Albany, NY -- (SBWIRE) -- 09/24/2018 -- Nitrogen helps in fast growth and provides better texture and color to plants and thus increases agricultural productivity. The Haber Bosch process is the most commonly used process for the production of nitrogenous fertilizers. Natural gas is among the major raw materials employed in Haber Bosch process. Other raw material sources include animal manure and compost, among others.
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The nitrogenous fertilizer market can be bifurcated on the basis of its ingredients that include nitrate, ammonium, urea, amine and others. Urea-based nitrogenous fertilizers have been the most dominant product segment in terms of consumption. Ammonium nitrate is expected to be the fastest growing segment in the near future. Nitrogenous fertilizers have been segregated on the basis of their end-use as grains, cereals and oil seeds, among other. Grains such as rice and corn dominate the global demand for nitrogenous fertilizer and the trend is expected to continue during the forecast period.
Demand for nitrogenous fertilizers is mainly dependent on the demand for food in any region. Hence, population and increasing disposable income are among the foremost driving factors for the nitrogenous fertilizer market growth. High productivity and subsequent yield of nitrogenous fertilizers and their comparative benefits over other fertilizers have been major factors driving the demand for these fertilizers. Extensive research & development activities by all major companies to develop more efficient and eco-friendly nitrogenous fertilizers have also been driving the market growth. Volatile raw material prices and several environmental and health hazards associated with nitrogen-based fertilizers has been a major factor restraining demand for nitrogenous fertilizers.
Asia Pacific has been dominating the global nitrogenous fertilizer market and this trend is expected to continue in the near future. Asia Pacific comprises of two of the largest countries in terms of population, namely India and China, which are also among the fastest developing economies. Huge population numbers, high GDP growth rates and increasing disposable incomes in the developing economies of India and China have been among the foremost drivers for the nitrogenous fertilizer market growth in the region. Rice production is expected to dominate the demand for nitrogenous fertilizers in Asia Pacific.
North America is the second largest consumer of nitrogenous fertilizers. The U.S. dominates the nitrogenous fertilizer market in North America. In Europe, the demand for nitrogenous fertilizers is driven by the growing demand for ammonium nitrate. Demand for nitrogenous fertilizer in North America and Europe is anticipated to grow at a sluggish rate primarily owing to market saturation. Increasing demand for nitrogenous fertilizer in South America is expected to offer huge growth opportunity for the market. High production of sugarcane and corn in South America is expected to drive the market in the region. RoW is expected to be the fastest growing region in the near future.
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Raw material procurement is among the critical success factors for growth in the nitrogenous fertilizer market. The market is characterized by volatile raw material prices thus reducing the threat of new entrants. Economies such as China, India, U.S. and Russia dominate the global nitrogenous fertilizer market, both in terms of production as well as consumption. Owing to raw material procurement issues, the nitrogenous fertilizer market is concentrated and dominated by few major players in these geographical regions. Major players in the nitrogenous fertilizer market include Yara International ASA, Coromandel International Ltd., CF Industries Holdings Inc., Potash Corp. of Saskatchewan, Agrium Inc. and Eurochem, among others.