Glufosinate Market Overview:
Global glufosinate market is projected to reach $2,097 million by 2022. Glufosinate is a naturally occurring herbicide isolated from two species of Streptomyces fungi. It is widely used as a substitute of glyphosate and paraquat and to control a wide range of weeds such as morning glories, hemp sesbania (Sesbania bispinosa), Pennsylvania smartweed (Polygonum Pensylvanicum), and others.
Its usage as a crop desiccator facilitates harvesting. Rising concern toward wide usage of agrochemicals in various crops has led to a shift toward bio-based solutions, which is expected to boost growth of the glufosinate market.
Major factors expected to drive the demand for glufosinate in the future are its broad weed spectrum and high efficacy. However, glufosinate herbicides cause toxicity in animals and flora & fauna, which may hamper the market growth. Use of glufosinate is considerably safe on crop plants when compared to other herbicides, and it can be used in combination with other herbicides, which makes it a lucrative option for both manufacturers and farmers.
The glufosinate market is segmented on the basis of crop type, which includes cereals & grains, oilseeds & pulses, fruits & vegetables, and others. It is also segmented on the basis of formulation type such as aqueous suspension, liquid, suspension concentrate, soluble liquid concentrate, and others. Geographically, the market is divided into four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Presently, North America occupies a major share of the market, followed by Asia-Pacific and Europe.
Top Investment Pockets in World Glufosinate Market
North America possesses the maximum market potential for new entrants in the glufosinate market, owing to rising demand for bio-based agro solutions from agricultural sector, wide commercialization of genetically modified glufosinate tolerant crop, and increasing government regulations for reducing the drainage of harmful chemicals in the field.
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 on a continuous rise in cereals & grains owing to its broad weed spectrum, high efficacy, and wide commercialization of genetically modified glufosinate-tolerant crops worldwide.
The soluble (liquid) concentrate segment occupied more than half of the market share in 2015, and is expected to maintain its lead throughout the forecast period. Presence of amine (ammonium salt) or mineral salt in the formulation is the most preferred in the glufosinate industry, as it enables water solubility. Other major formulation types used in the industry are aqueous suspension, liquid, and suspension concentrate.
Germany Glufosinate Market, 2014-2022, (Tons/$Thousand)
The demand for glufosinate herbicides has witnessed tremendous growth owing to the development of genetically modified glufosinate-tolerant crops. In the past few years, significant capacity expansion has been witnessed in the industry, and this trend is expected to continue in the future. Bayer CropScience is the largest producer of glufosinate, and is expected to expand its glufosinate capacity to almost double by the end of 2017, owing to strong demand from regions such as North America and Asia Pacific. Similarly, in China, companies, such as Lier Chemical Company Ltd., Inner Mongolia Jiaruimi Fine Chemical Co., Ltd., and others, are expanding their capacity for glufosinate to meet the growing demand. Currently, there are about five major synthesis processes for glufosinate. But due to high technological barriers in its commercial production, the number of producers in the industry is limited.
KEY BENEFITS OF GLUFOSINATE MARKET:
- Comprehensive analysis of factors that drive and restrict the growth of the global glufosinate market is provided.
- The projections are made by analyzing the current market trends and future estimations from 2014 to 2022, in terms of value and volume.
- Region- and country-wise, the glufosinate market conditions are comprehensively analyzed.
- Exhaustive analysis by application helps in understanding the penetration level of glufosinate in various crops in different regions and countries.
- Competitive intelligence (of leading manufacturers and distributors) facilitates in understanding the competitive scenario across the geographies.
- SWOT analysis highlights the internal environment of leading companies for effective strategy formulation.
- An in-depth analysis of current research and clinical developments is provided with key market dynamics, which helps in understanding the market behavior.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
- Key players are profiled and their strategies are analyzed thoroughly, which provides a competitive outlook of the market.
GLUFOSINATE MARKET SEGMENT:
The global glufosinate market is segmented as follows:
By - Crop Type
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
By - Formulation Type
- Aqueous Suspension
- Suspension Concentrate
- Soluble (Liquid) Concentrate
By - Geography
- North America