Albany, NY -- (SBWIRE) -- 08/15/2018 -- A new report has been published by Transparency Market Research titled "Isoxaflutole Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020". TMR, a market intelligence company based in the United States, says in its report that the isoxaflutole market was valued at US$ 116.3 million in 2013 and is expected to reach US$ 163.0 million by 2020, expanding at a CAGR of 5.1% from 2014 to 2020.
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In terms of revenue, the global isoxaflutole market stood at 2569.5 kilo tons in 2013. Isoxaflutole originated in 1996 under the distinctive label of Balance by Rhône-Poulenc Ag Company. The company entrenched its chemicals business division as an independent company named Rhodia in the year 1997 and it was purchased by Solvay SA in 2011. According to this report, isoxaflutole is extensively used in the production of vegetable crops such as sugarcane and maize.
Momentous manufacturing of these food sources in developing economies including Brazil and developing regions such as Asia Pacific is likely to expand the isoxaflutole market over the next few years in these provinces. A few of the leading companies employed in the manufacturing and buying of isoxaflutole include E. I. du Pont de Nemours and Company and Bayer CropScience. Bayer CropScience manufactures isoxaflutole under the distinctive label of Balance and Merline.As per the TMR report, isoxaflutole demanded globally in vegetable crops comprised approximately 90% of the market share in 2013. The vegetables such as sugarcane and corn are the only harvest that expends isoxaflutole herbicide. Sugarcane has depleted in a number of applications such as bio-fuels and food. The manufacture of sugarcane is associated to a variety of communal and ecological factors. Nevertheless, its production has immensely aggrandized due to the advancement in domiciliary support measures accompanied with highly regulated trade. These aspects have additionally encouraged the usage of isoxaflutole herbicides for plant production.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific was among the topmost in demand for isoxaflutole, accounting for approximately 30% of the comprehensive market in 2013. The high demand for isoxaflutole in the region is contributed by the large-scale production of vegetable crops such as sugarcane and maize in the region.
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Due to the ascending demand for food, the production of these kinds of crops has been expanding in the region. This is the reason and the main component responsible for the increasing exhaustion of herbicides such as isoxaflutole for applications used in crop protection. This herbicide is exclusively used in the above mentioned crops and also in some other peculiar fruit crops. Insistence for Isoxaflutole is less in North America and Europe due to minimized production of sugarcane and maize in these regions.