Global controlled release fertilizers market growth is driven by sustainable farming to improve the soil productivity even in non-friendly climatic conditions.
Sellbyville, DE -- (SBWIRE) -- 03/16/2019 -- Global Market Insights, Inc. adds new Controlled Release Fertilizers Market report which provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.
The world is experiencing population explosion at an exponential rate. The arable land is being exhausted with more commercial and residential buildings coming up. The earth resources are being depleted which has driven the demand for controlled release fertilizers. The rising population has increased the demand for food which in turn has propelled the product market. The eco-friendly nature of the product has also contributed to the rising trajectory of its demand.
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Fertilizers are an integral part of the crop cultivation process. They play an important role According to Food and Agriculture Organization, it is estimated that fertilizers can increase per unit grain produce by 55 - 57%. Governments in countries like China have laid stress on the use of the product which will have a positive impact on the product market over the forecast period. Increased venture funding and private investments in this industry will also have a positive impact on the development of the product market.
Concerns associated with irrational use of conventional fertilizers such as nitrogen depletion in the soil has accelerated the need of the product. Sustainable agriculture has become the need of the hour, through which environment safety standards are met and the cost involved in farm operations are also reduced. This will create a rising demand for the product in the coming years.
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The factors which can impede the market are the lack of information about the product and the inflated cost involved as compared to conventional fertilizers.
Polymer sulfur coated urea or sulfur coated urea segment Market is anticipated to reach over USD 1.5 billion by 2024. Although the price of polymer coated urea is almost triple than conventional fertilizer, its demand is escalating owing to the less frequent applications of the product saving equipment and labor expenses. Polymer coated NPK fertilizers hold about 20% of the global market share by volume. The product is widely used for cereals & grains which make up more than 40% of the worldwide market share.
The product with its characteristic of efficient controlled release of nutrients will revolutionize the agriculture sector globally. Rising health issues will also promote the use of the product. Asia Pacific is estimated to hold the largest share of the product in the market with a revenue crossing USD 2 billion by 2024. North America is expected to hold more than one-fifth of the global share of the product in terms of volume by 2024.
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The market for controlled release fertilizers is highly competitive with companies involved in strategic partnerships and mergers. Some of the major companies involved in manufacturing of the product are Greenfeed Agro Sdn Bhd, ATS Group, Israel Chemicals, AgroBridge, Yara International, Haifa Chemicals Ltd., Central Glass Co., Ltd., Eurochem Agro Gmbh, Agrium, Inc., ICL Specialty Fertilizers, Scotts Miracle-Gro, Kingenta Ecological Engineering Group Co., Ltd., etc.
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