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The penoxsulam market size is estimated to grow by USD 91.6 million at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the rising food demand globally and the increasing use of penoxsulam in the agrochemicals industry. Penoxsulam is a widely used herbicide known for its effectiveness in controlling broadleaf weeds in crops such as corn and sorghum. However, the market faces challenges due to the hazardous nature of penoxsulam towards aquatic animals and humans. The environmental impact of penoxsulam has led to stringent regulations in various regions, limiting its usage and increasing production costs. Additionally, the emergence of alternative herbicides with fewer environmental concerns is expected to impact the market negatively. Despite these challenges, the market is expected to grow at a steady pace due to the high demand for food production and the effectiveness of penoxsulam in controlling weeds.
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Penoxsulam is a broad-spectrum herbicide primarily used for controlling annual grasses and broadleaf weeds in farmlands. It is available in both foliar spray and granular formulations. The market is driven by population growth and increasing food demand, leading to an expansion of farmlands. Penoxsulam works by inhibiting the enzyme acetolactate synthase in susceptible plants, leading to death and decay. Penoxsulam is effective against a wide range of weeds, making it a popular choice for farmers. The herbicide is applied as a foliar spray or granular formulation, depending on the specific needs of the farm. The approval process for penoxsulam involves multinational clinical centers and rigorous testing to ensure safety and efficacy. Penoxsulam is effective against both mature and active plants, making it a versatile herbicide. The herbicide concentration and contact time vary depending on the specific application, with bump treatments and lake treatments requiring different dilution rates. Dow AgroSciences is a major player in the market, producing and marketing the herbicide under the brand name "Lumax." Other players in the market include various multinational clinical centers and research firms. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising food demand globally is notably driving market growth. Penoxsulam, a sulfonylurea herbicide, is extensively used in various industries for controlling weeds in agriculture, forestry, sports fields, lawns, and gardens. It is known for its effectiveness against a wide range of broadleaf and grassy weeds. The chemical is applied using gloves due to its potential carcinogenic properties, which may cause genetic changes leading to tumors in mammals based on rodent studies. However, human exposure is typically low due to the use of expansion factors in technological developments, ensuring safe application methods.
Furthermore, Penoxsulam is used in the production of food products such as rice, wheat, and maize. Its use in rice fields is particularly significant due to the economic importance of rice as a staple food in many parts of the world. Despite its benefits, concerns regarding its impact on the environment and potential birth defects remain, necessitating ongoing research and regulatory oversight. Thus, such factors are driving the growth of the market during the forecast period.
Growing demand for penoxsulam from agrochemicals is the key trend in the market. Penoxsulam, a sulfonylurea herbicide, is extensively used in various industries due to its effectiveness in controlling weeds in rice fields, forests, lawns, gardens, agriculture, and sports fields. Its chemical structure makes it resistant to degradation, ensuring long-lasting weed control. However, prolonged exposure to this herbicide may pose risks, particularly in the treatment area. Rodent studies have indicated potential carcinogenic effects, leading to genetic changes and the development of tumors.
Furthermore, these findings raise concerns regarding the safety of penoxsulam for mammals. Technological developments continue to expand the application of penoxsulam in herbicides for food products such as rice, wheat, and maize. Despite these advancements, it is crucial to ensure the safe use of penoxsulam to mitigate potential risks, including birth defects, to both humans and the environment. Therefore, proper handling and disposal procedures are essential when using penoxsulam-based herbicides. Thus, such trends will shape the growth of the market during the forecast period.
Hazardous nature of penoxsulam toward aquatic animals and humans is the major challenge that affects the growth of the market. Penoxsulam, a sulfonylurea herbicide, is extensively used in agriculture for controlling weeds in rice fields, forests, lawns, gardens, and other crops such as wheat and maize. Due to its chemical resistance, it is applied using gloves to protect the treatment area from direct contact. However, prolonged exposure or genetic changes in mammals may lead to potential birth defects and carcinogenic properties. Rodent studies have shown expansion factors in tumors, indicating its tumorigenic potential.
