Global Chlorpyrifos Market is Segmented By Form(Liquid, Powder, Granules, Others), By Application(Agriculture, Commercial, Residential), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview:
The global chlorpyrifos market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Chlorpyrifos is a white or colorless organophosphate insecticide, acaricide, and miticide used to control insect pests on several crops such as corn, cotton, wheat, and other crops. Since 1965, chlorpyrifos has been used as a pesticide in agricultural and non-agricultural applications. Chlorpyrifos inhibits acetylcholinesterase in the neurological system of insects, vermin, fleas, termites, and mosquitos, resulting in a demand for chlorpyrifos from agriculture and pet care industries. Chlorpyrifos has become the world's most frequently used organophosphorus pesticide, with over 100 nations using it. Because of its ability to control pests, insects, fleas, termites, and mosquitoes, the product is gaining appeal worldwide. Over the projected period, high chlorpyrifos consumption in various crops such as almond, corn, cotton, citrus, and fruit trees such as grapes, peaches, and tomatoes are expected to drive chlorpyrifos market demand.
Market Dynamics:
Chlorpyrifos is in high demand across various end-use industries
Because of its efficacy as a pesticide and insecticide in agriculture and animal care, chlorpyrifos is widely used. Chlorpyrifos is also utilized in the commercial sector, such as golf courses and playgrounds, to control mosquitos and other insects, which boosts demand for the product and propels the worldwide chlorpyrifos market forward. The growing use of chlorpyrifos in animal ectoparasiticides, as well as new developments resulting from R&D operations, all contribute to increased demand for chlorpyrifos and drive the global Chlorpyrifos market.
Furthermore, the Emergency Planning and Community Right-to-Know Act (EPCRA), Endangered Species Act (ESA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Cosmetic Act (FFDCA), and Clean Water Act (CWA) may limit the worldwide chlorpyrifos market's growth. At high enough levels, chlorpyrifos can block cholinesterase in humans, causing overstimulation of the neurological system, nausea, dizziness, and respiratory paralysis, which could stifle demand for chlorpyrifos as pesticides and constrain the global chlorpyrifos market.
Market Segmentation:
Agriculture segment accounted for the highest share in global chlorpyrifos market
Chlorpyrifos is an organophosphate insecticide widely used in agriculture and the industrial sector, where pesticides are used in huge quantities. With the year-on-year increase in the world's population, there will be increased demand for food, which will be satisfied by food crop output. A surge in the use of pesticides for crop protection will be fueled by rising food crop production and acreage. Bio-pesticides and synthetic pesticides are the two main forms of crop chemicals. Bio-pesticides are a form of pesticide that is naturally generated from animals, plants, microorganisms, and certain naturally occurring minerals. When compared to traditional chemicals, they represent lower threats to the environment. Insecticides, herbicides, fungicides, and other synthetic pesticides can manage insects, weeds, and fungal disease. Synthetic pesticides have grown increasingly important in conventional farming, even though they can affect other living species and are often harmful to the environment and human health.
Geographical Penetration:
Asia-Pacific is the dominating region during the forecast period
With a market share of more than XX percent, APAC dominated the chlorpyrifos market, followed by North America and Europe. Chlorpyrifos, an organophosphate insecticide, is likely to develop steadily in almost all countries over the forecast period, with China and India leading the way. Regarding production and capacity, China is an important region for chlorpyrifos in the Asia Pacific. Furthermore, Chinese manufacturer R&D will enhance the chlorpyrifos market, allowing industry competitors to expand their application breadth to meet the quickly expanding demand. China is the world's leading chlorpyrifos producer, with the world's greatest production base in terms of output and capacity. Due to their greatest agriculture base, the Asia Pacific and South America will be the major driving factor for product growth over the forecast period.
Competitive Landscape:
The global chlorpyrifos industry is competitive due to the leading manufacturers such as Dow Chemical Co.'s involvement in R&D to develop new products. Major key players in the market include Dow Chemical Co., Dow AgroSciences LLC, Hubei Xiantao Xianlong Chemical Industry Co., Ltd., Jiangsu Kuaida Agrochemical Co., Ltd. and Jiangsu Baoling Chemical Co., Ltd. The California Environmental Protection Agency announced in May 2019 that the Department of Pesticide Regulation (DPR) is taking steps to prohibit the use of the pesticide and air contaminant chlorpyrifos in the state by cancelling the pesticide's registration. The state of California will seek $5.7 million in additional funds to help with the transition to safer and more sustainable pest management alternatives.
COVID-19 Impact:
Positive impact on the global chlorpyrifos market
Due to other socio-economic developments caused by the pandemic, the emergence of the pandemic has had a negative impact on the global market. Manufacturing of specialty herbicides has been halted in several key specialty herbicide-producing regions, resulting in a drop in overall production. The supply chain for these fertilizers has been disrupted by global trade restrictions imposed by various countries; however, as restrictions are relaxed, conditions are expected to improve in the coming months. Demand for water-soluble fertilizers may remain sluggish in the next months due to the slowing economy in developing economies. As a result, farmers will spend less on expensive agricultural inputs if demand for high-end agricultural products drops.
The global chlorpyrifos market report would provide an access to approximately 53 market data tables, 42 figures and 180 pages
