Penoxsulam Market

Global Penoxsulam Market Size (2024 to 2032)

The global penoxsulam market was valued at USD 359.37 million in 2023 and is anticipated to reach USD 377.70 million in 2024 from USD 562.30 million by 2029, growing at a CAGR of 5.10% from 2024 to 2032. Penoxsulam is a chemical compound having the chemical formula C16H14F5N5O5S with a molecular mass of 483.37 g/mol. It is used in the agricultural field as rice herbicide.

It can be used in both terrestrial and aqueous environments and it has an excellent ability to protect the crops against weed without harming any fauna. These are the factors that encourage farmers to use this herbicide. Penoxsulam is highly effective against various types of weeds.

Market Drivers

High efficiency of Penoxsulam compared to other kinds of pesticides, rising demand of rice and other crops around the world and increasing demand of well-maintained lawns in commercial and residential buildings are some of the factors driving this market. Besides these, an increasing number of golf courts and sports grounds is also driving this market, substantially.

REPORT COVERAGE

This research report on the global penoxsulam market is segmented and sub-segmented into the following categories.

Global Penoxsulam Market By Crop Type

• Rice
• Aquatics
• another type of crop

As the demand for food is increasing because of the increasing population. Being staple food, the demand for rice has increased the most, which has led to the increased demand of Penoxsulam pesticide. As a result, rice fields have emerged as the leading segment for the demand for Penoxsulam herbicide accounting for almost 85% of the market.

REGIONAL ANALYSIS

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East & Africa.

In 2016, Asia-Pacific had the biggest Penoxsulam market accounting for almost 55% of global market share. India and China alone in Asia-Pacific account for more than 50% of the share of the Asia-Pacific market. Asia-Pacific also has the fastest-growing rate in this market because of the fact that the livelihood of a major population of the two biggest democracies in this region, viz. India and China depend on farming.

KEY MARKET PLAYERS

This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the global Penoxsulam market are Dow Chemical Co., Bayer CropScience AG, Syngenta International AG, Chemtura Corp., Monsanto Co., Nufarm Ltd., Shijiazhuang Xingbai Bioengineering Co., and BASF SE.