Asia Pacific Penoxsulam Market was worth USD 178.94 million in 2021 and estimated to be growing at a CAGR of 5.80%, to reach USD 237.21 million by 2026. Penoxsulam is a chemical compound having the chemical formula C16H14F5N5O5S with molecular mass of 483.37 g/mol. It is used in agricultural field as rice herbicide.
It can be used in both terrestrial and aqueous environments and it has an excellent ability of protecting the crops against weed without harming any fauna. These are the factors which encourage farmers to use this herbicide. Penoxsulam is highly effective against various types of weeds.
Asia Pacific Penoxsulam Market Drivers:
High efficiency of Penoxsulam compared to other kinds of pesticides, rising demand of rice because of it being the staple food and increasing demand of well-maintained lawns in commercial and residential buildings are some of the factors driving this market. Besides these, increasing number of golf courts and sports grounds is also driving this market, substantially.
Asia Pacific Penoxsulam Market – By Crop Type:
As the Asia-Pacific demand for food is increasing because of increasing population. Being a staple food, demand of rice has increased the most, which has led to the increased demand of Penoxsulam pesticide. As a result, rice fields have emerged as the leading segment for demand of Penoxsulam herbicide accounting for almost 85% of the Asia-Pacific market.
The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. In 2016, Asia-Pacific had the biggest Penoxsulam market accounting for almost 55% of Asia-Pacific market share. India and China alone in Asia-Pacific account for more than 50% of the share of Asia-Pacific market. Asia-Pacific also has the fastest growing rate in this market because of the fact that livelihood of a major population of the two biggest democracies in this region, viz. India and China depend on farming.
This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the Asia-Pacific Penoxsulam market are Dow Chemical Co., Bayer CropScience AG, Syngenta International AG, Chemtura Corp., Monsanto Co., Nufarm Ltd., Shijiazhuang Xingbai Bioengineering Co. and BASF SE.
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