Albany, NY -- (SBWIRE) -- 09/18/2017 -- A recent market study by Transparency Market Research (TMR) states that the global market of crop protection chemicals will achieve a net worth of US$71.3 billion by 2018. TMR, a US based market intelligence firm, forecasts in the report that the global crop protection chemicals market, which valued US$48.0 billion in the year 2011, will grow at a modest CAGR of 5.4% from 2011 to 2018 to accomplish this feat. The report is titled "Crop Protection Chemicals Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast 2011 – 2018".
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TMR analysts state that factors such as the shrinking span of global arable land and the continuous rise in number of nematodes, farm weed species, and a variety of other harmful insects affecting crop yield and natural crop growth in the past few years have greatly influenced growth of the overall crop protection chemicals market. Awareness about benefits of crop protection chemicals on increasing yield production, and adoption of high-end farming techniques, coupled with effective use of pesticides in developed countries have also been key for past growth of the market. The market of crop protection chemicals will play a major role in effective sustenance of the rapidly increasing global demand for grains and oilseeds with improved nutritional value.
The report chiefly classifies the global crop protection chemicals market into the most popular product types, including herbicides, insecticides, fungicides, varieties of crops that make use of crop protection chemicals, including grain and oilseed crops, and the key regional crop protection chemicals markets throughout the globe.
The study segments the product type herbicide further into atrazine, acetochlor, 2,4 – D, glyphosate, and others. The product type of insecticides is further classified into pyrethrins and pyrethroids, malathion, carbaryl, chlorpyrifos, and others. The product type of fungicides is further segmented into chlorothalonil, metalaxyl, strobilurin, mancozeb, and others. The grain and oilseed crop segments are also further segmented into the key crops from these groups.
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Amongst the three product types studied by the report, the segment herbicides is expected to be traded most in the global market, and observe growth at the highest pace during the forecast period. The report states that this market segment will grow at a CAGR of 6.1%, to be followed by market growth of the fungicides segment, which will grow at a CAGR of 5.6% during the forecast period.
Amongst the various regional crop protection chemicals markets studied by the report, the market in Asia-Pacific accounted for a major percent share of revenues generated by the overall market in 2011. These regional markets are expected to keep leading the global market in the future as well. However, the regional crop protection chemicals markets of Latin America and North America are expected to observe growth at the highest CAGR during the forecast period.
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Besides providing an overview of the degree of competitiveness amongst the chief businesses operating in the global crop protection chemicals market, the report also throws lights on specifics of industry structure and detailed profiles of these companies. Some of the key businesses operating in the global crop protection chemicals market, and profiled by the report, include Dupont, BASF, Bayer, Dow Agroscience, Makhteshim Agam, Monsanto, Syngenta, Sumotomo Chemicals, Arystya Lifescience, and NuFarm.