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Global Penoxsulam Market: Snapshot
Penoxsulam is an essential part of sulfonamide-based herbicides. The global penoxsulam market has taken up a significant role in the global herbicide market in recent years due to its rising demand in rice plantations. Penoxsulam is a systemic pesticide and is highly effective against various weeds, including grass weeds and broadleaf weeds. This makes penoxsulam-based pesticides perfect for use in residential plantations as well as commercial sports complexes and farms.
The prime driver for the global penoxsulam market is the rising demand for rice across the world. Being a staple food almost across the world, the global rice market has benefited from the steady rise in urban population in recent years and is thus likely to remain a key driver for the global penoxsulam market in the coming years. The increasing demand for well-maintained lawns in residential and commercial buildings is also likely to remain a major driver for the global penoxsulam market in the coming years. The rising number of sports stadiums and the increasing expenditure on their maintenance is also likely to benefit the global penoxsulam market.
Asia Pacific is likely to be a major mover in the global penoxsulam market in the coming years. Countries in Southeast Asia, such as India, Bangladesh, Indonesia, China, Thailand, and Vietnam are leading producers of rice, leading to a steady rise in the demand for penoxsulam. China and India collectively account for around 50% of the demand for penoxsulam in Asia Pacific and are likely to remain important regional markets for penoxsulam due to the steady growth of their agriculture sector.
Global Penoxsulam Market: Introduction
Penoxsulam is one of the active ingredients present in a sulfonamide-based herbicide produced by Dow AgroSciences, a subsidiary of The Dow Chemical Company. The herbicide containing penoxsulam is sold under a variety of brand names, including SC Granite and Granite and is used on rice crops in the United States. In addition, penoxsulam is sold under a variety of brand names in other countries, such as Viper in Europe, Ricer in Brazil and Argentina, Fencer in China, Rainbow in Egypt and Clipper in Vietnam and Indonesia. Penoxsulam is an off-white solid having a musty odor. It is soluble in water and acetonitrile. The herbicide was initially introduced for rice fields and is capable of destroying a wide range of pest weeds and grasses that are found in wet environments.
Penoxsulam is primarily a systematic herbicide that disrupts the growth of weeds internally, thus killing them in the process. It is employed to control the growth of broadleaf, grass weeds, and sedge in transplanted water seeded and dry seeded rice. Moreover, penoxsulam is also effective against a wide range of broadleaf weeds in turfs including sports fields, golf courses, sod farms, and residential and commercial lawns. It is also a registered herbicide employed for aquatic weed control in the U.S. It is distributed by the company SePRO under the brand name Galleon.
Global Penoxsulam Market: Top Drivers and Trends
The key driver of the global penoxsulam market currently, is its use as an herbicide. It is employed by farmers globally to prevent the growth of weeds among a wide range of crops including rice, wheat, and corn. In addition, the demand for penoxsulam is expected to increase over the coming years due to the growing number of turfs and lawns globally. The growing number of residential and commercial lawns is expected to boost the global penoxsulam market over the next few years. Moreover, the growing number of sports grounds and golf courses – especially in the U.S. – is expected to drive the global penoxsulam market during the forecast period.
Global Penoxsulam Market: Regional Analysis
The key regions included under the global penoxsulam market are North America, Europe, Asia Pacific and the rest of the world. The demand for penoxsulam has been exceptionally high in North America, owing to the growth of its farming activities. The region is facing a high pressure to increase yield while facing a reducing overall area to farm in.
Asia Pacific follows North America in terms of the overall demand volume for penoxsulam. The swiftly growing agricultural sector in Asia Pacific – especially in emerging countries such as India – is likely to boost the global players in the penoxsulam market over the given forecast period. In addition, the growth in the construction activity and the increasing number of turfs in India, China, and Indonesia is anticipated to drive the demand for penoxsulam in the coming years.
Global Penoxsulam Market: Companies Mentioned in the Report
The key companies of the global penoxsulam market that have dominated in various segments and regions so far, include The Dow Chemical Company, Bayer CropScience AG, BASF SE, Syngenta International AG, Nufarm Ltd., Monsanto Co., Chemtura Corp, and Nufarm Ltd.
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The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
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Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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