Pyrethroids Market, by Product Type, Crop Type, and Geography - Trends and Forecast till 2025

Pyrethroids are synthetic compounds similar to pyethrin, a natural compound produced by flowers of Chrysanthemum cinerariaefolium and Chrysanthemum coccineum. These acidic lipophilic compounds have potent insecticidal property and can paralyze nervous system of insects. Ketoalcoholic esters of pyrethroic acid and chrysanthemic acid induce the insecticidal property in pyrethroids. The naturally occuring pyrethrins are sensitive to heat, light, and moisture. However, synthetic pyrethroids have improved stability and are highly toxic among insects compared to mammals. The high toxicity is due to increased sensitivity to the nerves of the insects. The compound is less absorbed in mammalian skin and mammals possess efficient hepatic metabolism, which reduces the effect of the compound compared to organophosphorous insecticides that are highly toxic.

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Pyrethroids are widely used to produce pesticides for use in agriculture, hospitals, homes, schools, and restaurants. Moreover, the compounds are used for topical head lice treatment and are used in smoke coils, aerosol sprays, electric mats, oil formulations, wettable powders, emulsifiable concentrates, and dustable powders.

High adoption of pesticides to increase crop yield and increasing demand for household products such as pet sprays and shampoos, insect repellent products, and lice treatment products containing pyrethroids are major factors propelling growth of the pyrethroids market.

Based on product type, the pyrethroid market is segmented into bifenthrin, deltamethrin, permethrin, cypermethrin, cyfluthrin, and others. Based on product types, bifenthrin segment accounted for the largest share of more than 35% in the global market in 2016 and is expected to retain market dominance throughout the forecast period, although a decline in the market share is expected during the forecast period. The usage of bifenthrin as a chemical is restricted in the U.S, owing to high toxic nature. However, the same is sold for daily usage provided that, the products have a low concentration of bifenthrin. Bifenthrin was first discovered and developed by FMC Corporation.

The demand for permethrin is gaining significant traction in the market, owing to its rising demand as an insecticide and as a medication. It is used for the treatment of scabies and lice. It is included in the World Health Organization's List of Essential Medicines as the most effective and safest medicine.

The pyrethroid market is classified based on crop type, such as crop based and non-crop based. Crop based segment is further classified into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. Non-crop based is further classified into turfs, and ornamentals. The crop based segment is the largest segment, owing to the increasing demand for highly potent and low toxic pesticides in the agriculture sector in order to increase crop yield.

Asia Pacific is the largest market for pyrethroids, due to the high demand for pyrethroid pesticides in the agriculture sector and the rising demand for insect repellent products. India and China are the major contributors to the growth of this market. According to the National Vector Borne Disease Control Programme (NVBDCP), in 2016, the economy reported more than 16,000 cases of dengue, which escalated to more than 28,000 in 2017. Majority of the cases are reported from the southern states. Furthermore, India recorded more than 64,000 cases of chikungunya in 2016, with the southern region topping the list for the same. These factors have led to a significant rise in the demand for insect repellent products, owing to increasing initiatives taken up by the regulating bodies regarding such diseases. Furthermore, due to such incidences the manufacturers operating in the insect repellent industry are engaged in heavy research and development activities to bring out new and innovative products for its consumers in order to cater to their changing requirement and preferences. These factors are majorly responsible for the growth of the pyrethroids market in India, which in turn is fuelling the market growth in Asia Pacific.

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Europe is the second largest market for pyrethroids. The ban on three pesticide clothianidin, imidacloprid, and thiamethoxam belonging to neonicotinoids category from December 2013, followed by a petition in March 2017 to ban all bee harming neonicotinoids in the EU member states is expected to show a positive impact on pyrethroids market in the region. Neonicotinoids were gradually replacing pyrethroids due to their low toxicity and less impact on the environment. However, their ban in the EU member states is expected increase the pyrethroids market significantly.

The global pyrethroids market was valued at US$ 3.82 billion in 2016 and is projected to witness a CAGR of 4.65% in terms of revenue, during 2017 �" 2025, to reach US$ 5.71 billion by 2025

The key companies operating in the global pyrethroids market include BASF S.E., Bayer Cropscience AG, FMC Corporation, DowDuPont, Monsanto Company, Nufarm, SinoHarvest Corporation, Syngenta A.G., Sumitomo Chemical, and United Phosphorus. The companies operating in the pyrethroids market are adopting various strategies, such as merger and acquisitions, and research and development activities in order to retain their market position. In April 2015, FMC corporation acquired Denmark based Cheminova A/S for purchase price of approximately US$1.8 billion, which includes assumption of debt.

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Reviews

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