Furthermore, technological developments have led to the use of Penoxsulam in various industries, including forestry and sports turf. Despite its benefits, it is crucial to minimize human and environmental exposure to this herbicide to mitigate potential risks. Penoxsulam is also used in food products, making it essential to ensure its safe use in agriculture to maintain food safety and security. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ADVANCE AGRO CHEMICALS SHANGHAI LTD. - The company offers penoxsulam products such as Fenclorim, Acetochlor, and Acifluorfen.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Concentrated liquid segment will be significant during the forecast period. Penoxsulam, an acetolactate synthase inhibitor herbicide, holds a significant market share in broad-spectrum weed control, particularly in transplanted rice farming. The foliar spray and granular formulations are the two primary application methods for penoxsulam. In rice cultivation, the liquid formulation is favored due to its effectiveness against susceptible weeds like dollar weed, canary grass, and ryegrass.
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The Concentrated liquid segment was valued at USD 197.60 million in 2018. Application practices involve lowering the paddy water depth to expose at least half of the target plants before spraying in water-seeded rice fields. Concentrated liquid penoxsulam captured the highest market share in 2023 due to its ease of application and compatibility with various farming practices. However, the approval process for penoxsulam use in multinational clinical centers and food demand-driven farmlands necessitates careful consideration of herbicide concentration, contact time, and bump treatments. Farmers and CXOs face pain points such as lake treatments, dilution, quick dilution, and fears of human health toxicity, skin irritation, and harmful effects on breathable tissues. Business intelligence solutions and customer experience maps can help address these concerns, ensuring a balanced approach to penoxsulam usage for optimal plant growth and population control.
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APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Penoxsulam is a herbicide primarily used to control broadleaf weeds in transplanted farmlands, particularly those growing food crops. The herbicide functions by inhibiting the enzyme, acetolactate synthase, in susceptible plants, leading to death and decay. Penoxsulam is available in both foliar spray and granular formulations, allowing for flexibility in application methods. As population growth and food demand continue to rise, the global penoxsulam market is poised for expansion. The approval process for penoxsulam involves rigorous testing at multinational clinical centers to ensure human health and safety. The herbicide's toxicity levels, including skin irritation and potential harm to breathable tissue, are closely monitored. Business intelligence solutions and customer experience maps are essential tools for CXOs in managing pain points and addressing customer fears. Penoxsulam's application methods vary, with bump treatments and lake treatments requiring different dilution techniques. The herbicide's contact time with plants and concentration levels are critical factors in its effectiveness. Active plants, such as mature ones, require specific herbicide concentrations for optimal results. Despite its benefits, penoxsulam's use is not without challenges. Farmers must carefully consider the herbicide's impact on animals and the environment, as well as the potential for resistance in weeds. Ongoing research and development efforts aim to address these concerns and improve the overall efficiency and sustainability of penoxsulam use.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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Penoxsulam is a selective herbicide used primarily for controlling broadleaf weeds in transplanted crops such as corn and soybeans. The market is driven by the increasing population growth and food demand, leading to the expansion of farmlands. The key players in the market include Dow, multinational clinical centers, and others. The herbicide works by inhibiting the enzyme acetolactate synthase in susceptible plants, leading to their death and decay. Penoxsulam is available in both foliar spray and granular formulations for application. The approval process for the use of penoxsulam involves rigorous testing to ensure the safety for both plants and animals.
However, there are pain points and fears associated with the use of penoxsulam. These include concerns regarding human health toxicity, skin irritation, and harmful effects on breathable tissues. Business intelligence solutions, such as CXOs and customer experience maps, can help address these concerns by providing valuable insights into the customer touchpoints and consultation services. The herbicide concentration and contact time are critical factors in determining the effectiveness of penoxsulam. Bump treatments and lake treatments are common methods of application, and dilution is essential to ensure proper application and minimize potential harm. Quick dilution is preferred to reduce the risk of exposure to harmful concentrations. In conclusion, the market is expected to grow due to the increasing demand for herbicides in agriculture. However, it is crucial to address the pain points and fears associated with the use of penoxsulam to ensure customer satisfaction and safety.
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Market Scope |
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Report Coverage |
Details |
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Page number |
137 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 91.6 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.22 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 53% |
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Key countries |
China, US, India, Brazil, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ADVANCE AGRO CHEMICALS SHANGHAI LTD., Aquatic Control Inc., Bharat Rasayan Ltd., Corteva Inc., Crystal Crop Protection Ltd., Dow Chemical Co., Hebei Xingbai Pharmaceutical Group Co. Ltd., Landscape Supply Inc., Merck KGaA, Ningbo Titan Unichem Co. Ltd., Nouryon, Rainbow Co., Rythu agro market LLP, Suzhou Authelet Chemical Co. Ltd., Syngenta Crop Protection AG, Thermo Fisher Scientific Inc., and Toronto Research Chemicals Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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