The global chlorpyrifos market is expected to grow over the forecast period owing to its increasing demand in agriculture, commercial, and residential settings. The product is gaining popularity around the world owing to its use in controlling pests, insects, eliminate fleas, termites, and mosquitoes.
High consumption of chlorpyrifos in various crops including almond, corn, cotton, citrus, and fruit trees such as grapes, peaches, and tomatoes is expected to propel chlorpyrifos market demand for the product over the forecast period. In addition, it is gaining demand from pet care industries for its application in the production of dog flea collars and dog shampoos.
It also finds wide use in agriculture as well as industrial sector, where the use of pesticides is done on a large-scale. However, this pesticide is contagious and can cause untold effects within the body, if touched, eaten, or inhaled. For example, if people are exposed to large amount of chlorpyrifos, it can lead to nervous system damage.
It can be segmented on the basis of its use in both indoors and outdoors as a pesticide. The product is manufactured for both home and commercial uses and its rising use in the agriculture industry including cornfield, grape, and apple farms as well as to grow peanuts, cotton, wheat, beet, and vegetables. The product is manufactured for both residential and commercial uses as a pest control. In addition, its rising use in the agriculture industry including cornfield, grape, and apple farms as well as to grow peanuts, cotton, wheat, beet, and vegetables is expected to propel the chlorpyrifos market demand over the forecast period.
Chlorpyrifos is an organophosphate insecticide, which is produced by white or colorless crystals and has odor similar to garlic or rotten eggs. The product was first registered by Dow Chemical Co. as an insecticide in 1965. Its increasing end-use applications in various sectors including agriculture are projected to be the driving factors for the pesticide market. However, stringent government regulations such as Cosmetic Act (FFDCA), the Emergency Planning and Community Right-to-Know Act (EPCRA), the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the Clean Water Act (CWA), and the Endangered Species Act (ESA) are expected to restrain market growth over the next seven years.
The product is extensively used in the agriculture industry for food crops, feeds, and in cattle ear tags. Further, it is used on golf courses to control mosquitoes and fire ants and also finds its use in utility poles and treats wood fences. Thus, demand for the product is likely to remain high over the forecast period. Moreover, growth of these end-use industries is expected to fuel the demand for the product over the next seven years. The immense health issues associated with the product is expected to lower demand globally in various end-use industries over the projected period.
Many of the large brands including Dow Chemical Co. and Dow AgroSciences LLC are involved in the usage of the product due to its varying use in commercial, residential, and agriculture industry. In addition, increasing ease-of-use, enhancement in extraction technique, cheaper cost, and diversified applications are expected to be the key driving forces for the chlorpyrifos industry over the forecast period. The product is expected to have stable growth in almost all parts of the world over the projected period and the current chlorpyrifos market players are China and India.
China is the leading manufacturer of chlorpyrifos and has the largest production base in terms of output and capacity. Asia Pacific and South America will be the key driving force for the growth of the product over the forecast period owing to its largest agriculture base. Demand for the product is decreasing in the U.S. and Israel due to stringent regulations imposed on the product.
Increasing focus on R&D by Chinese manufacturers has developed progress in the production technology of chlorpyrifos, which has increased application scope for chlorpyrifos market participants to meet the rapidly growing demand.
The global chlorpyrifos industry is competitive due to the leading manufacturers such as Dow Chemical Co.'s involvement in R&D to develop new products. Major key players in the market include Dow Chemical Co., Dow AgroSciences LLC, Hubei Xiantao Xianlong Chemical Industry Co., Ltd., Jiangsu Kuaida Agrochemical Co., Ltd., Jiangsu Baoling Chemical Co., Ltd., Zhejiang Xinnong Chemical Co., Ltd., Shandong Tiancheng Biological Technology Co., Ltd., Nanjing Redsun Group, Bhagiradha Chemicals & Industries Limited (BCIL), Sabero Organics Gujarat Ltd., Meghmani Organics Limited, Gharda Chemicals Ltd., Makhteshim Agan Group, and Cheminova A/S.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.