Fipronil Market Cost Structure Analysis, Growth Opportunities and Forecast to 2023
5th
July 2019 – The global fipronil market
is expected to display higher growth rate over the next five years. Rapid surge
in the market is credited to increasing demand from horticulture sector.
Fipronil are used to prevent growth of ants, termites, moles, cockroaches and
other insects responsible for crop damage. Use of fipronil as an insecticide is
expected to drive the growth of the market over the forecast period. Fipronil
belongs to phenylpyrazole chemical family. Globally, market is predicted to
generate massive revenue over next five years, providing numerous opportunities
for industry participants to invest in research and development of fipronil
market.
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Growing concerns regarding insect-borne
diseases is expected to favor market growth over the next seven years. In
addition, increasing focus towards disease prevention over diseases cure and
soaring adoption of commercial pest management services are propelling market
demand for fipronil–based insecticide. Rising agriculture yield to meet demands
of ever-growing population is a key industry trend associated with fipronil
market. Rapid urbanization and industrialization has led to reduction in
farmland, thus further driving the market for fipronil as an insecticide
product.
However, rising number of incidences
related to environment hazards due to excessive use of fipronil insecticide is
hampering market growth to a certain extent. Ban on fipronil-based insecticide
by European Commission due to the death of a large number of bees that were exposed
to fipronil-based insecticides is questions the market growth. Yet, considering
potential market growth, numerous organizations are significantly investing to
improve quality of product by large number of ventures and partnerships in the
couple of years, fueling growth of the fipronil market over the forecast
period.
The market is broadly categorized into
three major segments based on the product type such as fipronil particles,
fipronil gel and fipronil liquid. Fipronil particles segment is growing rapidly
in the market with substantial revenue generation in the last few years.
Growing popularity of fipronil particles segment is attributed to the rising
demand from chemical as well as agriculture industry.
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The market is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the rise in implementation of
latest technologies in the agriculture sector, favorable government initiative
& policies, higher approval rate, surge in number of research &
development activities in the region and existence of well-established
infrastructure.
Asia-Pacific region is estimated to hold
a major share in the fipronil market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with increasing awareness among farmers, growing number of government
initiatives such as tax exemption, increasing disposable income, easy
availability, and significant investment by leading industry players
considering potential growth opportunities in the region. The key players in
the fipronil market are Bayer CropScience, Inc., BASF AG, Shandong Audis
Biotechnology Co., Ltd., Syngenta Corp., Merial Ltd., and Jiangsu Rotam
Chemistry.
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