The Global Penoxsulam Market was worth USD 294.53 million in 2016 and estimated to be growing at a CAGR of 5.10%, to reach USD 377.70 million by 2021.
Hyderabad, India -- (SBWIRE) -- 03/02/2018 -- The Global Penoxsulam Market was worth USD 294.53 million in 2016 and estimated to be growing at a CAGR of 5.10%, to reach USD 377.70 million by 2021. Penoxsulam is a critical part of sulfonamide-based herbicides. The global Penoxsulam market has taken up a huge position within the international herbicide market in recent years due to its growing call for rice plantations.
Penoxsulam is a systemic pesticide and is noticeably powerful in opposition to diverse weeds, such as grass weeds and broadleaf weeds. This makes Penoxsulam ideal for use in residential plantations as well as commercial sports complexes and farms.
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Penoxsulam precise mechanism to kill pests and weed while not having an effect on human or animal lives has been a major contributing element for its growing call. This trend coupled with favorable environmental regulations is predicted to have a tremendous effect in the marketplace over the following six years.
Increasing meals manufacturing due to developing populace has pushed the call for vegetation which includes rice, wheat and maize that's similarly predicted to have an advantageous impact on penoxsulam's call for mainly in agriculture and herbicide industries. Moreover, its superior chemical houses and overall performance over different traditional herbicides is predicted to undoubtedly affect the marketplace. Availability of substitute merchandise and fluctuating expenses resulting from unstable charges of key feedstock is expected to pose demanding situations to market members in phrases of demand and profitability.
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The Asia Pacific occupies more than half of the global penoxsulam market. Rice is a staple diet throughout many countries in the Asia Pacific together with China, India, Japan, Malaysia, Indonesia, Australia and New Zealand. China and India are foremost rice producers in the place and account for more than half of the regional Penoxsulam demand. Growing importance for high yield in rice cultivation resulting from increasing demand for meals is anticipated to force Penoxsulam market within the vicinity.
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This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the global 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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