The global profenofos industry share is anticipated to bode well over the assessment period by registering a CAGR of 5% from 2022 to 2032. The market is valued at USD 1.22 Billion in 2022 and surpasses a valuation of USD 2 Billion in 2032. During the projected period, the cotton sector is expected to dominate the worldwide Profenofos market.
Profenofos is a chemical excessively used in the production of foliar insecticides, miticides, and acaricides. It destroys insects and pests while also protecting crops. Profenofos is recognized within the hazardous category by the World Health Organization. It is used as a pesticide to protect crops from damage caused by pests and insects.
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Key Takeaways
- Owing to the dwindling cultivable area, there is a strong desire to accelerate agricultural production throughout the world. Such factors have resulted in the rise in demand for profenofos over the valuation period.
- Global population growth and an increased need for food crops have increased the demand for more agricultural output. This is predicted to increase demand for a variety of agrochemicals, including fertilizers, pesticides, and insecticides. Insecticide demand is expected to drive the worldwide Profenofos market over the forecast period.
- The worldwide profenofos market is actively being fueled by a significant surge in cotton demand and a rise in cotton-growing areas. In addition to that, profenofos is largely employed as a pesticide and is mostly utilized by the world’s agricultural economy.
- Developing economies are heavily dependent upon agriculture. Countries including India and Bangladesh are predicted to be the most crucial markets for profenofos across the upcoming years.
- Smaller African nations comprise large agricultural regions that also have a major contribution in augmenting sales of the global profenofos market. Furthermore, this chemical is extremely soluble in organic solvents.
- Profenofos facilitates the administration of pesticides to plants. Profenofos is used in insecticides and as a miticide. It is applied to crops to protect them from insects and pests. Its widespread usage in the agricultural sector is anticipated to augment market growth.
- Profenofos belongs to the chemical class organophosphate. It is quite stable in neutral and slightly acidic environments. Hydrolysis of Profenofos causes it to become unstable in alkaline settings.
- A considerable amount of toxicity is present in profenofos chemicals that are likely to stifle its growth. Owing to numerous adverse effects, profenofos must be handled with extreme caution.
- Profenofos has a severe influence on marine life as well as other living creatures, according to research on its gene toxic effect. When it comes into touch with live animals, it has an influence on their DNA.
Competitive Landscape
The global profenofos market is known to be fragmented owing to the presence of various regional and global producers present in the global landscape. In order to preserve their market leadership, prominent industry players are rapidly spending on joint ventures, expansion, and new product launches. Leading market competitors are investing in the development of innovative production methods.
Key participants in the global profenofos market are concentrating their efforts on developing a better pesticide that uses Profenofos to protect crops. The industry is also following the trend of producing eco-friendly items that are less hazardous to the environment than present ones.
Key Companies Profiled
- Hualong Chemical Industry Co. Ltd.
- Jiangsu Baoling Chemical Co. Ltd
- Zagro Singapore Pte. Ltd.
- National Company for Agricultural Production,
- Acme Organics
- Fulon Industrial Chemicals
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More Insights into the Profenofos Market
The Asia Pacific region is anticipated to dominate the global profenofos market. In 2022, the Asia Pacific region generated the maximum market share. Due to the presence of significant manufacturers and increased demand for agrochemicals such as insecticides and pesticides in the area. Growth in agricultural productivity in the Asia Pacific is expected to improve the region’s Profenofos industry.
Throughout the projection period, the European market is predicted to augment rapidly. Profenofos was not licensed in the European Union until 2015, however, various regulatory authorities have decided that the overall risk of taking Profenofos is within acceptable limits. This has increased the region’s need for Profenofos.
Key Segments Profiled in the Profenofos Industry Survey
Crop Type
- Cotton
- Maize
- Potato
- Soybean
- Pulses
- Others (Fruits & Vegetables, etc.)
Packaging
- Bottled Packaging
- Bag Packaging
Region
- North America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Latin America
- Middle East and Africa
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