Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Nitrogen is an essential nutrient element for the growth of crops and most of the nitrogen utilised by the plants is derived from synthetic nitrogen fertilizers. It is basically made from ammonia which is produced by Haber Bosch process. In this process the natural gas supplies the hydrogen and the nitrogen is derived from the air. Ammonia is used as a feedstock for all other nitrogen fertilizers, such as anhydrous ammonium nitrate and urea. The global nitrogenous fertilizers market is estimated and forecasted in terms of volume (KT) and revenue (USD million) generated by the market. The nitrogenous fertilizers market has gained sustainable growth owing to rising investment in research and development in agriculture sector and increasing demand of food and production globally. However, strict government regulations, environmental constrains, and increasing demand for bio- based fertilizers are the major factors restraining the growth of the nitrogenous fertilizers market. Based on type, the nitrogenous fertilizers market is bifurcated into urea, ammonium nitrate, ammonium sulphate, ammonia and calcium ammonium nitrate (CAN) and others including NPK blends, potassium nitrate, diammonium phosphate (DAP), monoammonium phosphate (MAP), etc. The urea segment accounted for largest market share in 2017 and is the most widely used dry nitrogenous fertilizer. The largest share of this segment is primarily attributed to lesser cost as compared to other fertilizers and high productivity. Additionally, Urea is classified as environment-friendly fertiliser which further boosts the market. Moreover, the ammonium nitrate segment is expected to grow at a faster pace during the forecast period owing to its benefits like faster root development and rapid nutrient absorption. By form, the global nitrogenous fertilizers market is bifurcated into dry and liquid. In 2017, the dry segment accounted for the largest segment and is anticipated to grow at the faster rate during the forecast period. The dry form of nitrogenous fertilizers dominates the market owing to cost effective, easy to handle and easily availability. Based on crop type, the market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables and others. The fruits & vegetable segment accounted for the largest share in 2017. Factors such as, increasing production of fruit & vegetables and growing concern and importance of nutrients for these crops is fuelling the growth of the market. Based on mode of application, the market is segmented into soil, foliar, fertigation and others. Among these, the fertigation segment is expected to account for largest share during the forecast period. The significant shift of farmers towards technological farming from traditional framing is primarily attributed to the rising adaptation of fertigation mode of application. By geography, the global nitrogenous fertilizers market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Globally, Asia Pacific is expected to be the fastest-growing region during the prediction period. Factors such as rising economic growth, increasing population, highest consumption rate and agriculture being a primary activity in the economy is fuelling the growth of nitrogenous fertilizers market in Asia Pacific region. Some of the key participants of the global nitrogenous fertilizers market are Bunge Limited, Agrium Inc., Bunge Ltd, CF Industries Holdings Inc, Coromandel International Ltd, CVR Partners, LP, Eurochem Group AG, Indian Farmers Fertiliser Cooperative, Koch Industries, Inc, Nufarm Ltd, Potash Corporation of Saskatchewan, Sinofert Holdings Limited, SQM and Yara International ASA. Agrium Inc and Potash Corporation of Saskatchewan are among the leading manufacturers of nitrogenous fertilizers globally. Furthermore, strategies such as expansions, as well as partnerships and agreements were also implemented by numerous market players to expand their R&D competences and geographic presence in the global market.
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