Market Overview:
Pyroxasulfone is a pre-emergent herbicide used to control grasses and certain broadleaf weeds in various crops such as rice, soybean and wheat. It inhibits photosynthesis in undesirable weeds through inhibition of very long chain fatty acid synthesis. Pyroxasulfone is available in granular as well as liquid formulations and offers cost effective weed control for farmers with minimum environmental impact.
Market key trends:
Rising demand for boosting crop yields to meet the growing global food demand has been a major driver for the pyroxasulfone market growth. Pyroxasulfone effectively controls common weeds like barnyardgrass and broadleaf signals without harming crops. This attribute is fueling its adoption among crop growers worldwide. Additionally, growing awareness about the threat of herbicide resistance and the need for rotating herbicides is also augmenting the market prospects. Moreover, increasing demand for rice, soybean and wheat globally has further propelled the consumption of pyroxasulfone over the years. On the other hand, stringent environmental regulations regarding herbicide use and availability of alternative herbicides may hamper the market growth.
The global Pyroxasulfone Market Size is estimated to be valued at US$ 276.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established value chain network pose lower threat of new entrants. However, major R&D investment required for product development act as a barrier.
Bargaining power of buyers: Buyers have moderate to high bargaining power owing to availability of substitutes. However, differentiated products provide some customer lock-in.
Bargaining power of suppliers: Agrochemical suppliers have moderate bargaining power due to availability of substitute raw materials and differentiated manufacturing process.
Threat of new substitutes: Threat of substitute is moderate as new substitute product development requires huge R&D investment and regulatory approvals.
Competitive rivalry: Intense competition exists among leading players to gain higher market share.
SWOT Analysis
Strength: Pyroxasulfone is a novel broad-spectrum herbicide with new mode of action. It demonstrates good crop safety and weed control.
Weakness: Low farm education in developing regions and stringent regulatory norms for product approval.
Opportunity: Growth in demand for high-value crops and shift toward sustainable farming practices. Growing need to reduce chemical residues in food crops.
Threats: Stringent environmental regulations on agrochemical usage and introduction of generic products.
Key Takeaways
The global Pyroxasulfone Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of herbicide-resistant weeds globally. North America dominates the market currently due to high adoption of modern farming techniques. Europe is expected to witness fastest growth due to stringent environmental norms.
Key players operating in the Pyroxasulfone market are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, Agricultural Solutions. BASF holds the leading market share due to its early product launch and wider distribution network. Syngenta also has a significant presence owing to its novel formulation technologies.
