Seattle, WA -- (SBWIRE) -- 02/17/2020 -- Pyrethroids are synthetic compounds similar to pyethrin, which is a natural compound produced by Chrysanthemum cinerariaefolium and Chrysanthemum coccineum flowers. These acidic lipophilic compounds have potent insecticidal properties and are capable of paralyzing the nervous system of insects. Ketoalcoholic esters of pyrethroic acid and chrysanthemic acid together induce the insecticidal property in pyrethroids. Thus, the naturally occuring pyrethrins are sensitive to heat, light, and moisture. However, synthetic pyrethroids have high stability and are more toxic to insects than to mammals. Their high toxicity is attributed to the increased sensitivity to the nerves of the insects. The compound is less absorbed by mammalian skin, and moreover, mammals possess an efficient hepatic metabolism that helps reduce the effect of the compound.
Pyrethroids are widely used to produce pesticides for use in agriculture, hospitals, homes, schools, and restaurants. Furthermore, the compounds are used for topical head lice treatments and are used in smoke coils, aerosol sprays, electric mats, oil formulations, wettable powders, emulsifiable concentrates, and dustable powders.
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Global Pyrethroids Market Dynamics
High adoption of pesticides for development in crop yield and increasing demand for household products, such as pet sprays and shampoos, insect-repellent products, and lice treatment products containing pyrethroids, are major factors propelling the growth of the global pyrethroids market. The demand for pyrethrins is gaining a significant momentum in the global market, owing to its increasing application as an effective insecticide, as well as a medication. Pyrethrin is therefore mentioned on the World Health Organization's List of Essential Medicines as one of the most effective and safest medicines.
However, the adverse effects of pyrethroid pesticides on the aquatic ecosystem and the growing demand for bio pesticides are some of the key factors limiting the growth of the global pyrethroids market.
Global Pyrethroids Market Segmentation
The global pyrethroids market was valued at US$ 3.82 billion in 2016 and is projected to reach US$ 5.71 billion over the forecast timeline (2017-2025), recording a CAGR of 4.65% in terms of revenue.
Based on product type, the global pyrethroids market is segmented into bifenthrin, deltamethrin, permethrin, cypermethrin, cyfluthrin, and others. The bifenthrin segment accounted for the largest market share of over 35% in the global market in 2016 and is expected to retain its market dominance throughout the forecast period. The usage of bifenthrin as a chemical is restricted in the U.S., owing to its highly toxic nature. However, it is sold for daily usage, provided that the products have a low concentration of bifenthrin. For the record, bifenthrin was first discovered and developed by the FMC Corporation.
The market is further classified on the basis of crop type, such as crop-based and non-crop-based pyrethroids. The crop-based pyrethroids segment has sub-segments – cereals & grains, oilseeds & pulses, fruits & vegetables, and others. While, the non-crop-based segment is further classified as turfs and ornamentals. The crop-based segment is the largest segment, owing to the increasing demand for highly potent and less toxic pesticides in the agriculture sector for increase in crop yield.
Global Pyrethroids Market – Regional Insights
Asia Pacific is the largest market for pyrethroids, due to the high demand for pyrethroid pesticides in the agriculture sector and the rising demand for insect repellent products. India and China are the major contributors to the growth of this market. According to the National Vector Borne Disease Control Program (NVBDCP), in 2016, the economy reported more than 16,000 cases of dengue, which escalated to more than 28,000 in 2017. Majority of the cases are reported from the southern states.
Furthermore, India recorded more than 64,000 cases of chikungunya in 2016, with the southern region topping the list for the same. These factors have led to a significant rise in the demand for insect repellent products, owing to increasing initiatives taken up by the regulating bodies regarding such diseases. Furthermore, due to such incidences the manufacturers operating in the insect repellent industry are engaged in heavy research and development activities to bring out new and innovative products for its consumers in order to cater to their changing requirement and preferences. These factors are majorly responsible for the growth of the pyrethroids market in India, which in turn is fuelling the market growth in Asia Pacific. According to the India Brand Equity Foundation (IBEF), the agrochemical market in India is estimated to grow at 7.5% annually, to reach US$ 6.3 billion by 2020. This growth in agrochemicals sector is expected to drive the pyrethroids market in India.
Europe is the second largest market for pyrethroids. The ban on three pesticide clothianidin, imidacloprid, and thiamethoxam belonging to neonicotinoids category from December 2013, followed by a petition in March 2017 to ban all bee harming neonicotinoids in the EU member states is expected to show a positive impact on pyrethroids market in the region. Neonicotinoids were gradually replacing pyrethroids due to their low toxicity and less impact on the environment. However, their ban in the EU member states is expected increase the pyrethroids market significantly.
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Global Pyrethroids Market – Key Competitors
The key players operating in the global pyrethroids market include BASF S.E., Bayer Cropscience AG, FMC Corporation, DowDuPont, Monsanto Company, Nufarm, SinoHarvest Corporation, Syngenta A.G., Sumitomo Chemical, and United Phosphorus.
These companies are adopting various strategies, such as mergers and acquisitions, along with research and development activities, in order to sustain their market positions. For instance, in April 2015, FMC Corporation acquired Denmark-based Cheminova A/S for a purchase price of US$1.8 billion, which also includes assumption of debt.
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