The top four players in the global controlled release
fertilizers market viz Shandong Shikefeng Chemical Industry Co. Ltd.,
Chisso Corporation, Kingenta Ecological Engineering Group Co., Ltd.,
and Agrium, accounted for 49.1% of the market in 2015. Players in the
market are directing their efforts to develop products that are
user-friendly, states a new report by Transparency Market Research
(TMR). In order to remain in leading positions, players are making
use of newer technologies, thus catering to the dynamic consumer
demands. Moreover, the growing population across the globe is
expected to compel manufacturers to increase their production
capacities so as to meet the demand for fertilizers.
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Players can establish long term connections with
suppliers for acquiring raw materials at fixed prices so as to avoid
volatility in costs. One of the trends seen in the market is the
shift in focus of players on emerging nations to take advantage of
cheap labor, thus ensuring low cost production.
According to the report published by TMR, the global
opportunity in controlled release fertilizers market will rise from
US$2.41 bn in 2015 to be worth US$3.92 bn by 2024, expanding at a
CAGR of 5.6% between 2016 and 2024. On the basis of product, the
market is expected to be led by polymer sulfur coated urea or sulfur
coated urea, the demand for which, is expected to rise from1.4 mn
tons in 2015 to 2.5 mn tons by 2024. The demand for sulfur coated
urea is high on account of its eco-friendliness, resource-saving
properties, and low labor requirements.
In terms of application, the cereals and grains
segment is expected to lead on account of motivation from various
governments to boost production with optimal use of chemical
fertilizers. By geography, the Asia Pacific market for controlled
release fertilizers is expected to continue to lead. China, followed
by Japan has been the most active consumer of controlled release
fertilizer in Asia Pacific. China and Japan collectively accounted
for 92.4% of the demand from Asia Pacific.
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Growing Initiatives by Farmers to Modernize
Farming Techniques to Drive Demand for Controlled Release Fertilizers
The growing population across the globe has led to
the depletion of arable land and this in turn has caused lower yield.
The high demand for food by the ever expanding population has
resulted in a surge in the demand for controlled release fertilizers
from many years. Controlled release fertilizers increase the crop
yield and are thus, in demand. Also, these fertilizers are the need
of the hour as the number of people quitting farming jobs and seeking
other occupations is growing. The growing disposable income of people
is creating a demand for food items such as high quality meat and
organic foods and this is driving the need for controlled release
fertilizers.
High Price of Controlled Release Fertilizers to
Restrict Adoption
Other factors driving the growth of the market
include increasing initiatives by farmers to modernize farming
techniques and a growing concern over food security, which is causing
governments across countries to adopt controlled release fertilizers
to boost production of crops and also to reduce import. Some of the
challenging factors for the market include high prices and a lack of
awareness among farmers, especially in emerging nations. The price of
these fertilizers is higher than conventional fertilizers owing to
the use of additives such as resins and polymer coatings.
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The information presented in this review is based on
a Transparency Market Research report, titled, “Controlled Release
Fertilizers Market (Product - Polymer sulfur coated urea/sulfur
coated urea, Polymer coated urea, Polymer coated NPK fertilizer;
Application - Cereals & grains, oilseeds & pulses, Fruits &
vegetables)- Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2016 - 2024.”
The global controlled release fertilizers market
is segmented as follows:
Controlled Release Fertilizers Market – Product
Analysis
- Polymer sulfur coated urea/sulfur coated urea
- Polymer coated urea
- Polymer coated NPK fertilizer
- Others (including coated micronutrients)
Controlled Release Fertilizers Market –
Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (including turf, ornamental plants, etc.)
Controlled Release Fertilizers Market - Regional
Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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