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Thiophanate Methyl Market Report – Key Players, Industry Overview And Forecasts To 2023
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The market for thiophanate methyl was mainly driven by huge demand for crop protection chemicals from developing countries. Developed countries are focusing on achieving maximum agriculture output from the existing arable land. Thiophanate methyl is used as fungicide and can be applied on wide range of crops. Thiophanate methyl can be applied to control fungus such as eyespot, Gloeosporium rot, Monilia spp, Sclerotinia and Botrytis spp among others. Thiophanate methyl also protects the crop from leaf spot on oilseed rape, beet among others. Along with other applications, thiophanate methyl is also used on pecans, almonds, coffee, soybeans and ground nuts. Moreover, thiophanate methyl can be applied to cure the wound of trees cuts. Increasing threat from other biobased substitutes is anticipated to lower the demand for thiophanate methyl in near future. Moreover, environmental regulations and health issues associated with thiophanate methyl is expected to decline the growth of the market over the forecast period.
In terms of demand, Asia Pacific was the leading region in thiophanate methyl market in 2013. The market for thiophanate methyl in Asia Pacific region was led by the China, India and Japan. Huge demand for high quality yield is one of the major drivers behind the growth of the market in past few years. Other countries such as Vietnam, Taiwan and Australia are expected to offer better opportunities for the thiophanate methyl in upcoming years. Asia Pacific was followed by North America. North America is considered among the saturated market for thiophanate methyl; however, increasing demand from ornamentals and turfs gardening is expected to boost the demand. U.S. led the demand for thiophanate methyl in 2013. In terms of demand, Europe had the third largest share for thiophanate methyl in 2013. Western European countries such as Spain, Portugal and Italy had the largest demand for thiophanate methyl in this region owing to the huge demand for high yield crops. However, central Europe and Russia will have higher market share for thiophanate methyl in foreseeable future. In 2013, Rest of the World had the least demand for thiophanate methyl; however the region is predicted to illustrate upbeat for the thiophanate methyl market in near future.
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Some of the key manufacturers in the thiophanate methyl market are Troy Corporation, Biostadt India Limited, Bessen Chemical Co. Ltd., SinoHarvest, The Dow Chemical Company and Microflow among others.
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