Albany, NY (PRWEB) March 06, 2015 -- Transparency Market Research has published a new report titled “Isoxaflutole Market for Vegetables and Other Crops - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”. According to the report, the global isoxaflutole market was valued at US$ 116.3 Mn in 2013 and is anticipated to reach US$ 163.0 Mn by 2020, expanding at a CAGR of 5.1% from 2014 to 2020. In terms of volume, the global demand for isoxaflutole stood at 2,569.5 kilo tons in 2013.
Isoxaflutole is widely used in the growth of vegetable crops such as maize and sugarcane. Significant production of these food sources in emerging economies such as Brazil and emerging regions such as Asia Pacific is expected to boost the market for this herbicide over the next few years in these regions. Major companies engaged in the production and purchasing of isoxaflutole include Bayer CropScience, and E. I. du Pont de Nemours and Company. Bayer CropScience produces isoxaflutole under the brand names of Balance and Merline. Isoxaflutole was introduced in 1996 under the brand name of Balance by Rhône-Poulenc Ag Company. In 1997, the company established its chemicals business segment as a separate company named Rhodia. This company was later acquired by Solvay SA in 2011. The agricultural business segment of Rhône-Poulenc Ag Company, which is also known as Aventis CropScience, was acquired by Bayer AG.
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Demand for isoxaflutole was the highest in vegetable crops, accounting for approximately 90% of the market share in 2013. Vegetables such as corn and sugarcane are the only crops that consume isoxaflutole herbicide. Sugarcane is used in various applications such as food, and bio-fuels. Production of sugarcane is linked to a number of social and environmental factors. However, its production has increased due to growth in domestic support measures coupled with highly regulated trade. These factors have further boosted the usage of herbicides such as isoxaflutole for plant growth.
Demand for isoxaflutole was the highest in Asia Pacific, accounting for over 30% of the overall market in 2013, owing to extensive production of vegetable crops such as maize and sugarcane in the region. Production of these crops in the region has been increasing due to rising demand for food. This has been the primary factor for growing consumption of herbicides such as isoxaflutole for crop protection applications. This herbicide is used only on the crops mentioned above and in certain fruit crops. Demand for isoxaflutole in Europe and North America is less due to lower production of maize and sugarcane in these regions.
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Isoxaflutole Market - Crop Segment Analysis
- Vegetable crops
- Others (Including fruits)
Isoxaflutole Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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SOURCE Transparency Market Research