Grand View Research, Inc: Global Penoxsulam Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2014 To 2020
Increasing application scope of penoxsulam on account of technological advancements is expected to remain a key driver for its demand. Penoxsulam is commonly used as a herbicide in rice fields to restrict the growth of weeds and grasses. Growing awareness regarding its application to control weed and grass growth in forestry, sports fields, lawns and gardens has been a major factor driving its growth. In view of rising health and environmental concerns, penoxsulam’s unique mechanism to kill pests without having adverse affects of human and animal health is also expected to have a positive influence on its demand. Favorable environmental regulations are further expected to fuel the market growth. Volatile prices of key raw materials such as benzene coupled with availability of substitute products are expected to challenge market participants in terms of profitability and demand respectively.