Global Azoxystrobin Market Size to witness a CAGR of 15.71% by 2024 Global Azoxystrobin Market

Global Azoxystrobin Market Size to witness a CAGR of 15.71% by 2024
Ameco Research has announced the release of a new publication that bears the
title “Global Azoxystrobin Market Research Report 2018.” The analysts authoring this
publication have focused on key aspects of the global azoxystrobin market such as
competition, regional growth, market segmentation, and market dynamics.
On the basis on volume, the market is projected to expand at a whopping CAGR of 15.71%.
By the end of 2024, it could witness a production of 37,957 MT, increasing from a 13,670
MT reached in 2017.
The slow downward trend of product prices observed in the recent years could continue to
take shape in the next few years as well. The production revenue of the global azoxystrobin
market is expected to touch a US$ 1,201 Mn by the end of 2024. The production of
azoxystrobin could show a steady rise throughout the forecast period.
Global Azoxystrobin Market: Drivers and Restraints
Increasing number of applications of azoxystrobin is envisaged to give strength to the
global market. Owing to its excellent residual effect, azoxystrobin is used as a foliar spray. It
is also used as a fungicide for bananas, grapes, and field crops, taking into consideration its
effective mode of action.
Azoxystrobin can provide strong protection to wheat crops against wheat leaf rust, septoria
leaf spot, and wheat septoria. Thus, it is widely used in wheat farming. Once applied
through soil, it can be easily broken down into sub-components. Moreover, its toxicity level
is considered moderate for earthworms, birds, insects, bees, and even mammals.
However, the high aquatic toxicity of azoxystrobin could threaten the survival of aquatic
species. This is foretold to slightly slow down the demand in the global azoxystrobin
market. Nevertheless, the market could take advantage of the rising demand for the
systemic fungicide due to its broad range of fungicidal properties.
Global Azoxystrobin Market: Forecast by Product and Application
In relation to type of product, the global azoxystrobin market is classified into azoxystrobin
tech 95% min, azoxystrobin tech 98% min, and others.
By application, the global azoxystrobin market sees a classification into oilseeds and pulses,
fruits and vegetables, cereals and grains, and others. It banks on wide downstream
application to achieve growth. Cereals and grains are anticipated to become a prominent
application of azoxystrobin. Of the total downstream consumption of azoxystrobin, this
segment secures an approximately 46.51%.