Nitrogen Fertilizer Market Scope
Growing Consumption of urea-based nitrogenous fertilizers will help to boost the global nitrogen fertilizer market in the forecasted time period. Nitrogen Fertilizer is one of the most common kinds of fertilizers created out of nitrogen (N) chemical combinations. It is considered as an organic fertilizer, the plant nutrient must contain 5% minimum of nitrogen. Urea is the most extensively used nitrogenous fertilizer around the world, mainly because of the high nitrogen content (46%). However, excessive uses of these nitrogen fertilizers might degrade soil fertility, in turn, it will stagnate the demand for these fertilizers.
The market study is being classified by Type (Urea, Calcium Ammonium Nitrate (CAN), Ammonium Nitrate, Ammonium Sulphate, Ammonia and Other Nitrogenous Fertilizers), by Application (Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, Turf and Ornamentals and Other Applications) and major geographies with country level break-up. According to AMA, the Global Nitrogen Fertilizer market is expected to see growth rate of 3.13% and may see market size of USD115.24 Million by 2024.
Research Analyst at AMA predicts that Asian Vendors will contribute to the maximum growth of Global Nitrogen Fertilizer market throughout the predicted period.
Coromandel International (India), Yara International ASA (Norway), CF Industries Holdings, Inc. (United States), Agrium (Canada), Bunge Limited (United States), CVR Partners LP (United States), Koch Industries, Inc. (United States), Sinofert Holdings Limited (China), EuroChem Group AG (Switzerland) and Potash Corporation (Canada) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Nutrien Ltd. (Canada), OCI N.V. (Netherlands) and SABIC (Saudi Arabia).
AdvanceMarketAnalytics has segmented the market of Global Nitrogen Fertilizer market by Type, Application and Region.
On the basis of geography, the market of Nitrogen Fertilizer has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
According to the International Fertilizer Association (IFA), the demand for urea across the globe is expected to increase at 1.6% per annum, to reach 188 million metric ton, by 2022, while the supply (effective capacity) may reach 197 million metric ton. Over the course of the forecast period, the regional demand for urea is projected to increase in all regions, except Europe, with Latin America, South Asia, and Southeast Asia being the largest contributors.
According to the Indian Government's Department of Fertilizers, there are 30 urea units in the country out of which 27 urea units use Natural Gas (using either domestic gas/LNG or both) and remaining three urea units use Naphtha as feedstock. The MRP of urea is statutorily fixed by the Government of India and it is around 5000 rs. per MT (exclusive of the Central/State Taxes), which includes Rs. 180/MT as dealer margin for private traders/PSUs & Rs. 200/MT for Co-operatives and Rs. 50/MT to retailers for acknowledging the receipt and reporting the stock in mFMS (iFMS) as an additional incentive.
- Robust Growth and Applications of Urea which is one of the Most Commonly Used Nitrogen Fertilizer
- Growing R&D in Minimizing the Side Effects of Nitrogen Fertilizers
- Growing Need for Increased Crop Yield Across the Globe
- Increasing Adoption of Nitrogen Fertilizers across the Developing Countries
- Increasing Production of Corn and Sugar Cane from Asian and African Agricultural Land
- Growing Need for Increased Soil Fertility due to Increasing Population
- Excessive Fertilizer Use Minimises the Crop Yield
- Availability of Numerous Fertilizer Substitutes
- Volatile Raw Material Prices and Lack of Awareness from Underdeveloped Regions
- Stringent Manufacturing Regulations and Standards
Key Target Audience
Nitrogen Fertilizers Manufacturers, Nitrogen Fertilizers Distributors and Traders, Nitrogen Fertilizers Upstream & Downstream Buyers, Government Agencies, Research and Development Institutes, Agricultural Industry Associations, Non Profit Organizations and Others
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