Kresoxim Methyl Market size is forecast to reach $ 5 billion by 2025 after growing at a CAGR of 6% during 2020-2025. Kresoxim methyl is a chemical compound from the group of strobilurine, which is an active ingredient in plant protection. The growth of the market of kresoxim methyl is expected to be driven by the high demand from the Chemical industry. The other growth factor is agriculture industry which is using kresoxim methyl as a fungicide, which protects plants from scab and other fungal diseases.
By Type – Segment Analysis
Solution segment held the largest share in the kresoxim methyl market in 2019. Kresoxim methyl solution is used as fungicide in the agriculture field to protect the crops from fungal pathogens. The growth in population and the consequent rise in demand for food materials have led to an increase in the need for crop protection chemicals, thereby increasing the demand for innovative fungicides solutions across regions. There is an increase in the usage of fungicide in floriculture, horticulture, and mainly in farming to increase the yield of crops and to protect crops from several diseases. In farming, fungicides are primarily used in cereal crops. In modern farming, fungicides play a crucial role in protecting crops from fungal diseases. Changes in farming techniques and technological advancements have encouraged the farmers to engage in effective pest management. The global fungicides market is projected to witness significant growth due to factors such as the increase in demand for food security by the growing population, advancement in farming practices & techniques, and changing climatic conditions that favors disease occurrence.
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By Application – Segment Analysis
Agrochemical sector has been the primary market for kresoxim methyl market in 2019. The agrochemicals sector is considered to be one of the most important segments of kresoxim methyl, due to the expanding commercial cultivation of high value crops to meet the rising diversified food demand. Agrochemicals are consequently seen as those products, which improves the return on investment and also aid in meeting farmer’s as well as consumer demands, from the economical and health perspective with increasing per hectare production of quality agricultural products. Kresoxim methyl is the main ingredient in the manufacture of agrochemical. This factor will drive the growth of the market in the forecast period.
By End use – Segment Analysis
Agriculture sector has been the primary market for kresoxim methyl in 2019 growing at CAGR of 9%. Kresoxim methyl is used to manufacture of pesticides, fungicide and other agriculture based products. With global agriculture spending expected to rise, it will likely present many opportunities for the agriculture sector. According to OECD (organization for economic co-operation and development), the world agriculture production will increase at an annual rate of 1.5%. The yield of oil seeds and grains is predicted to say low as the operational and manufacturing costs increase. The agriculture market is primarily driven by the growing demand for food crops worldwide owing to significant population increase. The increasing automation of farm operations, and integration of advanced technologies to increase food production and improve crop quality boosts the market growth of agriculture sector. The growing requirement to monitor livestock, and the use of pesticides and fertilizers drive the market growth of Kresoxin methyl.
Geography – Segment Analysis
APAC dominates the kresoxim methyl market with a share of 39% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of south East Asia, the current scenario is changing. Countries in south East Asia are witnessing high growth in the agriculture and chemical industries. In addition, kresoxim methyl is preferred over the other fungicides such as sodium cyanide, owing to its protective, curative, eradicative action, and long residual effects.
The 2019–20 coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business. China is the major producer of kresoxim methyl that form the base of products both ready-made pesticides and the insecticide which supplied globally. Any disruption in the Chinese supply chain could create potentially debilitating shortages of these in the critical lead up to the planting of the winter crop throughout the autumn period. This factor will hinder the growth of the market but when situation became normal it will grow with a steady rate in the forecast period.
Drivers – Kresoxin Methyl Market
Rise in the number of diseases in plant will drive the market
Kresoxim methyl is a concoction compound from the gathering of strobilurin, which is a functioning fixing in plant insurance. It is utilized as a fungicide, which shields plants from scab and other contagious infections. A portion of the normal plants on which Kresoxim methyl is utilized as a fungicide are apples, grapes, pears, cucurbit vegetables, and others. Furthermore, kresoxim methyl is favored over different fungicides, inferable from its defensive, corrective, eradicative activity, and long lingering impacts. Utilization of this fungicide represses the development of molds, impact, and sheath curse. Ascend in the quantity of infections in plant is the key driver of the kresoxim methyl market.
Rise in the no of companies manufacturing Kresoxim-methyl
The number of companies manufacturing Kresoxim-methyl are increasing due to its rise in demands in the agriculture sector. Countries like India and China are manufacturing kresoxim-methyl because to full-fill the needs of their home-grown market. This factor will derive the market growth of kresoxim-methyl in the forecast period.
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Challenges – Kresoxin Methyl Market
Complications related to handling of the chemical restrains the market
Kresoxim-methyl can affect several body systems. One of these is the integumentary system as it has been found to irritate the skin. Another body system affected by kresoxim-methyl is the ocular system as it may irritate the eyes. Moreover, the respiratory system can be adversely affected by kresoxim-methyl as it can irritate the respiratory tract. This fungicide can also negatively affect the digestive system as it may damage the esophagus or the gastrointestinal tract. In addition, it can be a potential liver toxicant.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the kresoxim-methyl market. Major players in the Kresoxim-methyl Market are Bessen Chemical Ltd, Essence Group, BASF SE, SinoHarvest Corp, Jigs Chemical and others.
Acquisitions/Technology Launches/ Product Launches
In January 2019, Rallis India Ltd., a TATA Enterprise launched Zygant and Ayaan for Indian farmers. The new solution offered by Rallis India will help the farming community for effective management of the pest, Rice Stem Borer while Ayaan 48% WG (Kresoxim-methyl 40% + Hexaconazole 8% WG), an excellent preventive, protectant and eradicate fungicide will aid in effective management of various crop diseases and enhance farm yield.
Asia-Pacific dominates the kresoxim methyl market owing to increasing demand from chemical industry.
Rise in the number of diseases in plant is the key driver of the kresoxim methyl market.
Kresoxim methyl may induce pain in the respiratory tract and eyes, pruritus, skin redness, weakness, headache, and dizziness are likely to hinder the market growth of kresoxim methyl.
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