Increase in waste generation and surge in insects are the prime factors propelling the growth of the global fly control chemicals market
PORTLAND, Oregon, Feb. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Fly Control Chemicals Market for Waste Management by Type (Larvicide and Adulticide), Waste Treatment Method (Mechanical Biological Treatment, Incineration, and Anaerobic Digestion), and Method of Application (Toxic Bait, Dichloros Vaporizer, Outdoor Space Spraying, Larvicide Sprayers, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global fly control chemicals industry was estimated at $74.4 billion in 2018 and is expected to hit $120.9 billion by 2026, registering a CAGR of 6.1% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in waste generation and rapid increase in insects are the prime factors fueling the growth of the global fly control chemicals market. On the other hand, storage and handling of insecticides curb the growth to some extent. Nevertheless, increase in stringent government regulation for waste management is expected to create a plethora of opportunities in the near future.
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Adulticide segment to lead the trail by 2026-
Based on type, the adulticide segment contributed to nearly three-fourths of the global fly control chemicals market share in 2018, and is expected to dominate throughout the forecast period. The fact that adulticide is one of the most dominant type of insecticide is fueling the growth of the segment. On the other hand, the larvicide segment would showcase the fastest CAGR of 6.9% from 2019 to 2026. This is due to increase in incidence of obesity across the globe. Larvicide is one of the important tools to prevent the breeding of mosquitoes. In addition, it decreases the spread of mosquito-borne diseases which drives the growth of the segment.
The mechanical biological treatment segment to dominate during the estimated period-
Based on the waste treatment method, the mechanical biological treatment segment accounted for nearly two-fifths of the global fly control chemicals market revenue in 2018, and is projected to lead the trail by the end of 2026. This is attributed to the factors such as the reduction in the environmental impact of landfilling residual waste and the dry mass of biodegradable municipal waste prior to landfill. Simultaneously, the incineration segment is anticipated to register the fastest CAGR of 7.0% during the study period, owing to the benefits offered by incineration such as the production of energy, reduction of pollution, and flexibility of incinerators in any working environment.
Asia-Pacific to lead throughout the study period
Based on geography, Asia-Pacific held the major share in 2018, generating more than half of the global fly control chemicals market. In addition, the region is expected to manifest the fastest CAGR of 6.5% from 2019 to 2026. Factors such as improvement in infrastructure, increase in waste management reforms, and surge in the urban population in emerging markets are driving the growth in this region. On the other hand, the region across North America is expected to cite the CAGR of 5.5% till 2026.
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Frontrunners in the industry-
- Aimco Pesticides Ltd
- Sumitomo Chemical Co. Ltd
- BASF SE
- Bayer AG
- FMC Corporation
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SOURCE Allied Market Research