The global fipronil market is expected to display higher growth rate over the next five years. Rapid surge in the market is credited to increasing demand from horticulture sector. Fipronil are used to prevent growth of ants, termites, moles, cockroaches and other insects responsible for crop damage. Use of fipronil as an insecticide is expected to drive the growth of the market over the forecast period. Fipronil belongs to phenylpyrazole chemical family. Globally, market is predicted to generate massive revenue over next five years, providing numerous opportunities for industry participants to invest in research and development of fipronil market.
Growing concerns regarding insect-borne diseases is expected to favor market growth over the next seven years. In addition, increasing focus towards disease prevention over diseases cure and soaring adoption of commercial pest management services are propelling market demand for fipronil–based insecticide. Rising agriculture yield to meet demands of ever-growing population is a key industry trend associated with fipronil market. Rapid urbanization and industrialization has led to reduction in farmland, thus further driving the market for fipronil as an insecticide product.
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However, rising number of incidences related to environment hazards due to excessive use of fipronil insecticide is hampering market growth to a certain extent. Ban on fipronil-based insecticide by European Commission due to the death of a large number of bees that were exposed to fipronil-based insecticides is questions the market growth. Yet, considering potential market growth, numerous organizations are significantly investing to improve quality of product by large number of ventures and partnerships in the couple of years, fueling growth of the fipronil market over the forecast period.
The market is broadly categorized into three major segments based on the product type such as fipronil particles, fipronil gel and fipronil liquid. Fipronil particles segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of fipronil particles segment is attributed to the rising demand from chemical as well as agriculture industry.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in the agriculture sector, favorable government initiative & policies, higher approval rate, surge in number of research & development activities in the region and existence of well-established infrastructure.
Asia-Pacific region is estimated to hold a major share in the fipronil market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing awareness among farmers, growing number of government initiatives such as tax exemption, increasing disposable income, easy availability, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the fipronil market are Bayer CropScience, Inc., BASF AG, Shandong Audis Biotechnology Co., Ltd., Syngenta Corp., Merial Ltd., and Jiangsu Rotam Chemistry.
In-Depth research report on Fipronil Market: