Global Penoxsulam Market: Snapshot
The consistent ascent in the interest for different yields, for example, wheat, rice, and corn, is probably going to positively affect the worldwide penoxsulam advertise soon. Aside from this, the effectiveness of penoxsulam, instigated by its unrivaled synthetic properties, contrasted with different herbicides is additionally foreseen to support this market significantly over the anticipated years.
The rising number of turfs and yards is another essential factor that is relied upon to impact the interest for penoxsulam over the world in the years to come. The expansion in games grounds and fairways are likewise anticipated to add to the development of this market altogether. Be that as it may, the accessibility of substitutes and value unpredictability may make difficulties for market players throughout the following couple of years.
The North America penoxsulam market is projected to set up a dull execution through the present decade. Europe, then again, is projected to encounter a development of the penoxsulam advertise, yet not at an entirely astounding rate. Rice is developed in a couple of European nations that experience calm atmosphere, however the accessibility of a few different herbicides is projected to probably eat into the piece of the overall industry of penoxsulam in Europe. A portion of alternate herbicides that rival penoxsulam are acetochlor, butachlor, and clomazone; however penoxsulam remains the most broadly utilized herbicide for weed control.
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Based on the crop type, the penoxsulam market is segmented in to rice fields and water bodies. Of these, rice fields dominated the global penoxsulam market in 2013 with 85% share in the overall market. This growth is attributable to increasing application in rice fields due to low level of toxicity in penoxsulam products. The demand for penoxsulam is expected to remain same over the forthcoming years.
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In terms of geography, the global penoxsulam market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Of these, Asia Pacific led the market in the year 2013 by accounting 55% share in overall market. Additionally, the region is expected to lead the market over the forecast period owing to rising demand for the penoxsulam in numerous developing countries such as India, Indonesia, China, and Thailand. As these countries are mainly the agriculture-based countries and demand for the crop protection is higher in the industries.
The significant rise in the agriculture sector in the Asia Pacific is boosting the penoxsulam market. Additionally, proliferation of the construction industry in the region is also augmenting adoption of turf and driving growth of the global penoxsulam market.
Some of the key players operating in the global penoxsulam market are The Dow Chemical Co., Bayer CropScience AG, BASF SE, Syngenta International AG, Nufarm Ltd., Monsanto Co., and Chemtura Corp.