Demand for fertilizer additives is entirely related to growth of fertilizer industry. Most of the fertilizers are formulated in granular, prilled, and powered form. These fertilizers develop caking leading to corrosion issues during transportation and storage, hence, anti-caking additives are deployed on larger scale during fertilizer production.
Portland, OR -- (SBWIRE) -- 06/15/2017 -- According to a new report published by Allied Market Research, titled, "Fertilizer Additives Market by Type, Application, and Form: Global Opportunity Analysis and Industry Forecast, 2017-2023" the fertilizer additives market was valued at $3,170 million in 2016, and is projected to reach $3,741 million by 2023, growing at a CAGR of 2.3% from 2017 to 2023. The urea application segment accounted for maximum share of total market in 2016.
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Fertilizer additives are deployed among field as they act as corrosion inhibitors, hydrophobic agents, anti-dusting agents during storage and transportation. Fertilizer additives such as granulating aids are often deployed to improve crushing strength and reducing fines in fertilizer. Granulation is a physical phenomenon, which happens when particles agglomerate together due to repeated tumbling action. Moreover, granulation has a very beneficial effect on plant growth, by slow and controlled release of nutrients, by inhibiting the run-off of fertilizer salts, and by making NPK application uniform. However, detoriating storage conditions and long storage often results in clot and lumps formation. This results in washing away of powdery fertilizer, which prohibits the further application of fertilizer on crops.
At present, the global fertilizer additives market witnesses numerous opportunities, owing to rapid increase in development of agriculture industry in Asia-Pacific and LAMEA. In addition, increase in R&D in fertilizer manufacturing technology drives the market. The surplus and deficit imbalances in various regions for several fertilizers is another factor that augments the market growth. Further, higher crop yield, ease of application, management of fertilizers, and rise in in-transport and storage of fertilizers across regions also boost the market growth. However, environmental impact of chemical fertilizers and stringent government regulations on these chemicals majorly in Europe limits the market growth.
The urea application accounted for the maximum share, in terms of volume, in 2016. Moreover, this segment witnesses strong demand in countries such as China and Japan owing to its wide availability as dry granular sources of nitrogen. It is preferred by the fertilizer manufacturing industry since it is relatively easy to manufacture. However, urea undergoes chemical transformations when transported, and may lead to quality loss if related additives are not used while manufacturing this fertilizer. Hence, fertilizer additives are deployed on large scale during the production of urea.
Key Findings of the Fertilizer Additives Market:
In terms of value, the anti-caking agents are anticipated to exhibit the highest growth rate of 2.8% during the analysis period.
Asia-Pacific is projected to lead the market in 2023, and is estimated to grow with a CAGR of 2.5%, in terms of value.
The powdered fertilizers occupied nearly one-fifth of the total market in 2016.
China occupied nearly half of the total Europe fertilizer additives market in 2016.
In terms of value, South Africa is expected to grow at a CAGR of 3.5% from 2017 to 2023.
In 2016, Asia-Pacific accounted for more than half of the total fertilizer additives market, and is expected to continue this trend, owing to rapid growth of agriculture industry, specifically in China, India, Japan, and the other developing countries.
The major companies profiled in the report include Clariant, KAO Corporation, Amit Trading Ltd., Novochem Group, Filtra Catalysts & Chemicals Ltd., Arrmaz, Chemipol, Forbon Technology, Michelman, and Tolsa Group.
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