Piperonyl Butoxide (PBO) Market (Application - Pyrethrin, Pyrethroid, Carbamate, Rotenone) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Asia Pacific Piperonyl Butoxide (PBO) Market: Overview
Piperonyl butoxide (PBO) has gained popularity as a synergist in making efficacious pesticide formulations. The organic compound has been used extensively for making insecticide ingredients, particularly in topical insecticide formulations for enhancing their insecticidal activity. PBO has wide applications in being used in combination with pyrethrin, carbamate, pyrethroid, and rotenone for a variety of purposes such as food as well as non-food agricultural products, garden products, termite and mosquito killing products, and in veterinary pesticide products. Being low in toxicity to humans and several companion animals, they have popularly combined with these pesticides to achieve the desired effect. The significant role in increasing the efficacy of insecticides is bolstering its application in agricultural crops and livestock in various countries in Asia Pacific.
The Asia Pacific piperonyl butoxide market stood at US$10.02 million in 2015 and is estimated to touch a valuation of US$15.45 milion by the end of 2024. The regional market is projected to garner a moderate CAGR of 5.0% during 2016–2024. The report offers a critical and in-depth assessment of key drivers and restraints, share and size of major segments, notable trends, lucrative avenues in various countries, and the competitive landscape. The factors affecting the scope of key country markets are also analyzed in the study.
Asia Pacific Piperonyl Butoxide (PBO) Market: Trends and Opportunities
The burgeoning demand for food in various developing economies in Asia Pacific has led agriculture and farming practices to look for better topical insecticide formulations. This a crucial factor driving the demand for piperonyl butoxide. The spiraling risks of pest infestation and the vast damage caused to the crop production in various parts of Asia Pacific is a notable factor boosting the market. The use of PBO as a potential ingredient in crop protection products is fueled by the demand for boosting agricultural yield to feed worldwide population, including that of Asia Pacific. The rising use of PBO in a number of pre- and post- harvest applications is accentuating the Asia Pacific market. The presence of favorable climate for insecticides to thrive on in various parts of the region is a striking factor bolstering the uptake. Furthermore, the lack of robust infrastructure for storage in a number of less developed economies is a notable factor bolstering the demand for piperonyl butoxide.
The rising use of insecticides for controlling insect pests at residential areas and wide applications of PBO in numerous food-handling institutions such as restaurants bodes well for the Asia Pacific PBO market. The easy access to raw materials in various countries is also aiding in the expansion of the market.
Asia Pacific Piperonyl Butoxide (PBO) Market: Regional Outlook
Countries such as India, Japan, and China are expected to present abundant lucrative opportunities for industry players to capitalize on. Of these, China accounted for the dominant share in 2015 and is expected to rise at the major CAGR over the forecast period. The rising demand for food is a key trend accounting for the dominant demand for PBO in China. The growth of this markets will be fueled by the striking applications of crop protection chemicals, with an aim to improve the agricultural yield over the forecast period. Other regional segments are Association of Southeast Asian Nations (ASEAN) and Rest of the Asia Pacific.
The Asia Pacific Piperonyl Butoxide (PBO) market is moderately consolidated and the top companies include ENDURA P.IVA, Wujiang Shuguang Chemical Co., Ltd., and Sumitomo Chemical Co. Ltd. Several prominent players are focusing on tapping lucrative avenues in countries such as India and China. Top players are likely to consolidate production capacities and boost business operations, in a move to bolster their positions in the regional market. A number of players are also entering into long-term contracts to gain a better foothold in the regional market.
The Asia Pacific Piperonyl Butoxide (PBO) market has been segmented based on
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