The emergence of new application areas on account of technological advancements is expected to remain a key driving factor for the global penoxsulam market. Traditionally penoxsulam has been used as an herbicide to restrict the growth of weeds and grasses such as dollar weed, canary grass, and ryegrass in rice fields across the globe. Increasing awareness regarding its usage to control weed growth in forestry, sports fields, lawns, and gardens is expected to drive the market growth over the forecast period. Penoxsulam’s unique mechanism to kill pests and weed without having an effect on human or animal lives has been a major contributing factor for its growing demand. This trend coupled with favorable environmental regulations is expected to have a positive impact on the market over the next six years.
Increasing food production owing to the growing population has driven the demand for crops such as rice, wheat, and maize which is further expected to have a positive influence on penoxsulam’s demand particularly in agriculture and herbicide industries. Additionally, its superior chemical properties and performance over other traditional herbicides are expected to positively impact the market. The availability of substitute products and fluctuating prices on account of volatile prices of key feedstock is expected to pose challenges to market participants in terms of demand and profitability.
Rice is a staple food across many countries in Asia Pacific such as China, India, Japan, Malaysia, Indonesia, Australia, and New Zealand. China and India are major rice producers in the region and account for more than half of the regional penoxsulam demand. Growing importance for high yield in rice cultivation on account of increasing demand for food is expected to drive the penoxsulam market in the region. North America and Europe are expected to exhibit moderate growth owing to increasing demand for penoxsulam in non-agricultural applications such as sports, gardening, and forestry. Increasing food production and high economic development in emerging economies of Latin America such as Brazil and Mexico are expected to further complement the market growth over the next six years.
The global penoxsulam market is characterized by increasing R&D spending by companies in order to develop superior quality penoxsulam. Some of the major companies operating in the market include Bayer, BASF, Sumitomo Chemical, Dow AgroSciences, DuPont, Arysta Lifescience, Shijiazhuang Xingbai Bioengineering Co. Ltd., Syngenta and Hangzhou Tainlong Biotechnology Co. Ltd.
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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.