Increasing global crop production levels coupled with surging demand for quality food products are expected to propel the penoxsulam market over the forecast period on account of its ability to control broad leaf weeds and other unwanted weeds. Penoxsulam restricts the growth of various weeds such as canary grass, ryegrass and dollar weed across the globe. It is an herbicide which is based on acetolactate synthase (ALS) inhibitor. Killing pest and weeds without affecting animal and human life is the unique characteristic of penoxsulam which is expected to augment market penetration in agriculture sector. Penoxsulam is also useful for aquatic plants. Emerging economies are witnessing changing consumer lifestyle trend driving sports fields, golf courses, gardens, forestry, lawns and agriculture field demand. This in turn is expected to drive global penoxsulam market growth on account of growing demand to obstruct weed growth over the forecast period. Penoxsulam is also expected to be preferred over traditional herbicides on account of its grander chemical property and remarkable performance. Additionally, low environment impact as compared to conventional herbicides makes it one of the best suited solutions for high quality crop production as compared to alternatives.
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Global penoxsulam market has been segmented on the basis of crop types and grades. On the basis of crop type the market has been segmented into turf, rice and aquatics. On the basis of grade, liquid product and technical grade are the two commercially available penoxsulam grades globally.
Asia Pacific was the leading region holding the major penoxsulam market share on account of huge demand from developing countries including India, China and Indonesia. Countries such as New Zealand, Japan, Indonesia, China, Australia, India and Malaysia are the major rice crop producers on account of which huge penoxsulam can be predicted from these countries over the forecast period. North America and Europe is expected to witness significant growth on account of stringent food regulations coupled with increasing health concerns in the region.
Major companies operating in penoxsulam market across the globe are DuPont, Sumitomo Chemical, Hangzhou Tainlong Biotechnology Co. Ltd, Bayer, Shijiazhuang Xingbai Bioengineering Co. Ltd., BASF, Arysta Lifescience and Dow AgroSciences. Emerging economies are expected to be the target region for penoxsulam manufacturers owing to rising disposable income, high population increase and growth in crop production levels over the forecast period.
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