PORTLAND, Oregon, August 18, 2016 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "Glufosinate Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the glufosinate market is projected to reach $2,097 million by 2022. The oilseeds & pulses application segment held about one-fourth share of the overall market in 2015.
The demand for glufosinate herbicides has witnessed tremendous growth driven by the development of genetically modified glufosinate-tolerant crops. In the last five years, significant capacity expansion has been witnessed in the industry and this trend is expected to continue in the future as well. Bayer CropScience is the largest producer of glufosinate and intends to expand its capacity to almost twofold by end of 2017, owing to strong demand from regions such as North America and Asia-Pacific. Similarly, the Chinese companies such as Lier Chemical Company Ltd., Inner Mongolia Jiaruimi Fine Chemical Co., Ltd., and others are also expanding to meet the growing demand for glufosinate. Currently, there are about five major synthesis process for glufosinate. However, the number of producers in the industry are limited due to high technological barriers in its commercial production.
Sample of the Glufosinate Market Report can be accessed on Website: https://www.alliedmarketresearch.com/glufosinate-market
In the year 2015, cereals & grains was the fastest growing segment with a CAGR of 19.4% followed by oilseeds & pulses and other crop segment (including tea, coffee, cotton, forestry, tobacco, turf, and spices). Penetration of glufosinate is rising significantly in cereals & grains owing to its broad weed spectrum, high efficacy, and wide commercialization of genetically modified glufosinate tolerant crops globally.
The soluble (liquid) concentrate segment occupied more than half of the share in 2015 and is expected to maintain its lead throughout the forecast period. Presence of amine (ammonium salt) or mineral salt in the molecules of formulation enables water solubility which makes it most preferred in the glufosinate industry. Other major formulation types used in the industry are aqueous suspension, liquid, and suspension concentrate.
Key findings of the study
- Cereals & grains is expected to be the fastest growing segment with a CAGR of 19.4% during the analysis period.
- North America is anticipated to lead throughout 2022, growing at a CAGR of 20% from 2016 to 2022.
- Asia-Pacific is projected to be the fastest growing segment.
- In the year 2015, the soluble (liquid) concentrate was the most widely accepted formulation type and is expected to maintain its lead in the future.
- U.S. was the leading country in the world glufosinate market in 2015, and is anticipated to maintain its dominance.
In the year 2015, North America and Asia-Pacific collectively accounted for nearly two-thirds of the worldwide demand for glufosinate and are expected to maintain their lead position throughout the period under consideration. However, Asia-Pacific is projected to be the fastest growing segment, with a CAGR of 21.4%, followed by North America. Growing concern towards wide usage of agrochemicals in various crops, which has led to a shift toward bio-based solutions, is the driving factor for glufosinate herbicides' demand in all the regions.
In this industry, all the major players are expanding to meet their growing demand for glufosinate in North America and other developing regions. The major companies profiled in the report include Bayer CropScience, Lier Chemical Company Ltd., Zhejiang Yongnong Chem. Ind. Co., Ltd., Hebei Veyong Bio-chemical Co., Ltd., UPL Ltd., Jiangsu Huangma Agrochemicals Co., Ltd., Inner Mongolia Jiaruimi Fine Chemical Co., Ltd., Hebei Bestar Bio-Technology Co., Ltd., and Jiangsu Sevencontinent Green Chemical Co., Ltd.
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SOURCE Allied Market Research