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(MoneyNewsWire.Net, May 25, 2018 ) The global insect growth regulators market is estimated at USD 736.3 Million in 2016 and is projected to reach USD 1,054.3 Million by 2022 during the forecast period. The primary factors that drive the insect growth regulators market are adoption of safer crop protection products that are environmentally safer and less toxic to use. Insect growth regulator products are more target-specific and cause little to no damage to other plants and animals that come in contact with them as they are more compatible with biological approaches. There is a rise in the commercial pest control market segment of insect growth regulator products as they are selective in nature.
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The insect growth regulators market is segmented by type, form, application, and region. On the basis of type, the market was led by chitin synthesis inhibitors followed by juvenile hormone analogs & mimics in 2015. The chitin synthesis inhibitor compound restricts the growth of chitin which is responsible for growth of the exoskeleton among targeted insects. Chitin synthesis inhibitors are widely used, as they are able to control fleas that live on pets and cattle. These are also used to control fungal species apart from insects. Their wide application has led chitin synthesis inhibitors to be the market leader by type.
The global market by form is segmented into liquid, aerosol, and bait. The liquid form had the largest market share in 2015. Liquid insect growth regulators offer superior control in a wide range of habitats and application areas, including temporary or floodwater breeding areas and irrigated cropland.
The insect growth regulators market by application is segmented into agricultural, livestock pests, and commercial pest control. The agricultural segment had the largest market share in 2015. The use of insect growth regulators on field crops is widespread, and at present many chitin synthesis inhibitors have the ability to control pests in agricultural crops such as tomato, pigeon pea, sorghum, and other crops of high value. In many countries, insects such as locusts and grasshoppers are considered to be major pests causing significant damage in many field crops.
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North America had the largest market share, followed by the European region, in 2015. The Asia-Pacific market is projected to grow fastest growing the forecast period. This is mainly due to growth in the agricultural sector in the Asia-Pacific region and demand for less toxic chemical alternatives to insecticides and pesticides.
The major restraining factors are that insect growth regulator products are effective only in the initial stages of pest and insect growth. The product acts on the initial stages of the target insect population and restricts the insects from becoming an adult insect, which limits its resistance abilities and eventually results in death. These products are less effective when used as a stand-alone control method. They have a low knockdown effect when used as a stand-alone product as they only control the growth stages among insects and pests, not kill them directly.
The global market is fragmented and does not have a clear market leader. Even small to medium companies have developed a wide range of products. The companies profiled are Bayer CropScience AG (Germany), Dow Chemical Company (U.S.), Sumitomo Chemical Company Ltd. (Japan), Syngenta AG (Switzerland), ADAMA Agricultural Solutions Ltd. (Israel), Nufarm Ltd. (Australia), Platform Specialty Products Corporation (U.S.), Central Garden & Pet Co. (U.S.), Valent USA Corporation (U.S.), and Russell IPM Ltd. (U.K.).
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