The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
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They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
The growth of the crop can be affected by fungal infection. Fungicides are chemical compound used to kill fungi or fungal spores. Triazole is most widely used fungicides due to their different uses and efficacy against a number of fungal diseases. Triazole is highly effective against many different fungal diseases include rusts, leaf-spotting fungi and powdery mildews. Triazole is used on field crops, fruit trees and vegetables. Repeated use of triazole can be avoided, especially under high disease pressure or against rapid cycling diseases such as rust to avoid fungicide resistance. Ever-increasing population, changing consumer preferences for food, results in the high production of food. These factors motivate farmers to utilize optimum-quality fungicides for crop protection in order to ensure higher yields. Triazole prevents and cures diseases that can have ill effects on crop yield and quality. The triazole fungicides market can be segmented on the basis of crop type: cereals and grains, fruits and vegetables and others.
North America and Europe are the largest market for triazole fungicides. North American and European market have witnessed a slow growth rate due to various restrictions imposed on use of fungicides and a shift of farmers towards organic farming. Asia Pacific is expected to be the fastest growing market for triazole fungicides. China and India hold the key for future market trends in triazole fungicides market due to changes in farming practices, rapid growth in agriculture sector and increasing acceptance of modern farming and protected agriculture in these regions.
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Some of the major drivers contributing the overall market growth of triazole fungicides include limited availability of cultivable land, change in farming practices and technology, increasing acceptance of modern farming and protected agriculture and growing horticulture & floriculture Industries. Growing concern towards environment and genetically modified crops are some of the major restraints for triazole fungicides market.
Some of the major companies operating in the triazole fungicides market include
- Chemtura Corporation,
- E.I. Dupont De Nemours & Company,
- Cheminova As, Bayer Cropscience AG,
- Nippon Soda Co. Ltd,
- Syngenta AG and Dow Chemical Company.
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