Global pinoxaden market is anticipated to witness substantial growth over the forecast period on account of its widespread use in the agricultural sector. Rising need for high yield crops in order to meet demand of increasing population is likely to be a key driver for pinoxaden market over the projected period. Pinoxaden, which is a relatively new herbicide was patented and introduced in the market by Syngenta AG in 2005.
Growing need to protect crops against weeds particularly in large agriculture countries has triggered major companies to intensify research and development activities. This is anticipated to have a positive effect on the pinoxaden market over the forecast period. Pinoxaden is a selective herbicide and is employed to eliminate weed among cereal crops. The herbicide is most effective against barley and wheat as it retards the growth of a variety of wild crops including black grass, wild oats, and canary grass which are responsible for cutting down yield of these cereal crops. In addition, shifting trend toward the use of herbicides as a modern day agricultural practice is likely to positively affect pinoxaden market over the next seven years.
In 2013, Europe accounted for approximately 40% share in the pinoxaden market in terms of volume and revenue as it as the largest producer of barley and wheat. Asia Pacific is anticipated to be the fastest growing market in terms of volume and revenue over the forecast period in light of increasing awareness among farmers regarding adoption of modern day crop protection techniques coupled with growing population in the region. In Asia Pacific, China and India are likely to consume largest market share in the pinoxaden market as they are the largest producers of barley and wheat in the region. However, high costs associated with pinoxaden are likely to hamper market growth over the projected period.
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Major players present in the pinoxaden market include Advanced Technology, Agchem Access, Haihang Industry, Hebei Duoke Chemical Technology, and Syngenta Crop Protection AG. Currently the pinoxaden patent is owned by Syngenta AG, however, it is anticipated to expire by the end of 2020 which is anticipated to provide opportunities for new entrants. This will result in intense competition among market players and reduction in product prices.
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