecast period.
• Penoxsulam from agrochemical application is expected to dominate the market studied over the forecast period.
• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.

Key Market Trends

Growing Demand of Penoxsulam from Agrochemicals

• Penoxsulam is a systemic herbicide that moves throughout the plant tissue and prevents plants from producing a necessary enzyme, acetolactate synthase (ALS), and should be applied to plants that are actively growing mature plants which require a higher concentration of herbicide for a longer contact time.
• Penoxsulam is used to control broadleaf, sedge, and grass weeds in transplanted, dry seeded and water-seeded rice.
• Penoxsulam is a new post-emergence, acetolactate synthase (ALS) inhibitor herbicide used as a foliar spray on dry-seeded rice crops, or as either a foliar spray or a granular formulation on water-seeded rice crops in order to control broadleaf weeds, aquatic plants, and certain grasses.
• Exponentially growing population and ever-increasing demand for food necessitate the use of more agrochemicals to increase the yield per hectare, which in turn increased pressure on dwindling farmlands.
• Hence, owing to the above-mentioned factors, the application of penoxsulam from agrochemical is likely to dominate during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market for penoxsulam during the forecast period. The rising demand of penoxsulam from agrochemical and growing application in pharmaceutical sector in developing countries like China, Japan and India is expected to drive the demand for penoxsulam in this region.
• The largest producers of penoxsulam are located in Asia-Pacific region. Some of the leading companies in the production of penoxsulam are Dow, BASF SE, Toronto Research Chemicals, Hangzhou Tianlong Biotechnology Co., Ltd and Crystal Crop Protection Pvt Ltd among others.
• The Indian economy traditionally being an agrarian economy is currently the 4th largest manufacturer of agrochemicals after the United States, Japan and China
• In recent years, the Chinese government has introduced a series of policies which include developing multinational clinical centers and accelerating the approval process of special medicine to narrow the pharmaceutical innovation gap between China and other leading countries.
• Owing to the above-mentioned factors, the market for penoxsulam in the Asia-Pacific region is projected to grow significantly during the study period.

Competitive Landscape

The global penoxsulam market is consolidated in nature with only few major players dominating the market. Some of the major companies are Dow, BASF SE, Toronto Research Chemicals, Hangzhou Tianlong Biotechnology Co., Ltd and Crystal Crop Protection Pvt Ltd among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support