BIFENAZATE MARKET ANALYSIS

The global bifenazate market size is expected to witness potential gains in the future, and register a CAGR of 3.7% over the forecast period (2019 - 2027). The market was valued at US$ 0.6 Billion in 2017, and is projected to reach US$ 1 Billion by 2027.

Market Overview

Bifenazate is a carbazate acaricide and miticide majorly used in the agricultural and horticultural sector as a contact, residual, non-systemic and selective insecticide for the control of mites. It has a low water solubility and is volatile. It may not leach to groundwater and may not persist in soil or water systems. Although it is moderately toxic to majority of aquatic organisms, honeybees, and earthworms, it can cause eye and respiratory system irritation in mammals. It is effective in controlling pests such as spider mites; pecan leaf mites; Pacific spider mites; European red mites; brown almond mite; and six-spotted spider mite. Lewis acid-catalyzed electrophilic aromatic substitution of 4-methoxybiphenyl with diisopropyl azodicarboxylate is used to prepared bifenazate. The substitution produces hydrazine dicarboxylate, which is then transformed into the compound desired by a decarboxylation reaction.

Market Dynamics

Significant growth in the agricultural and horticultural sector is expected to contribute to the market size. The U.S. Environmental Protection Agency states that Floramite (trade name for bifenazate) can be used to control of mite pests on greenhouse, shadehouse, nursery, field, landscape, and interiorscape grown ornamentals. It has low acute toxicity by all routes of exposure and is non-irritating to skin and minimally irritating to eyes, which makes the insecticide generally safe to handle. Bifenazate also has low potential to contaminate ground and surface waters. These characteristics are expected to boost demand for bifenazate as an effective and safe-to-use- insecticide in horticulture.

However, increasing concerns regarding effects of pesticides and insecticides on the ecosystem and growing focus on the use of bio-based pesticides and insecticides is expected to hinder the market growth. Bifenazate may have moderate toxic effect on bees on an acute contact basis. Moreover, it is toxic to fish. Therefore, excessive use of bifenazate may lead to its washout, thereby contaminating lakes, streams, ponds, estuaries, oceans, or other waters, which may fatal to aquatic life. Bacillus thuringiensis and products based on Chitosan and insect pheromones are some of the examples of bio-based insecticides increasingly gaining preference over their chemical counterparts.

Increasing use of Floramite to treat ornamental crops and tomatoes cultured in greenhouses, shade houses, and nurseries is expected to offer lucrative opportunity for the market players. Moreover, increasing use of cotton corn in production of shoes is also expected to impact the market outlook.

Market Outlook

Asia Pacific and Latin America is expected to witness significant growth in the global bifenazate market, owing to changing trend in pesticide consumption practices and better crop yields in economies such as India, China, and Brazil. Europe is expected to witness a stagnant growth in the market, owing to stringent regulations and prohibitions on pesticide use.

Key Players

Some of the major players operating in the global bifenazate market include, Chemtura Corporation, The Dow Chemical Company, Olympic Horticultural Products, Inc., Certis USA L.L.C., and BASF Corporation.