Global NPK Fertilizer Market 2018 By Types : Chlorine-based Compound Fertilizers, Sulfur-based Compound Fertilizers, Nitro-based Compound Fertilizers, Urea-based Compound Fertilizer
Fertilizers contain nutrients that are required by plants, which help farmers in improving the growth, quality, and yield of the plant. NPK is an aggregate term used for fertilizers containing two or three fertilizer macronutrients that can cover numerous scores of formulation and distinctly unique process types. These fertilizers help in increasing the nutrient content in soil and water use efficiency, which, in turn, reduce application costs.
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P-K pertains to the proportion of essential components in a fertilizer or soil amendment. N stands for nitrogen, which is in charge of strong stem and foliage development. P is for phosphorus, which helps in solid root development and flower and seed generation. K stands for potassium, which is in charge of enhancing the overall health of the plant and provides resistance to various plant-related diseases. An npk fertilizer is generally considered as a chemical fertilizer, however, npk applies to any soil revision that provides Nitrogen, Phosphorous, and Potassium, including natural composts.
An organic NPK fertilizer can be fast-releasing or slow-releasing. Numerous fertilizers have both quick-releasing reactive nutrients, and more recalcitrant elements that break down slowly and supply an even stream of nutrients over a long period of time. While, many organic NPK fertilizers need soil organisms, in order to break down and release the nutrients in the soil. This helps them to release more quickly in the soil when it is warm and the soil food web is the most active.
The demand for potassium is expected to grow more firmly than phosphorous and nitrogen, owing to the increase in the recycling of organic nutrient sources and the progressive adoption of the best management practices by the farmers that result in improving the efficiency of nitrogen usage. One of the important factors responsible for driving the growth of the NPK market is the high demand for high-efficiency NPK fertilizers.
Furthermore, demands on agriculture to improve yields are increasing to boost crop production and grow more a more diverse range of crops, which, in turn, have fuelled a rise in both volumes and diversity of grades of NPK consumption over the world. In this way, farmers are able to better understand the optimum ratio requirements of the N, P, and K nutrients necessary to achieve enhanced yield performance. In well-established agri-economies, these difficulties are driving agriculture towards more sophisticated practices, which has resulted in the increasing adoption of precision farming technologies, with a greater focus on meteorological forecasting, agro-economics, and crop response analysis.
The enhanced nutrient content in the NPK fertilizers that has further enhanced the crop protection and the ease of use & application are some of the other factors responsible for driving the growth of the market. Additionally, the rise in demand for NPk fertilizers has augmented the overall agricultural output to meet the global food requirements, which propels the growth of the market. A major factor driving the growth of the market is the upsurge in fertilizer prices that took place in 2008, encouraged the farmers to consider minimizing the nutrient losses, which, in turn, has amplified the productivity of each unit of nutrient used.
On the other hand, some of the major factors hindering the growth of the global NPK fertilizer market are the difficulties in supply cycle, lack of knowledge among the farmers, fluctuating storage and management costs, and strict regulatory norms related to their production and use. Increase in the usage of NPK fertilizers in emerging economies is expected to create ample opportunities for the growth of the overall market.
In 2016, Asia Pacific held the largest share of the market, owing to the presence of a large number of farming communities using NPK fertilizers in the countries of India and China. China is the biggest consumer of the NPK fertilizers in the world, accounting for over 50% of the global NPK consumption in 2014. In addition, it is also the fastest growing nation, having represented only 25% of global demand in 2007.
In North America, the U.S. is the major contributor to the NPK fertilizer market, owing to the high demand for the NPK fertilizers. The demand for NPK fertilizers is expected to grow at a faster rate as compared to others, and this trend is expected to continue over the coming years in Brazil, Africa, and South East Asia, owing to the high demand. The demand for NPk is expected to total 103 metric tonnes (Mt) by 2022, with NP demand increasing to 18 Mt.
Despite the fact that demand has been strong, the competition is expected to increase for the demand of the future. Access to raw material, cost competitiveness, circulation routes, and effective marketing endeavors will prove essential in figuring out which producers can best grasp the opportunity.
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