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Chlorpyrifos Market Segmented By application such as Agricultural, Commercial and Residential in Liquid, Powder and Granular form
Chlorpyrifos is an organophosphate insecticide, acaricide, and miticide, produced by white or colorless crystals and used to control insect pests on a variety of crops such as corn, cotton, wheat and other crops. Chlorpyrifos is used as a pesticide since 1965 in agricultural as well as the non-agricultural field.
Chlorpyrifos is acting on the nervous system of insects, pests, fleas, termites and mosquito by inhibiting acetylcholinesterase, which leads to the demand of the Chlorpyrifos from the agriculture as well as pet care industry. Chlorpyrifos has become the largest organophosphorus insecticide as it has been widely consumed in over 100 countries across the world.
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The global Chlorpyrifos market is anticipated to register a significant CAGR over the forecast period due to increasing demand from the agricultural industry. The use of Chlorpyrifos is widely increased due to its effective use as a pesticide and insecticide in farming and animal care sector. The Chlorpyrifos is also used in the commercial sector, such as golf courses and playgrounds to control the mosquitos and other insects which also propel the demand of Chlorpyrifos and drives the growth of the global Chlorpyrifos market.
The increasing use of Chlorpyrifos in animal ectoparasiticides and new innovations due to research and development activities also boost the demand of the Chlorpyrifos and drives the global Chlorpyrifos market.
The stringent government laws and regulations to use of Chlorpyrifos in various industries such as the Emergency Planning and Community Right-to-Know Act (EPCRA), Endangered Species Act (ESA), the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Cosmetic Act (FFDCA) and Clean Water Act (CWA) may restrain the growth of the global Chlorpyrifos market.
Chlorpyrifos can cause cholinesterase inhibition in human at high enough doses which can overstimulate the nervous system and causes nausea, dizziness and respiratory paralysis, which may also hamper the demand of the Chlorpyrifos as pesticides and restrain the global Chlorpyrifos market.
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The global Chlorpyrifos market segmented into the seven regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The APEJ is dominating the global Chlorpyrifos market by contributing the leading shares in terms of revenue and volume due to the high demand of Chlorpyrifos from the agricultural industry.
The North America and Western Europe are also contributing the significant shares to the global Chlorpyrifos market, followed by APEJ in terms of revenue.
The Latin America and Japan are expected to register the moderate shares to the global Chlorpyrifos market over the forecast period as its wide applications in commercial and residential sectors. The MEA and Eastern Europe are anticipated to grow at a healthy growth rate over the forecast period due to the lucrative market of Chlorpyrifos in the region. Overall, the global Chlorpyrifos market is projected to grow at a significant growth rate over the forecast period 2016 to 2026.
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The key players of the global Chlorpyrifos market are as follows:
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