Albany, NY -- (SBWIRE) -- 10/19/2016 -- The global market for piperonyl butoxide (PBO) is rather consolidated and is primarily driven by the ever increasing demand for food. The rapid increase in the global population has raised food security concerns and several underdeveloped and developing countries still lack proper infrastructure for the storage and distribution of food grains. A significant rise in yield is possible through the usage of crop protection chemicals such as insecticides. This has resulted in the high demand for piperonyl butoxide.
In terms of revenue, the piperonyl butoxide market was valued at US$10.02 mn in 2015 and is projected to reach US$15.45 mn by 2024, expanding at a steady CAGR of 5.0% from 2016 to 2024. The demand for PBO, on the other hand, is likely to increase at a CAGR of 3.9% during the forecast period.
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Carbamate to Witness Significant Rise in Demand in the Agriculture Sector
The key applications of piperonyl butoxide include pyrethrin, pyrethroid, carbamate, rotenone, permethrin, bioallethrin, deltamethrin, and bioresmethrin. Carbamate constituted the leading share in the piperonyl butoxide market in 2015, followed by pyrethroid. These two segments cumulatively accounted for a share of over 75% in the PBO market in 2015.
Carbamate, pyrethrin, and pyrethroid are part of a relatively newer generation of insecticides. Pyrethrin and pyrethroid insecticides are currently preferred by farmers for their lower and toxicity.
Carbamate is the key revenue generator as well as the key consumer of piperonyl butoxide. Derived from carbamic acid, carbamate is used to control or kill insects and finds application in the agriculture sector as well as in homes. The growing usage of insecticides for crop protection and the rising demand for food are likely to boost the demand for carbamate in the coming years.
The Asia Pacific PBO market is segmented on the basis of geography into China, Japan, India, ASEAN, and Rest of APAC. China accounted for the leading share in the piperonyl butoxide market in 2015, accounting for a demand share of more than 45% that year. The growing usage of insecticides for crop protection in the county, coupled with the rising demand for food, is likely to boost the demand for piperonyl butoxide in China. China is not only the leading revenue generator and consumer of PBO, but the country is also expected to expand at the fastest pace over the course of the forecast period.
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Japan and India are also prominent markets for piperonyl butoxide in Asia Pacific. In addition to these, Bangladesh and countries in Southeast Asia have been experiencing a strong demand for crop protection chemicals since the past few years. This is anticipated to boost the demand for piperonyl butoxide during the forecast period.
Key players operating in the piperonyl butoxide market include ENDURA P.IVA, Sumitomo Chemical Co., Ltd., Wujiang Shuguang Chemical Co., Ltd., Tokyo Chemical Industry Co., Ltd., Alfa Aesar, Capot Chemical Co., Ltd., Hem Corporation, Shanghai Skyblue Chemical Co., Ltd., and Zhejiang Rayfull Chemicals Co., Ltd.
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