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Thiophanate Methyl Market - Forecast (2022 - 2027)

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  • 105 Pages
  • February 2022
  • Region: Global
  • IndustryARC
  • ID: 5616305
The Thiophanate Methyl Market size is forecast to reach $XX million by 2027, after growing at a CAGR of XX% during 2022-2027, owing to the vital role of thiophanate methyl in killing or preventing the growth of fungi and their spores that harm or destroy the food crops. Thiophanate Methyl is commonly used on crops to kill or inhibit the production of harmful microorganisms such as bacteria, viruses, or fungi. Thiophanate methyl fungicides provide a way of meeting the challenge of more food from less land with increasing global populations that constantly challenge food production. Therefore, it is commonly used as a crop care product and this trend is expected to continue during the forecast period.

Report Coverage

The report: “Thiophanate Methyl Market- Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Thiophanate Methyl Industry.
  • By Formulation: Granular, Flowable Concentrate, Dust, Wettable Powder and others.
  • By Type: 70%, 50%, 80%, 30%, and Others.
  • By Application: Fungicide, Seed Treatment, Dip Treatment, Wounds and others.
  • By End Use: Cereal, Vegetables, Fruit, Flowers and others.
  • By Geography: North America, South America, Europe, APAC, and RoW.

Key Takeaways

  • Asia Pacific dominates the thiophanate methyl market, owing to the increasing agricultural investments by the government in the region. In May 2019, NABARD announced an investment of Rs 700 crore (US$ 100 million) venture capital fund for equity investments in agriculture and rural-focused start-ups in India.
  • The thiophanate methyl market is mainly driven by the enormous demand from developing and developed countries for crop protection chemicals, as developed countries are concentrating on achieving maximum agricultural production from existing arable land as a result of reducing arable land availability and rising food demand.
  • Due to the COVID-19 Pandemic most of the countries have gone under lockdown, due to which operations of various industries such as agriculture and horticulture have been negatively affected, which is hampering the Thiophanate Methyl market growth.

Thiophanate Methyl Market Segment Analysis - By End Use

The fruit segment held the largest share in the Thiophanate Methyl market in 2019 and is growing at a CAGR of XX%, Due to the growing demand of thiophanate methyl for adequate care of fruit such as apples, strawberries, grapes and others in different regions. Thiophanate methyl is an acceptable EU fungicide that is commonly used on fruit crops to combat fungal diseases. It has low aqueous solubility, low volatility and in soil or water systems, appears not to be permanent. According to the National Horticulture Database released by the National Horticulture Board, India produced 90.2 million metric tons of fruit during 2015-16 and the area under cultivation was 6.3 million hectares. Increased production of fruit would therefore require more thiophanate methyl fungicide, which is expected to drive the demand for thiophanate methyl in the food crop sector during the forecast period.

Thiophanate Methyl Market Segment Analysis - Geography

Asia Pacific region held the largest share in the thiophanate methyl market in 2019 up to 30%, owing to the increasing agricultural investments by the government in the region. The governments are spending heavily on initiatives and investments in the field of agriculture. For instance, in 2016, according to China’s Ministry of Agriculture, over 1,300 Chinese enterprises had overseas investments in agriculture, forestry, and fisheries valued at $26 billion. The total quantum of private investment in India is projected to increase (with the added investment of Rs. 78,424 crore) from Rs. 61,000 crores in 2015-16 to Rs. 139,424 crores by 2022-23. The Indian government introduced Pradhan Mantri Samman Nidhi Yojana under Budget 2019-20, in which a minimum fixed pension of Rs 3000 (US$ 42.92) is to be provided to the eligible small and marginal farmers, on attaining the age of 60 years. In Japan, a digital farming technology has been developed to help experienced farmers to use water and fertilizers more efficiently. Thus, such government initiatives are increasing the agricultural sector which is further increasing the thiophanate methyl demand. Thus, the increasing demand of thiophanate methyl for easy production of the crop is anticipated to drive the thiophanate methyl market in APAC during the forecast period.

Thiophanate Methyl Market Drivers

Increasing Agricultural Initiatives by the Government

The governments are spending heavily on initiatives and investments in the field of agriculture to enhance environmental sustainability. For instance, the United States Department of Agriculture took an initiative “The Agriculture and Food Research Initiative (AFRI)” to ensure food safety and security and train the next generation of the agricultural workforce. In 2020, the Canadian government invested a total of $560,000 in the Canadian Federation of Agriculture (CFA) to develop the Canadian Agri-Food Sustainability Initiative. Initiatives such as the Common Agricultural Policy (CAP) and Young Farmers have been taken by the European Government. The 2010- 2013 National Strategy for France’s Sustainable Development aimed to develop a more sustainable food production and support a green economy and business innovation, and during the tenure, it achieved a higher domestic organic production and consumption. Moreover, the United Nations “Zero Hunger Vision by 2030” which aims to end hunger and double the agricultural productivity and incomes of small-scale food producers are likely to increase the demand for thiophanate methyl. Thus, the various agricultural initiatives by the government are booming the agricultural sector, hence, driving the thiophanate Methyl market during the forecast period.

