The global kresoxim methyl market size is expected to reach USD 5 billion by 2028 after expanding at a CAGR of 6% from 2020. Growth of the kresoxim methyl market is attributed to high demand from the chemical industry.
Kresoxim methyl is a chemical compound, which is an active ingredient in plant protection. It is used as a fungicide, which protects plants from fungal diseases and scab. Apples, grapes, pears, cucurbit vegetables, and others are some of the common plants on which Kresoxim methyl is used. This fungicide inhibits the growth of blast, mildews, and sheath blight. Increasing number of diseases in plants is the major driver of the Kresoxim methyl market. Additionally, Kresoxim methyl is preferred over other fungicides, owing to its protective, curative, eradicative action, and long residual effects. The two main types of fungal diseases seen on plants are cytospora canker and rhizosphaera. Each and every type of chemicals needs to be used only under strict trained professionals.
Market Trends, Drivers, Restraints, and Opportunities
- Kresoxim methyl helps to eliminates scab and other fungal diseases from plants, which in turn, is propelling the market.
- Increasing quantity of infections in plants is the key driver of the kresoxim methyl market.
- Rising usage of kresoxim methyl in the chemical industry and laboratories is projected to drive the market.
- Difficulties related to handling of the chemical are estimated to hinder the market growth.
- Kresoxim methyl market opportunities are estimated to increase, due to its use in research and agriculture.
Scope of the Report
The report on the global kresoxim methyl market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
||Kresoxim methyl Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
||Types (Powder and Solutions) and Applications (Agriculture, Laboratory, and Chemical Industry)
||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|Key Players Covered in the Report
||Bessen Chemical Ltd, Essence Group, BASF SE, Jingbo Agrochemicals Technology Co., Ltd, SinoHarvest Corp, and Kenvos Biotech Co., Ltd, and Jigs Chemical
Market Segment Insights:
The solution segment held a major market share in 2019
Based on types, the global kresoxim methyl market is segregated into powder and solutions. The solution segment is expected to expand at a high CAGR during the forecast period. Kresoxim methyl solution is used in agriculture field as a fungicide to avoid fungal pathogens on crops. Technological advancements and changes in farming techniques are expected to drive the market. Demand for kresoxim methyl solution increased, due to its easy dissolving feature as compared to the powder form.
The agriculture segment is expected to expand at a high CAGR during the forecast period
On the basis of applications, the global kresoxim methyl market is fragmented into agriculture, laboratory, and chemical industry. Kresoxim methyl is used to manufacture fungicide, pesticide, and other agriculture products. The agriculture market is driven by rising demand for food crops worldwide, owing to increasing population.
The market in APAC is projected to hold a major revenue share
In terms of regions, the global kresoxim methyl market includes Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific held a share of more than 40% in 2019. China being the major producer of kresoxim methyl forms the base of ready-made pesticides and insecticides and is estimated to drive the market in the region. Developing countries such as China and India are focusing on manufacturing kresoxim methyl to fulfill the rising demands in the region. The supply has been affected due to the pandemic and has affected the crops in all regions.
The amount of kresoxim methyl is more in APAC than other regions, but its demand is more in North America than other regions. Most of the researches are done in North America and Europe, due to the huge farm land and use of modern technology for farming and agriculture.
Segments Covered in the Report
The global Kresoxim Methyl market is segmented on the basis of
- Chemical Industry
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key companies in the global kresoxim methyl market include Bessen Chemical Ltd, Essence Group, BASF SE, Jingbo Agrochemicals Technology Co., Ltd, SinoHarvest Corp., Kenvos Biotech Co., Ltd., and Jigs Chemical. Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the kresoxim methyl market.
In January 2019, Rallis India Ltd., a TATA Enterprise launched Zygant and Ayaan for Indian farmers. The new solution offered by Rallis India is expected to help the farming community for effective management of pests and rice stem borer. Government policies such as Make in India encouraged small scale and large scale industries to boost the production capacity.