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IN THE NEWSDecember 09, 2021: FMC Corporation signed a multi-year agreement with Corteva Agriscience to supply Rynaxypyr and Cyazypyr actives to Corteva for seed treatment insecticides.
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The global liquid termiticides market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing cases of termite infestation, especially in tropical and sub-tropical regions. According to the report by the U.S. National Pest Management Association, termites are estimated to cause more than USD 5 billion property damage every year, by infecting flooring, woods, and walls. Termiticide is a specific pesticide designed for preventing, and repelling termites. Termites generally infect wood, including wooden furniture, foundation walls, wooden structure for concrete slabs, and other structures made out of wood. As wood is majorly used in construction, the surge in construction activities is bound to increase the demand for termiticides. Besides, the growth of the construction sector is also foreseen to fuel the market growth. For instance, more than USD 12 trillion were spent in the construction sector in 2019. Moreover, the growing awareness regarding pest control, and increasing demand for pest control products and services is estimated to boost the market growth. Furthermore, liquid termiticides provide long-term protection from termites, unlike termite baits and other methods. This is also projected to boost the market growth.
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The market is segmented by end-user into domestic, construction, industrial, and others, out of which, the domestic segment is anticipated to hold a substantial share in the global liquid termiticides market over the forecast period on account of increasing demand for liquid termiticides for residential applications, backed by growing cases of termite infestation at homes. On the other hand, the construction segment is anticipated to garner the largest revenue share over the forecast period, owing to the compulsory use of termite treatment during construction.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global liquid termiticides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing construction industry in the region. For instance, the construction industry in China amounted to USD 1,050 billion in 2020. Moreover, the growing population in the countries, including, India, China, and Japan, is also projected to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of rising urban population, and growing construction industry. The U.S. construction industry valued around USD 1.4 trillion in 2020. Moreover, termites are very common in the United States, which is further estimated to boost the market growth.
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The global liquid termiticides market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global liquid termiticides market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing incidences of severe termite infestation, and long-term effect of liquid termiticides are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The major players in the market are WinField Solutions LLC, Asante Inc., FMC Corporation, Rollins, Inc., Tata Chemicals Limited, Syngenta Group, Bayer AG, SBM Life Science Corporation, and Spectrum Brands Holdings, Inc
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
The construction segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Strict regulations regarding the cidal chemicals, and long and slow procedure of product approval are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing construction activities.
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