Thiophanate Methyl Market Challenges

Health issues associated with thiophanate methyl

Thiophanate Methyl fungicides play a vital role in the control of plant diseases. However, inappropriate and unreasonable use of thiophanate methyl causes environmental degradation and has non-target effects on plants and animals. Thiophanate methyl is suspected to be carcinogenic to humans on the basis of dose-dependent increases in liver tumors in male and female mice. Thiophanate Methyl also triggers liver and thyroid effects. Health concerns associated with thiophanate methyl are therefore expected to limit the growth of the thiophanate methyl market.

Covid-19 Impact on the Thiophanate Methyl Market

The production of vegetables, berries, wine and crops needs comprehensive care such as seed treatment, soil management, crop protection, and more for which thiophanate methyl is widely used. However, due to the pandemic the production in these sectors is experiencing difficulties like untimely crop care and pesticide product deliveries, trade and deliveries issues, and more. Also, the governments banned the export and import of certain commodities such as on March 31, 2020, the Eurasian Economic Commission (EEC), banned a number of food products, most notably sunflower seeds and soy beans. These import and export restrictions are limiting the thiophanate Methyl market growth during the pandemic.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thiophanate Methyl Market. In 2019, the market of Thiophanate Methyl Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Thiophanate Methyl market includes NIPPON SODA, Troy Corporation, The Dow Chemical Company, SinoHarvest, Tide Group, ShanDong HuaYang, Anhui Guangxin Agrochemical, JiangSu BaiLing, Agrolex, ShanXi YiNong, HuNan GuoFa, STRONGWILL GROUP, among others.

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Table of Contents

1. Thiophanate Methyl Market- Market Overview
1.1 Definitions and Scope
2. Thiophanate Methyl Market- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Formulation
2.3 Key trends by Type
2.4 Key Trends by Application
2.5 Key Trends by End Use
2.6 Key Trends by Geography
3. Thiophanate Methyl Market- Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Thiophanate Methyl Market- Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Market Opportunities
4.4 Porters five force model
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining powers of customers
4.4.3 Threat of new entrants
4.4.4 Rivalry among existing players
4.4.5 Threat of substitutes
5. Thiophanate Methyl Market -Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Market life cycle
5.4 Suppliers and distributors Analysis
6. Thiophanate Methyl Market- By Formulation (Market Size -$Million / $Billion)
6.1 Granular
6.2 Flowable Concentrate
6.3 Dust
6.4 Wettable Powder
6.5 Others
7. Thiophanate Methyl Market- By Type (Market Size -$Million / $Billion)
7.1 30%
7.2 50%
7.3 70%
7.4 80%
7.5 Others
8. Thiophanate Methyl Market- By Application (Market Size -$Million / $Billion)
8.1 Fungicide
8.2 Seed Treatment
8.3 Dip Treatment
8.4 Wounds
8.5 Others
9. Thiophanate Methyl Market- By End Use (Market Size -$Million / $Billion)
9.1 Cereal
9.2 Vegetables
9.2.1 Tomato
9.2.2 Potato
9.2.3 Carrot
9.2.4 Others
9.3 Fruit
9.3.1 Apple
9.3.2 Strawberries
9.3.3 Grapes
9.3.4 Others
9.4 Flowers
9.5 Others
10. Thiophanate Methyl Market - By Geography (Market Size -$Million / $Billion)
10.1 North America
10.1.1 U.S.
10.1.2 Canada
10.1.3 Mexico
10.2 South America
10.2.1 Brazil
10.2.2 Argentina
10.2.3 Colombia
10.2.4 Rest of South America
10.3 Europe
10.3.1 U.K
10.3.2 Germany
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Russia
10.3.7 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 Taiwan
10.4.5 South Korea
10.4.6 Rest of Asia Pacific
10.5 ROW
10.5.1 Middle East
10.5.2 Africa
11. Thiophanate Methyl Market- Entropy
11.1 New Product Launches
11.2 M&A’s, Collaborations, JVs and Partnerships
12. Thiophanate Methyl Market Company Analysis
12.1 Market Share, Company Revenue, Products, M&A, Developments
12.2 Company 1
12.3 Company 2
12.4 Company 3
12.5 Company 4
12.6 Company 5
12.7 Company 6
12.8 Company 7
12.9 Company 8
12.10 Company 9
12.11 Company 10 and more