Latin America Penoxsulam Market was worth USD 26.02 million in 2021 and estimated to be growing at a CAGR of 4.30%, to reach USD 32.12 million by 2026. It is a chemical compound having molecular mass of 483.37 g/mol and the chemical formula C16H14F5N5O5S. It is used in agricultural fields and in aquacultures.
Penoxsulam can be used in both terrestrial and aqueous environments depending upon the where it is to be used and it has an excellent ability of protecting the crops against weed without harming any fauna. These factors make the modern farmers to opt for Penoxsulam. Penoxsulam is highly effective against various types of weeds, be it the grass or broad-leafed plants.
Latin America Penoxsulam Market Drivers:
High efficiency of Penoxsulam compared to other kinds of pesticides, rising demand of rice and other crops around the world, most of the patent firms based on this region 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.
Latin America Penoxsulam Market – By Crop Type:
Rice fields have emerged as the leading segment for demand of Penoxsulam herbicide.
Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. Latin America market has growth rate almost equal to the APAC region’s growth rate. This region is expected to grow at a rapid pace in the forecast period. Brazil has the biggest market among all the countries in this region because of growing GDP, huge population and dependency of people on farming in this region.
This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the Latin America 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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