On the basis on volume, the market is projected to expand at a whopping CAGR of 15.71%. By the end of 2024, it could witness a production of 37,957 MT, increasing from a 13,670 MT reached in 2017.
The slow downward trend of product prices observed in the recent years could continue to take shape in the next few years as well. The production revenue of the global azoxystrobin market is expected to touch a US$ 1,201 Mn by the end of 2024. The production of azoxystrobin could show a steady rise throughout the forecast period.
Global Azoxystrobin Market: Drivers and Restraints
Increasing number of applications of azoxystrobin is envisaged to give strength to the global market. Owing to its excellent residual effect, azoxystrobin is used as a foliar spray. It is also used as a fungicide for bananas, grapes, and field crops, taking into consideration its effective mode of action.
Azoxystrobin can provide strong protection to wheat crops against wheat leaf rust, septoria leaf spot, and wheat septoria. Thus, it is widely used in wheat farming. Once applied through soil, it can be easily broken down into sub-components. Moreover, its toxicity level is considered moderate for earthworms, birds, insects, bees, and even mammals.
However, the high aquatic toxicity of azoxystrobin could threaten the survival of aquatic species. This is foretold to slightly slow down the demand in the global azoxystrobin market. Nevertheless, the market could take advantage of the rising demand for the systemic fungicide due to its broad range of fungicidal properties.
Global Azoxystrobin Market: Forecast by Product and Application
In relation to type of product, the global azoxystrobin market is classified into azoxystrobin tech 95% min, azoxystrobin tech 98% min, and others.
By application, the global azoxystrobin market sees a classification into oilseeds and pulses, fruits and vegetables, cereals and grains, and others. It banks on wide downstream application to achieve growth. Cereals and grains are anticipated to become a prominent application of azoxystrobin. Of the total downstream consumption of azoxystrobin, this segment secures an approximately 46.51%.
Global Azoxystrobin Market: Forecast by Region
Regionally, North America is the leading market for azoxystrobin. In 2017, it secured a close to 39.29% of the global production of azoxystrobin. China holds the second position in the global azoxystrobin market vis-à-vis production. Its collects a production share of 36.43%.
The report studies six geographies deemed significant for the growth of the global azoxystrobin market: Southeast Asia, India, China, Japan, North America, and Europe.
Global Azoxystrobin Market: Key Players
The global azoxystrobin market marks the presence of top players such as Limin Chemical, Nutrichem, Shanghai Heben, Suli Chemical, and Syngenta. In 2017, Syngenta collected a production share of 57.56%. It was a world leader operating in the market. However, it has now been taken over by Chem China.
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