Trifluralin Market size is estimated to reach $187 Million by 2025, growing at a CAGR of 3.4% during the forecast period 2020-2025. Trifluralin is a commonly used pre-emergence herbicide, which is applied to the soil to provide control of a variety of annual grass and broadleaf weed species. Increase in the demand for Herbicides, development of agriculture sector, advancements in technology, and growing demand for weed removing chemicals are likely to increase the demand. Besides, increase in the applications of Trifluralin in the Agriculture industry and increase in the investment by the major companies in the developing nations are the additional factors that are set to drive the growth of the global market for the forecast period 2020-2025.
Trifluralin Market Segment Analysis - By Type
Based on the Type, the Miscible Oil segment held the largest share in 2019. This is owing to the factors such as rapid increase in the demand from developing countries, growing demand for emulsifiers, increase in the investment by the major companies in the developed nations, advancements in technology, developments in the agriculture sector and increase in the demand for weed removing chemicals.
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Trifluralin Market Segment Analysis - By Crop Type
Based on the Crop Type, Field Crop segment held the largest share in 2019 owing to the factors such as increase in the investment by the major companies, increase in the demand for food, rapid increase in the population and advancements in technology. Fruit Vegetable Crop segment is estimated to be the fastest growing segment owing to the factors such as increase in the demand for fruits, increase in the disposable income of individuals, increase in the health consciousness among individuals and increase in the demand for vegan diet.
Trifluralin Market Segment Analysis - By Geography
Based on the Geography, North America held the largest share in 2019. The growth is owing to the factors such as increase in advancements in technology, and increase in the demand for weed removing chemicals. Asia-Pacific is estimated to be the fastest growing segment owing to the factors such as increase in the investment by the major companies in the developing nations, developments in the agriculture sector and increase in the demand for herbicides.
Trifluralin Market Drivers
Increase in the demand for herbicides and developments in the agriculture sector
The increase in the demand for herbicides owing to increase in the demand for food is estimated to enhance the growth of Trifluralin Market. Advancements in technology and developments in the agriculture sector are also the factors, which enhance the growth of Trifluralin Market.
Increase in the investment by the major companies in the developing nations and increase in the demand for weed removing chemicals
There is a rapid increase in the investment by the major companies in the developing nations owing to the growing demand. This led to rapid increase in the growth of Trifluralin Market. Increase in the demand for weed removing chemicals is also estimated to enhance the growth of the Trifluralin Market.
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Trifluralin Market Challenges
Increase in the competition from substitutes and High costs
Increase in the competition from substitutes is one of the major factors that is estimated to reduce the growth of the Trifluralin Market. High costs and toxicity of Trifluralin is likely to hamper the growth of the Trifluralin Market.
Trifluralin Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Trifluralin Market. Key companies of this market are BASF SE, Adama Agriculture Solution Ltd, Haoyang Chemical Industry Co ltd, Gowan Company, Chongqing Shurong Chemical Co Ltd, Dow Agrosciences LLC, Nufarm S.A.S, Shenzhen Sunrising Industry Co Ltd, Shandong Qiaochang Chemistry Co Ltd, Jiangsu Aijin Agrochemical Co Ltd among others.
Acquisitions/Product Launches:
In 2015, Gowan Company has entered into an agreement to acquire the entire global dinitroaniline (DNA) herbicide portfolio from Dow Agrosciences LLC, which includes labels for herbicides based on the molecules trifluralin, benfluralin and ethalfluralin.
Key Takeaways
Geographically, North America Trifluralin Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
The increase in the technology and increase in the demand for herbicides is likely to aid in the market growth of Trifluralin Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Trifluralin Market report.
The increase in the investment by the major companies and increase in the demand for weed removing chemicals are creating higher opportunities for the growth of market for the forecast period 2020-2025.
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