Market Research Report
Nitrogenous Fertilizer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, Form, Crop Type, Mode of Application, and Geography
|Published by||The Insight Partners||Product code||949732|
|Published||Content info||200 Pages
Delivery time: 1-2 business days
|Nitrogenous Fertilizer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, Form, Crop Type, Mode of Application, and Geography|
|Published: June 27, 2020||Content info: 200 Pages||
The global nitrogenous fertilizer market was valued at US$ 72,537.57 million in 2018, and it is expected to grow at a CAGR of 3.7% from 2019 to 2027, to reach US$ 100,304.42 million by 2027.
Nitrogen fertilizer is one of the most regular fertilizer categories produced with different chemical combinations of nitrogen; the fertilizers are commonly available in three forms-ammonia, nitrate, and urea. Once applied to the fields the fertilizers are absorbed by plants are converted into various other forms through chemical reactions. Their application helps confer better texture and color to plants, thus improving agricultural productivity. The Haber Bosch process is considered to be the most preferred technique for the production of nitrogenous fertilizers. Natural gas is one of the significant raw materials used in the Haber Bosch process, along with other materials such as animal manure and compost. The increase in population is capitalizing the food security needs, which emphasizes the need to use such fertilizers to supply essential nutrients in soil to promote the soil quality, ultimately leading to higher yields.
The nitrogenous fertilizer market, based on type, is segmented into urea, ammonium nitrate, ammonium sulfate, ammonia, calcium ammonium nitrate, and others. The urea segment accounted for the largest share of the global market in 2018, whereas the market for ammonium sulfate is expected to grow at the highest CAGR during the forecast period. Urea is freely soluble in water and is among the cheapest nitrogenous fertilizers, considering the per-unit cost of nutrients. It is offered in solid, white, granular, and slightly hygroscopic form. It is also applied in solution form as a spray. Most of the crops react effectively to the urea application. Upon application to the soil, urea undergoes decomposition in the presence of urease enzyme synthesized by soil microorganisms. The conversion of urea into nitrate, as a result of a complete decomposition, takes place in about one week's time. Urea is relatively resistant to leaching.
The Nitrogenous fertilizer market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Asia Pacific held the largest share of the market in 2018, followed by North America. The abundant availability of raw materials required for the production of nitrogenous fertilizers, coupled with rise in the commercial farming activities, is expected to boost the growth of the market in the coming years. The increasing investment in sustainable form of products and growing focus toward expansion of nitrogenous fertilizers are other factors that are expected to drive the growth of the market during the forecast period.
Bunge Limited; CF Industries Holdings, Inc.; EuroChem Group; Koch Fertilizer, LLC; Nutrien Ltd; OCI Nitrogen; SABIC Group; Sinofert; Togliattiazot (TOAZ); and Yara International ASA are among the well-established players present in the global nitrogenous fertilizer market.
The nitrogenous fertilizer market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the nitrogenous fertilizer market.
Highlights key business priorities to assist companies realign their business strategies.
Features key findings and crucial progressive industry trends in the global nitrogenous fertilizer market, thereby allowing players to develop effective long-term strategies.
Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.