Synthetic Pyrethroids Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Synthetic Pyrethroids Industry Hit Worst due to Russia-Ukraine War Impact?
The global synthetic pyrethroids market size is projected to expand speedily owing to the increasing demand for synthetic pyrethroids from the agriculture industry, finds Fortune Business Insights™ in its report, titled “Synthetic Pyrethroids Market, 2022-2029”.
Synthetic pyrethroids are synthesized derivatives of naturally occurring pyrethrins, which are formed from pyrethrum flowers. These pyrethroids are very sensitive to light, heat, and moisture and can be used as commercial and household insecticides. There has been an increasing usage of synthetic pyrethroids in the agriculture sector as these chemicals act as insecticides which help protect the crops from insects and prevent them from getting damaged. Thus, this can act as a vital factor contributing for the growth of this market.
However, the sudden changes in the prices of raw materials used for handling are projected to restrict the growth of this market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Synthetic Pyrethroids Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Synthetic Pyrethroids Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
On the basis of type, this market is classified into lambda-cyhalothrin, deltamethrin, cypermethrin, bifenthrin, permethrin, and others. By application, the market is divided into agriculture and public health. Based on geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides a bird’s eye-view analysis of the industry trends and outlook, as well as supplies a meticulous study of all market segments. In addition, the report contains an in-depth assessment of the market drivers and challenges and also offers an exhaustive evaluation of the regional dynamics and competitive landscape of the market.
Rising Awareness about the Benefits of Synthetic Pyrethroids to Propel the Market
There have been rising health concerns about the negative impact of the usage of chemicals and insecticides on human health which has led to the increasing demand for synthetic pyrethroids and sustainable agricultural practices across several regions in this market. Thus, this is an important factor driving the growth of this market.
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Rising Utilization of Pyrethroid Insecticides to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to grow rapidly in the synthetic pyrethroids market share on account of the increasing utilization of pyrethroid insecticides in this region. Further, the rising number of manufacturing plants and greater land availability in this region is expected to fuel this market’s growth.
North America region is anticipated to grow at a decent pace in this market due to the rising disposable income of the people in the countries such as the US and Canada.
Europe is projected to grow steadily in this market due to the strict policies and regulations related to the use of harmful chemicals and pesticides in this region.
Increasing Adoption of Natural Insecticides by Key Players to Animate Competition
The leading companies in the synthetic pyrethroids market are focusing on the increasing adoption of organic insecticides that are less harmful to the environment. This has resulted in the increasing competition among key companies which will enable them to broaden their business operations and strengthen their market foothold.
List of Key Players Covered in the Synthetic Pyrethroids Market Report:
- Yangnong Chemical
- Changlong Agrochemical
- Hengdian Group
- Jiangsu Huangma Agrochemicals
- Jiangsu Chunjiang
- Jiangsu RedSun
- Shanghai Tenglong Agrochem
- Guangdong Liwei
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