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Controlled Release Fertilizers Market - Future Demand and Growth Analysis with Forecast 2024
Controlled Release Fertilizers Market
In terms of revenue, the global controlled release fertilizer market is estimated to reach a valuation of US$3.92 bn by the end of 2024, increasing from its valuation of US$2.41 bn in 2015 at a CAGR of 5.6% during the forecast period of 2016–2024. By volume, the market is projected for a growth rate of 5.7% during the same forecast period.
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Polymer Sulfur Coated Urea Segment Serves Maximum Demand
Based on product, the global controlled release fertilizers market is segmented into polymer coated NPK fertilizer, polymer coated urea, sulfur coated urea or polymer sulfur coated urea, and others fertilizers, for example coated micronutrients. Out of these, the demand for polymer sulfur coated urea or sulfur coated urea stood at 1.4 mn tons in 2015 and is expected to reach 2.5 mn tons by 2024. Sulfur coated urea has proven to be efficient substitute to urea due to its resource saving, environment-friendliness, and reduced labor requirements.
Application-wise, the segment of cereals and grains are most important as they are essential part of traditional diets in emerging economies of Asia Pacific. Increase in population, government encouragements to adopt sustainable agriculture practices to increase the production with efficient use of chemical fertilizers are some of the factors that are expected to further boost the demand for these crops.
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Asia Pacific Most Lucrative Region
Region-wise, Asia Pacific contributed more than two third of the demand in the global controlled release fertilizer market and is expected to remain most lucrative region throughout the forecast period. In terms of volume, China was the most prominent consumer of controlled release fertilizer in Asia Pacific, followed by Japan and ASEAN, in 2015. Together, these accounted for 92.4% of the total demand from Asia Pacific. Demand for controlled release fertilizer is estimated to rise faster than water soluble fertilizers in Asia Pacific, although the lack of awareness about the benefits of these fertilizers and premium cost is hindering the market from achieving its true potential in this region.
The global controlled release fertilizers market is mildly concentrated in nature with top three players, holding nearly half of the shares in 2015. Some of the key companies in this market are Shikefeng Chemical Industry Co. Ltd., Kingenta Ecological Engineering Group Co., Ltd., ATS Group, AgroBridge, EuroChem Agro Gmbh, Central Glass Co., Ltd., Greenfeed Agro Sdn. Bhd., Hanfeng Evergreen Inc., Nufarm Ltd., HIF TECH SND. BHD., Compo GMBH & Co. KG, Haifa Chemicals Ltd., ICL Specialty Fertilizers, Scotts Miracle-Gro Company, Ekompany Agro B.V., The Chisso Corporation, and Agrium Inc.
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