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The penoxsulam market share is expected to increase by USD 80.61 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.01%.
This penoxsulam market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers penoxsulam market segmentation by type (concentrated liquid and granules) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The penoxsulam market report also offers information on several market vendors, including ADVANCE AGRO CHEMICALS SHANGHAI LTD., Aquatic Control Inc., Bharat Group, Corteva Inc., Crystal Crop Protection Ltd., Dow Inc., Hebei Xingbai Pharmaceutical Group Co. Ltd., Landscape Supply Inc., Merck KGaA, Ningbo Titan Unichem Co. Ltd., Nouryon Chemicals Holding BV, Rainbow Co., Rythu agro market LLP, Suzhou Authelet Chemical Co. Ltd., Syngenta AG, Thermo Fisher Scientific Inc., and Toronto Research Chemicals Inc. among others.
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The rising food demand globally is notably driving the penoxsulam market growth, although factors such as hazardous nature of penoxsulam toward aquatic animals and humans may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the penoxsulam industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Penoxsulam Market Driver
One of the key factors driving the global penoxsulam market growth is the rising food demand globally owing to the growing population. China and India are major rice producers in the region, which account for more than half of the regional penoxsulam demand. North America and Europe are expected to exhibit moderate growth owing to the increasing demand for penoxsulam in non-agricultural applications such as sports, gardening, and forestry. In addition, increasing food production and high economic development in developing economies of South America such as Brazil and Chili will further boost the demand. The superior chemical properties and performance of penoxsulam over other traditional herbicides are expected to positively impact the market during the forecast period.
Key Penoxsulam Market Trend
Growing demand for penoxsulam from agrochemicals is one of the key penoxsulam market trends that is expected to impact the industry positively in the forecast period. Penoxsulam is used to control broadleaf, sedge, and grass weeds in transplanted, dry seeded, and water-seeded rice. Penoxsulam is a new post-emergence, ALS inhibitor herbicide developed by Dow AgroSciences in 2004 to be used as a foliar spray on dry-seeded rice crops or as either a foliar spray or a granular formulation on water-seeded rice crops to control broadleaf weeds, aquatic plants, and certain grasses. Other factors such as exponentially growing population and ever-increasing demand for food will increase the use of more agrochemicals to increase the yield per hectare, which will support the market growth in the coming years.
Key Penoxsulam Market Challenge
One of the key challenges to the global penoxsulam market growth is the hazardous nature of penoxsulam toward aquatic animals and humans. Penoxsulam is not acutely toxic via skin but may be irritating if it directly contacts human eyes or is harmful if inhaled during mixing or application in the field. Moreover, penoxsulam is classified as Suggestive Evidence of Carcinogenic Potential. There is evidence that continued use of penoxsulam causes tumors, However, there is not enough information to extrapolate the risk to humans. Thus, the accumulated risk factor of direct exposure to penoxsulam is expected to limit the growth of the market in the forecast period.
This penoxsulam market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global penoxsulam market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the penoxsulam market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the penoxsulam market encompasses successful business strategies deployed by the key vendors. The penoxsulam market is fragmented and the vendors are deploying growth strategies such as the expansion of product portfolio to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The penoxsulam market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the penoxsulam market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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52% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for penoxsulam in APAC. Market growth in this region will be faster than the growth of the market in South America, North America, and Europe
The significant increase in the demand for penoxsulam from agrochemicals and growing application in the pharmaceutical sector in developing countries such as China, Japan, and India will facilitate the penoxsulam market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 hindered the growth of the regional penoxsulam market. Several countries such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines were under partial or complete lockdowns to control the spread of the disease. However, most APAC countries lifted lockdown restrictions in Q3 2020 with the initiation of large-scale vaccination drives. Government funding for SMEs has further led to the resumption of industrial operations of various sectors such as agriculture. Therefore, such factors are expected to increase the demand for penoxsulam, which, in turn, will drive the market during the forecast period.
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The penoxsulam market share growth by the concentrated liquid segment will be significant during the forecast period. The growth is attributed to the high preference for penoxsulam use in rice farming. Suggestions for foliar application of fertilizers and herbicides will further drive the growth of the concentrated liquid segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the penoxsulam market size and actionable market insights on post COVID-19 impact on each segment.
Penoxsulam Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.01% |
Market growth 2022-2026 |
$ 80.61 million |
Market structure |
Fragmented |
YoY growth (%) |
3.74 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key consumer countries |
US, China, India, Japan, and Brazil |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ADVANCE AGRO CHEMICALS SHANGHAI LTD., Aquatic Control Inc., Bharat Group, Corteva Inc., Crystal Crop Protection Ltd., Dow Inc., Hebei Xingbai Pharmaceutical Group Co. Ltd., Landscape Supply Inc., Merck KGaA, Ningbo Titan Unichem Co. Ltd., Nouryon Chemicals Holding BV, Rainbow Co., Rythu agro market LLP, Suzhou Authelet Chemical Co. Ltd., Syngenta AG, Thermo Fisher Scientific Inc., and Toronto Research Chemicals Inc. |
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 forecast period |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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