Glufosinate Market Is Finds future growth and Business by 2022
Posted by pooja on June 7th, 2019
According to a new report by Allied Market Research, titled, "Glufosinate Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", is projected to reach ,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 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.
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 Glufosinate Market
In the year 2015, North America and Asia-Pacific collectively accounted for nearly two-thirds of the global 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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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About the Authorpooja
Joined: May 29th, 2019
Articles Posted: 84
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