Propargite Market - Positive Long-Term Growth Outlook 2024

Propargite Market: Overview

Propargite is a pesticide used to kill mites. It is an acaricide – a class of pesticides that kill members of the arachnid subclass Acari, which includes ticks and mites. Acaricides are used both in medicine and agriculture, although the desired selective toxicity differs between the two fields. Propargite is also named as 2-(4-tert-butylphenoxy)cyclohexyl prop-2-yne-1-sulfonate. Its trade names are Omite and Comite.

Continuous increase in the global pesticide consumption, alteration in pesticide usage and environmental issues has had a great impact on the propargite market demand. The pesticide market is mainly segmented into herbicides, insecticides, and fungicides.

Propargite Market: Key Drivers and Restraints

The global herbicide market has rapidly grown over the last decade as compared to the other segments. However, due to some post effects such as formation of residuals in soil run-offs, high carbon emissions, and decreased food quality, the demand for herbicides has shown a decline in the past couple of years. Furthermore, consumers are attracted towards insecticides that show better performance. This shift in the pesticide usage pattern is considered to drive the propargite market demand.

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Propargite exhibits properties such as low residual limits, less toxicity and improved food quality. It degrades in soil within two weeks of application and has low potential to volatize in atmosphere. Propargite is sprayed directly on plants or injected in them. Hence, it is considered as one of the most suitable pesticides for rice, maize, fruits, garden plants, lawns and rangelands. Owing to these versatile uses of propargite, it is said to be compatible with the Integrated Pest Management Program (IPM).

In spite of various drivers driving the market growth, severe environmental regulations related propargite are likely to hinder the market growth. Symptoms of exposure and poisoning to propargite are eye and skin irritation. In addition to this, propargite also causes sensitization. It is highly toxic to amphibians, fish, and zooplankton. Propargite causes potential carcinogenity. Propargite is considered as hazardous and poisonous pollutant, which, if released in the atmosphere may ultimately result in death of all the living organisms. This safety issue can be considered as a restraint for the overall propargite market demand. The use of biopesticides can be deemed as a potential substitute in near future.

Propargite Market: Region-wise Insight

In terms of global demand, Asia Pacific is expected to attain the leading position in the propargite market over the forecast period. Currently, China stands as the largest importer of propargite. Moreover, with an increase in production of propargite in the past few years, China is likely to be the leader in the propargite market in the near future, followed by India and Japan owing to a fast paced demand.

The U.S. and Germany are the leading propargite producing countries in North America and Europe respectively. They are expected to show similar trend over the forecast period. The U.S. is considered as a mature market for propargite imports. However, the export markets are estimated to show a slow growing demand in next few years. Europe is anticipated to decline in domestic as well as the global propargite market. Other European countries such as France and Italy are likely to become the largest consumers. Rest of the world region, especially Africa is estimated to show potential markets over the coming years.

Propargite Market: Key Players

At present, manufacturers such as Bayer Crop Science AG, Drexel Chemical Company, Gujarat Pesticides Private Limited and Kenvos Biotech Company Limited dominate the propargite market.

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The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
Middle East and Africa (GCC, Southern Africa, North Africa)

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