CHICAGO, October 10, 2018 /PRNewswire/ --
According to the new market research report "Herbicide Safeners Market by Type (Benoxacor, Dichlormid, Furilazole, and Isoxadifen), Herbicide Application Stage, Herbicide Selectivity, Crops (Soybean, Corn, Wheat, Sorghum, Barley, and Rice), and Region-Global Forecast to 2023", published by MarketsandMarkets™, the herbicide safeners market is projected to reach USD 1,206.7 million by 2023, from USD 851.8 million in 2018, at a CAGR of 7.22%. The market is driven by the increased use of herbicides, especially in the developing regions of Asia Pacific and South America. Additionally, with the growing concerns of herbicide injury to the target crops, safeners are used to reduce the crop damage without limiting their activity on the targeted weed species.
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Benoxacor is estimated to be the most widely used herbicide safeners during the forecast period.
Benoxacor is one of the major herbicide safeners used for crops such as corn, soybean, and rice. With increased production of these crops globally, the demand for herbicides and herbicide safeners for these crops is expected to witness high growth in the coming years.
The post-emergence segment is projected to be the fastest-growing segment during the forecast period.
The post-emergence segment is projected to register the highest growth rate from 2018 to 2023. Herbicide safeners are more effective in killing the weeds during the post-emergence stage, as compared to those used in the pre-emergent applications. Hence, the demand for herbicides for post-emergent herbicides is higher as compared to that of pre-emergent herbicides, and this is projected to increase further during the forecast period.
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North America is projected to dominate the market by 2023, while Asia Pacific is projected to be the fastest-growing market for herbicide safeners.
The North American market accounted for the largest share in 2017, due to the availability of safeners in commonly used herbicide formulations such as S-metalochlor and acetochlor from players such as DowDuPont (US), Syngenta (Switzerland), and Bayer (Germany). Moreover, these companies have been able to develop and introduce safeners in these regions for herbicide applications in corn and soybean crops.
The market for herbicide safeners in the Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023, owing to the increasing demand for herbicides in the cultivation of crops such as rice, corn, and soybean in the region, which has been significant growth in the past five years.
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This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as DowDuPont (US), BASF (Germany), Bayer (Germany), Nufarm (Australia), ADAMA (Israel), Syngenta (Switzerland), Arysta LifeScience (US), Drexel Chemical Company (US), Land O'Lakes (US), Sipcam-Oxon (Italy), Helm AG (Germany), and Tenkoz (US).
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