Albany, NY -- (SBWIRE) -- 01/04/2018 -- The Asia Pacific piperonyl butoxide (PBO) market has been expected in a report penned by Transparency Market Research (TMR) to hold a moderately consolidated nature during the forecast period 2016–2024. In 2015, three leading companies, viz. Sumitomo Chemical Co. Ltd., Wujiang Shuguang Chemical Co., Ltd., and ENDURA P.IVA, had secured a 38.0% share. Goodwill and long-term contracts could be key elements bearing the dynamics of the market. Protection from instability in the prices of raw materials and their easy access have been prophesied to provide a competitive edge to large-scale companies with integrated operations.
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Companies such as ENDURA P.IVA could look to fortify their status in the Asia Pacific PBO market by expanding their footprint in lucrative countries such as China and India. Expansion of production capacities and business operations in these two markets has been foreseen to offer ample of opportunities in future. ENDURA P.IVA has also been shaking hands with several India and China-based firms to further its expansion in the market.
Anticipated to progress at a stable CAGR of 5.0% between the forecast years, the Asia Pacific PBO market could touch a revenue valuation of US$15.45 mn by the end of 2024 from US$10.02 mn in 2015. With regard to application, the carbamate market has been predicted to take a leading position in the industry after having attained a 39.3% share in 2015. In the same year, China had displayed its dominance in the market with an over 45.0% demand share.
Increasing Pest Infestation Surges Need for Insecticides and Pesticides
The authors of the report have studied the Asia Pacific PBO market to possibly witness a high demand on the back of a surging risk of pest infestation and successive increase in the adoption of insecticides and also pesticides. According to TMR, an approximate quarter share of the total crop production in Asia Pacific is lost every year on account of the damage caused by pests and insects. The need for crop protection chemicals could also see a substantial rise in the coming years due to the exceedingly conducive climatic conditions in the region for insects to grow in.
Besides this, the rising demand for insecticides to upkeep food warehouses has been foretold to support the growth of the market.
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Affordable Prices of Traditional Insecticides Turn Down Demand
Conventional insecticides such as organosulfur, benzoylurea, organochlorine, and organophosphate bear a lower pricing than PBO insecticides. This has been prognosticated to delay the demand in the Asia Pacific PBO market since farmers preferably use low-price insecticides that are as effective as their high-price PBO counterparts for eliminating pests. Various complexities involved in the production of PBO could be another reason for a hampered growth of the market in the foreseeable future.
However, the towering demand in top Asia Pacific countries such as China, India, and Japan has been envisaged to create growth opportunities for industry players. A noticeably high yield made possible through the application of crop protection chemicals could also help players to rise above the challenges. Emerging economies of Asia Pacific with improper distribution, storage, and infrastructure facilities are facing concerns on the part of food security. Vendors could also cash in on this prospect to increase their sales rate in the Asia Pacific PBO market.