Glufosinate Market Share, Growth Analysis and Trends Forecast to 2024

The Glufosinate Market is consolidated due to presence of many large-scale manufacturers globally. Some of the key industry participants are Bayer, E.I. Du Pont, Jiangsu Huangma Agrochemicals, Jiangsu Sevencontinent Green Chemical, Nufarm, Syngenta, the DOW Chemical, Zhejiang Yongnong Chemical, Jiangsu Sevencontinent Green Chemical, Jiangsu Huangma Agrochemicals, United Phosphorus, Veyong and Zhejiang Yongnong. Major players of glufosinate market have adopted strategic developments which include joint ventures, innovations, developments, mergers & acquisitions and agreements & investments to capture this emerging market.

Glufosinate Market is mainly driven by increase in herbicides demand in the agriculture industry. Growing demand for glyphosate resistance weeds, agrochemical industry for farmlands and technological innovation is expected to drive glufosinate (C5H12NO4P) market demand size. The product is used in no tillage farming and as a substitute for paraquat and glyphosate, which benefits farmers in controlling broad leaved weeds and grasses in a wide range of horticulture and agriculture crops. In addition, product is used as a desiccant, a hydroscopic material used for dying, on agricultural crops which facilitates harvesting.

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Furthermore, increasing use of genetically modified crops owning to its cost effective characteristic and weed controlling properties will boost glufosinate market demand. Herbicide tolerant crops occupy the largest planting area of bio-tech crops. Increase in area for cultivation of herbicide tolerant crops is expected to up surge product market growth. Introduction of C5H12NO4P tolerant crops will increase the product’s usage on various agricultural applications including, cereals, grains and oilseeds.

The product is a broad-spectrum herbicide produced by Streptomyces soil bacteria which is used to control important weeds named morning glories, yellow nutsedge and hemp sesbania. The product is applied to immature plants at early development stage for better results. Its usage is significantly safe when compared to other herbicides and can be used in combination with other herbicides.

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The herbicide causes toxicity in flora & fauna and animals, which may hamper glufosinate market growth. In October 2017, the European commission has decided to ban the use of C5H12NO4P due to its high toxicity and risk for non-target arthropods and mammals. The present EU registration for the product is valid until July 2018. The commission suggested that this herbicide should be substituted in January 2015. Hence, the goods comprising C5H12NO4P must go through relative assessment by member states. This will further affect glufosinate market growth.

The product can be applied to both genetically modified and conventional crops which is available in dry and liquid form. The liquid glufosinate market is projected to be the highest growing segment owing to presence of ammonium and mineral salt which makes it water soluble, therefore increasing the product’s efficacy. It is also used in agricultural and non-agricultural areas. Further, agricultural segment includes grains & cereals, oilseeds & pulses, fruits & vegetables, plantation crops and pastures. Grains & cereals section is projected to be the fastest growing section due to introduction of C5H12NO4P tolerant crops.

North America glufosinate market holds the maximum market potential for new entrants due to growing demand for bio based agro solutions in agricultural sector and extensive commercialization of genetically modified C5H12NO4P tolerant crops. Moreover, the U.S. Food and Drug Administration (FDA) considers it safer relative to other herbicides present in the market including, paraquat and atrazine.

Recently, glufosinate market has seen many expansions and investments. In June 2015, United Phosphorus (UPI), a Canadian company supplying crop protection products announced the successful commissioning of its glufosinate herbicide manufacturing plant in India. The new plant will help the company to cater to the needs of the growing product’s market. UPI’s expanded facility is backward integrated with significant investment in production of key raw materials to obtain a high quality C5H12NO4P.