Rockville, MD, Nov. 27, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global chlorpropham market is estimated to reach a valuation of US$ 98.5 million in 2024 and is expected to grow at a CAGR of 4.1% during the forecast period of (2024 to 2034).
Chlorpropham serves as a selective herbicide and plant growth regulator, finding its primary application in agriculture, especially for the suppression of sprouts in stored potatoes. The global market for chlorpropham has witnessed consistent growth, driven by the rising demand for prolonged shelf life of harvested crops and an escalating need for efficient weed control across various types of cultivation.
The increasing population, demand for food, and urgent need for yield and quality improvement in crops are the key drivers of the market. On the other hand, increasing regulatory scrutiny, and an observable shift towards organic farming are acting as challenges for the market.
The market is segmented based on application herbicide, sprout inhibitor, crop type potatoes, other root vegetables, and by geography. Developing sophisticated agricultural techniques, North America and Europe are two of the leading markets, while Asia-Pacific will potentially register a remarkable growth rate in the chlorpropham market. Development of eco-friendly formulation and increased adoption in emerging economies, as they develop respective agricultural sectors, are some of the future trends in the chlorpropham market.
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Key Takeaways from Market Study
- The global chlorpropham market is projected to grow at 4.1% CAGR and reach US$ 147.2 million by 2034
- The market created an opportunity of US$ 48.7 million between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 30.6% in 2024
- Concentrate form segment is estimated to grow at a CAGR of 4.0% creating an absolute $ opportunity of US$ 33.2 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 28.5 million collectively
“The chlorpropham market is very resilient, considering various regulatory challenges in light of growing concern about food security worldwide. However, the industry will have to negotiate a changing landscape as consumers increasingly look for greener alternatives. Key players in this dynamic agricultural sector should focus on developing environmentally friendly formulations and diversifying applications to sustain growth." says a Fact.MR analyst.
Leading Players Driving Innovation in the Chlorpropham Market:
Molecor Tecnología; Wavin B.V.; Polypipe Group plc; Pipelife International; Vinidex; Ori-Plast Limited; JM Eagle; Iplex Pipelines; Other Prominent Players
Country-specific Perspectives
The chlorpropham market in the United States is expected to reach US$ 348.9 million in 2024 and grow at a compound annual growth rate (CAGR) of 4.8% through 2034, creating an absolute opportunity of US$ 210.4 million.
Numerous aspects of the US food industry and agricultural environment contribute to the widespread use of chlorpropham in the country. First of all, the United States is a major grower of potatoes, and large amounts of these potatoes require long-term storage to meet demand throughout the year. Chlorpropham is applied under ideal conditions thanks to the country's advanced cold storage infrastructure, which increases its efficacy.
Chlorpropham's sustained acceptance is further bolstered by its incorporation into standard potato storage management procedures and growers' familiarity with its use. Additionally, chlorpropham's ability to prolong storage life while preserving crop quality aligns with the year-round demand for fresh food in the US market.
Chlorpropham Industry News:
- In April 2024, BASF is updating its production capacities for a number of chemical segments, including chlorpropham, and updating its Chloroformates and Acid Chlorides Plant at the Ludwigshafen Site in Germany. Additionally, this will help customers in Europe flourish.
- Bayer announced in February 2024 that it intended to restructure its line of herbicide products, including chlorpropham, to conform to regulatory requirements and sustainability goals. The business works hard to reduce its negative effects on the environment while maintaining the effectiveness of its products.
- The Dow Chemical Company developed its herbicides with a focus on chlorpropham in March 2024. The majority of the work has been focused on enhancing application effectiveness while reducing environmental impact at the same time.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global chlorpropham market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of by form (concentrate, liquid), by application (terrestrial food crops, nonfood crops, ornamentals crops), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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