New York, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The global Bromacil Market is expected to witness significant growth at a remarkable CAGR of 2.9% during the forecast period of 2023-2031. Factors such as growing concerns about the negative impact of weeds and brush and growing awareness of the benefits of bromacil are accelerating the demand for bromacil, which, in turn, is boosting the market growth. In addition, increasing government investments in infrastructure development will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the Bromacil market is poised for strong expansion and is expected to reach USD 173.00 million by 2031 and USD 138.12 million in 2023. The market, which was valued at USD 135.00 million in 2022 is predicted to grow at a compound annual growth rate of 2.9% during the period 2023-2031. The report highlights the growing concerns about the negative impact of weeds and brush, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the bromacil market.
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Bromacil is a broad-spectrum herbicide that is used to control weeds and brush in non-croplands and agricultural areas. It is also used to control weeds in certain crops, such as citrus fruit and pineapple. Bromacil is one of a group of compounds called substituted uracils. It works by entering the plant through the root zone, moving throughout the plant, and interfering with photosynthesis. Bromacil is a slow-acting herbicide, and it takes several weeks or even months to kill weeds and brush completely.
Global Bromacil Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 173.00 Million |
| CAGR (2023-2031) | 2.9% |
| By Type | Bromacil 40 herbicide, Bromacil 80 herbicide, and Others |
| By Application | Non-crop areas and Crop areas |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Adama Agricultural Solutions, Corteva Agriscience, FMC Corporation, Syngenta Group, Alligare LLC, AMVAC Chemical Corporation, Chem China Ltd., Nufarm Limited, UPL Limited, Wilbur-Ellis Company, DuPont, and Bayer CropScience |
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Global Bromacil Market Segmentation Details:
Based on Type, the bromacil 40 herbicide segment contributed the largest shares of 42.20% to the market growth in 2022. Owing to the increase in demand for low toxic and effective herbicides for weed control, the bromacil 40 herbicides are witnessing significant demand in the market. It is a broad-spectrum, residual herbicide that is effective against a wide range of weeds and brush. Bromacil 40 herbicide is also relatively inexpensive and easy to use. Furthermore, Bromacil 40 herbicide is available in a variety of formulations, including liquid solutions, granules, and tablets. This makes it easy to use bromacil 40 herbicide in a variety of applications. Hence, due to the aforementioned benefits of bromacil 40 herbicide, the segment is witnessing significant growth in the bromacil market.
Based on Application, the non-crop areas segment contributed the largest shares to the market growth in 2022. Bromacil is very effective against a wide range of weeds and brush species, including annuals, perennials, and woody plants. Bromacil is widely demanded in non-crop areas such as railroads, electrical switching stations, industrial yards, parks, forests, rangelands, and others. It is used to control weeds and brush along railroad tracks to prevent them from interfering with the safe operation of trains.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution of 34.15% to the market growth. Different agrochemical companies are focusing on larger investments in the region as it has a high potential market for various crops, fruits, and vegetables. Furthermore, increasing farming practices in countries such as China and India and the rise in government initiatives to provide subsidies are acting as catalysts for the growth of the bromacil market in the Asia Pacific.
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Competitive Landscape
Adama Agricultural Solutions, Corteva Agriscience, and FMC Corporation are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of bromacil. Further, the bromacil market is expected to grow steadily due to increasing government investments in infrastructure development, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years.
Recent Developments
- In June 2022, FMC Corporation, an agricultural sciences company, announced that it has completed the closing of its acquisition of BioPhero ApS, a Denmark-based pheromone research and production company. The acquisition is expected to expand the customer reach of FMC Corporation globally.
- In May 2023, Syngenta Crop Protection, a global leader in agricultural innovation, announced its acquisition of Macspred Australia, a specialist in weed management for the forestry, roads, rail, utilities and infrastructure sectors. It secures Syngenta’s ability to service both large-scale commercial plantation customers, as well as a growing farm focused on improving financial sustainability and environmental biodiversity.
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Key Market Takeaways
- The global bromacil market size is estimated to exceed USD 173.00 million by 2031 with an astonishing CAGR of 2.9% during the forecast period (2023-2031).
- Asia Pacific accounted for the highest market share at 34.15% valued at USD 46.10 million in 2022 and USD 47.31 million in 2023, and is expected to reach USD 59.55 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 22.10% during the base year of 2022.
- Based on type, the bromacil 40 herbicide segment accounted for the highest share contribution of 42.20% to the bromacil market statistics in 2022.
- Based on application, the non-crop areas segment accounted for the highest share contribution to the bromacil market statistics in 2022.
- North America is expected to boost the market demand for bromacil due to the increasing demand for herbicides in non-crop areas in the region.
List of Major Global Bromacil Market:
- Adama Agricultural Solutions
- Corteva Agriscience
- FMC Corporation
- Syngenta Group
- Alligare LLC
- AMVAC Chemical Corporation
- Chem China Ltd.
- Nufarm Limited
- UPL Limited
- Wilbur-Ellis Company
- DuPont
- Bayer CropScience
Global Bromacil Market Segmentation:
- By Type
- Bromacil 40 herbicide
- Bromacil 80 herbicide
- Others
- By Application
- Non-crop areas
- Crop areas
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Frequently Asked Questions in the Bromacil Market Report
- What was the market size of the bromacil industry in 2022?
- In 2022, the market size of bromacil was USD 135.00 million.
- What will be the potential market valuation for the bromacil industry by 2031?
- In 2031, the market size of bromacil will be expected to reach USD 173.00 million.
- What are the key factors restraining the growth of the bromacil market?
- Increasing regulatory scrutiny on herbicides is restraining the market growth at the global level.
- What is the dominating segment in the bromacil market by type?
- In 2022, the bromacil 40 herbicide segment accounted for the highest market share of 42.20% in the overall bromacil market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the bromacil market?
- North America region is growing at the fastest CAGR over the forecast period in the bromacil market.
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