Global Isoxaflutole Market: Snapshot
Rise in the global herbicide industry has been a driving force for global isoxaflutole market. Isoxaflutole, an herbicide is used to enhance the growth of vegetables in agrochemical industry. The active ingredient in it quickly get metabolized in the soil and react on the plants likewise. Sugarcane and maize/corn are the two major crops for which Isoxaflutole is used. Whereas, it is also used on fruit crops such as peach, almond, apple, etc. Even though the manufacturing of sugarcane is related to various ecological and communal factors, its production has widely increased because of the progress in domiciliary support measures along with a well regulated trade. These factors have contributed to the growth in demand for isoxaflutole herbicide for the production and growth of plants.
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CAGR of global isoxaflutole market is expected to grow at 5.1% by 2020. The evaluated market value for Isoxaflutole business is estimated reach US$163.0 million by 2020.
High Demand for Isoxaflutole for the Cultivation of Vegetable Crops
It is worth noting that maize/corn and sugarcane are the only two harvest apart from some of the fruit crops. So, the demand for isoxaflutole has always been high for vegetable crops. These crops are considered as one of the most prominent and efficient sources of bio-fuel. Due to hike in prices for oils the market for biofuels has expanded significantly that has encouraged the demand for sugarcane. This in a way has uplifted the requirement for herbicides such as isoxaflutole. China and the U.S. are the two major producers of corn. Isoxaflutole is also being used for the enhancement of fruit crops such as apple, peach, almond, etc. where it is used as a catalyst in the growth mechanism. It is to be noted that U.S.A. holds the largest contribution in the production of almonds, where isoxaflutole is widely used.
North America, the Highest Consumer of Isoxaflutole, with 40% of Global Corn Production
In case of geographical regions, Asia Pacific accounts for more than 30% of isoxaflutole market share in terms of volume. This is so as the major crops which requires isoxaflutole such as corn and sugarcane are cultivated in large quantities in this region. Moreover, there is a growth in the sugarcane production in this region because of the rise in the demands of biofuels by the major end-user industries has also increased. North America accounts for more than 40% of the global corn production. Therefore, the region has emerged as the highest consumer of the isoxaflutole for crops such as maize and sugarcane. These crops also holds the high demand for isoxaflutole in Europe. The various applications of maize includes food, feed, ethanol production, and industrial purposes. This answers the reason behind the growth in maize industry over the past decade or so. Corn crops are also responsible for the production of ethanol, which turns out to be major reason for the demand for corn in the regions such as Asia Pacific. Besides this, emerging countries like India and China are significant consumers of meat, which in a way is responsible for the growth of corn industry as corn is the major part of the feed given to livestock. So, the requirement of isoxaflutole also depends on the number of animals consuming corn as their feed.
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Aventis CropScience are the first producers of isoxaflutole in 1991. This company was later taken over by Bayer in 2001. Even today the global market is still in formative state where DuPont and CropScience are the key isoxaflutole producers. Other significant leaders in the market includes Santa Cruz Biotechnology Ltd., Wanko Chemical Co. Ltd., and Chemos GmbH. Moreover, isoxaflutole market is anticipated to witness mergers because of the advent of local producers in the U.S. and China.
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