Nitrogenous Fertilizer Market to Expand with Significant CAGR During 2019
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.
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