Increasing application scope of penoxsulam on account of technological advancements is expected to remain a key driver for its demand. Penoxsulam is commonly used as a herbicide in rice fields to restrict the growth of weeds and grasses. Growing awareness regarding its application to control weed and grass growth in forestry, sports fields, lawns and gardens has been a major factor driving its growth. In view of rising health and environmental concerns, penoxsulam’s unique mechanism to kill pests without having adverse affects of human and animal health is also expected to have a positive influence on its demand. Favorable environmental regulations are further expected to fuel the market growth. Volatile prices of key raw materials such as benzene coupled with availability of substitute products are expected to challenge market participants in terms of profitability and demand respectively.
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Asia Pacific emerged as the largest penoxsulam consuming region and enjoys a major chunk in the global market on account of its leading position in rice production and consumption. Asia Pacific penoxsulam market is characterized by large scale rice production with China and India leading the way. Rice is a staple food among many countries in the region such as Australia, China, India, Indonesia, Japan, Malaysia and New Zealand. Growing food demand on account of increasing population is expected to drive penoxsulam demand in Asia Pacific over the forecast period. North America and Europe are expected to experience steady growth on account of increasing demand for penoxsulam in non-agricultural applications such as foresty, gardens, lawns and sports. Growing agriculture industry coupled with increasing food demand in Latin America is expected to further drive the global market over the next six years.
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Some of the major companies operating in the global penoxsulam market include BASF, Bayer, Sumitomo Chemicals, Syngenta, DuPont, Dow AgroSciences, Shijiazhuang Xingbai Bioengineering Co. Ltd. and Hangzhou Tainlong Biotechnology Co. Ltd.
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