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Jan 16, 2020 4:28 AM ET

Chlorpyrifos Market is Forecast to Grow at CAGR of 3.02% During 2020-2025


Chlorpyrifos Market is Forecast to Grow at CAGR of 3.02% During 2020-2025

iCrowd Newswire - Jan 16, 2020

Chlorpyrifos Market is forecast to reach $576.09 million by 2025, after growing at a CAGR of 3.02% during 2020-2025. The growth of the Chlorpyrifos is anticipated to the demand from agriculture and non-agriculture sector. Chlorpyrifos has become the largest organophosphorus insecticide as it is being widely consumed across the world.
 
Key Takeaways
  • Asia-Pacific dominates the Chlorpyrifos market owing to presence of production bases as well as agriculture industry. 
  • Chlorpyrifos can be segmented on the basis of its use in both indoors and outdoors activities as a pesticide. Chlorpyrifos is useful for both residential and commercial usage. 
  • The increasing ease-of-use, enhancement in processing technologies cheaper costs and diversified applications are expected to be key market drivers over the forecast period. 
Form- Segment Analysis
Powder form holds the largest share in the Chlorpyrifos market in 2019. It is a white crystal-like solid with strong odor and is used as an organophosphate pesticide used to kill different pests including termites, mosquitoes, and roundworms. 
 
Application – Segment Analysis
 
Chlorpyrifosis an organophosphate pesticide finds wide use in agriculture as well as industrial sector, where the use of pesticides is done on a large-scale.With the substantial rise in the world’s population year-on-year, there will be rising demand for food to be met by the food crop production. Rising food crop production and acreage will give and impetus for a rise in the usage of pesticides for crop protection.There are two major parent types of crop chemicals are bio-pesticides and synthetic pesticides. Bio-pesticides are a certain type derived naturally from animals, plants, microbes and certain naturally occurring minerals. They tend to pose fewer risks to the environment as compared to conventional chemicals. Synthetic pesticides can be insecticides to control insects, herbicides to control weeds, fungicides to control fungal disease, and other categories. Conventional farming has become quite reliant on synthetic pesticides, although they can also harm other living organisms and are often detrimental to the environment and human health.
 
Geography- Segment Analysis
 
APAC dominated the Chlorpyrifos market with a share of more than 45%,followed by North America and Europe. Chlorpyrifosan organophosphate pesticide is expected to have stable growth in almost all parts of the world over the projected period and the current market players are China and India.China is one of the key region for chlorpyrifos in Asia Pacific in terms of production and capacity. Further, the R&D by Chinese manufacturer will strengthen the Chlorpyrifos market which will increase the application scope for market participants to meet the rapidly growing demand.
 
The Asia region is a decisive component in the global food chain, accounting for 19% of total global food and agriculture exports and 31% of total food and agriculture import.Furthermore, China, Japan and India hold the most regional share for Crop Protection Chemicals in APAC. The factor causing such rapid growth is the huge investments and government policies in agriculture throughout APAC region.
 
Drivers –Chlorpyrifos Market
  • Growing demand for Chlorpyrifos across its End Use Industry
The use of Chlorpyrifos (organophosphate pesticide) is widely increased due to its effective use as a pesticide and insecticide in agriculture and animal care sector. Chlorpyrifos is also used in the commercial sector, such as golf courses and playgrounds, to control mosquitoes and other insects that also boost chlorpyrifos demand and drive the growth of the global market for chlorpyrifos. The increasing use of Chlorpyrifos in animal ectoparasiticides and new innovations due to research and development activities also boost the demand of the Chlorpyrifos.
 
Challenges – Chlorpyrifos Market
  • The Stringent Governmental Regulations.
The stringent government laws and regulations to use of Chlorpyrifos in various industries such as the Emergency Planning and Community Right-to-Know Act (EPCRA), Endangered Species Act (ESA), the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Cosmetic Act (FFDCA) and Clean Water Act (CWA) may restrain the growth of the global Chlorpyrifos market. According to Environmental Protection Agency (EPA), single application of chlorpyrifos poses significant risk specifically to the endangered species. The harmful effects caused by chlorpyrifos has prompted the governmental bodies to draft stringent regulation. 
 
Market Landscape
 
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Chlorpyrifos market. In 2019, the market of Chlorpyrifos has been consolidated by the top five players accounting for xx% of the share. Major players in the Chlorpyrifos Market areDow Chemical Co., Hubei Xiantao Xianlong Chemical Industry Co., Ltd., Jiangsu Kuaida Agrochemical Co., Ltd., and Jiangsu Baoling Chemical Co., Ltd,among others. 
 
Acquisitions/Technology Launches/Developments
  • In May 2019, The California Environmental Protection Agency announced that the Department of Pesticide Regulation (DPR) is acting to ban the use of the pesticide and air contaminant chlorpyrifos in California by initiating cancellation of the pesticide. The California government will propose $5.7 million in new funding to support the transition to safer, and more sustainable alternatives of pest management solutions.

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