Market Overview:

Penoxsulam Market was valued USD 325.34 million in 2019 and expected to be growing at a CAGR of 5.10%, to reach USD 417.21 million by 2024. Penoxsulam is a chemical compound having the chemical formula C16H14F5N5O5S with a molecular mass of 483.37 g/mol. It is used in the agricultural field as rice herbicide. It can be used in both terrestrial and aqueous environments, and it has an excellent ability to protect the crops against weed without harming any fauna. These are the factors which encourage farmers to use this herbicide. Penoxsulam is very effective against numerous types of weeds.

Market drivers and restraints:

The major driver of the global penoxsulam market presently is its use as an herbicide. It is utilized by farmers globally to stop the growth of weeds among a large number of crops including rice, wheat, and corn. High efficiency of Penoxsulam when compared to other kinds of pesticides, increasing demand of rice and other crops around the world and rising demand of well-maintained lawns in commercial and residential buildings are few of the factors driving this market. Besides these, the rising number of golf courts and sports grounds is also driving this market, continuously. The major driver for the global penoxsulam market is the increasing demand for rice across the world. Being a staple food almost across the globe, the global rice market has enhanced from the steady rise in an urban population in recent years and is hence very likely to remain a major driver for the global penoxsulam market in the subsequent years. The rising demand for well-maintained lawns in residential and commercial buildings is also expected to remain a key driver for the global penoxsulam market in the following years. The increasing number of sports stadiums and the rising expenditure on their maintenance is also likely to enhance the global penoxsulam market.

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Report segmented as:

By Crop Type:

Rice
Aquatics
Other types of crops
Geographical analysis:

Based on geography, the global penoxsulam market is segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Of these, Asia Pacific dominated the market in the year 2013 by accounting 55% share in the overall market. Additional to that, the region is estimated to dominate the market over the forecast period owing to increasing demand for the penoxsulam in various developing countries such as India, Indonesia, China, and Thailand. As these countries are majorly the agriculture-based countries and demand for crop protection is higher in the industries. The crucial growth in the agriculture segment in the Asia Pacific is boosting the penoxsulam market. Additional to that, the proliferation of the construction industry in the region is also increasing adoption of turf and driving growth of the global penoxsulam market.  

Important market players:

This market is entirely disjointed with various big and developing players operating in the business. The key 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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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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