by The global nitrogenous fertilizers market is experiencing a substantial upswing in demand, driven by the burgeoning agricultural sectors need for enhanced crop nutrition and productivity. Nitrogenous fertilizers, which primarily consist of nitrate and ammonical forms of nitrogen, play a pivotal role in ensuring optimal crop growth and yield.
Diverse Forms of Nitrogenous Fertilizers
Nitrogenous fertilizers are categorized into four main forms based on the types of nitrogen they contain: nitrate fertilizers, ammonical fertilizers, ammonical-nitrate fertilizers, and amide fertilizers. These fertilizers are vital to address the nutritional requirements of a wide range of agricultural commodities, including vegetables, fruits, cotton, and cereals, thus fostering the growth of the nitrogenous fertilizers market.
Climate Variability Impact and Catalyst Fertilizers
The nitrogenous fertilizers market is also influenced by fluctuations in climatic conditions, leading to seasonal variations in crop supply and demand. Catalyst fertilizers, which accelerate crop growth, have become integral to modern agriculture. According to the Food and Agriculture Organization of the United Nations (FAO), global fertilizer use, including nitrogen (N), phosphate (P2O5), and potash (K2O), is expected to reach 186.67 million tonnes, reflecting a 1.4 percent increase from 2015.
Synergy with Commercial Agriculture
The expansion of commercial agriculture, focused on profit-oriented crop cultivation for domestic and international markets, has significantly contributed to the nitrogenous fertilizers markets growth. The utilization of advanced technology and infrastructure, alongside the rising global population, has driven this trend. The adoption of nitrogen-based fertilizers and cutting-edge agricultural machinery, such as soil sensors and drones, has led to increased yields, further boosting the demand for nitrogenous fertilizers.
Urea Emerges as a Key Growth Driver
Urea, with its high nitrogen content and cost-effectiveness, is projected to be the fastest-growing segment in the nitrogenous fertilizers market. It is readily soluble in water and widely used worldwide, particularly in China and India, which are major producers and consumers of urea. According to the International Fertilizer Association (IFA), global urea demand is expected to grow at a rate of 1.6 percent annually until 2022.
Rising Demand in Asia Pacific
The Asia Pacific region is poised to dominate the nitrogenous fertilizers market in the coming years. Favorable climate conditions, extensive cultivation areas, and a substantial rural population contribute to this dominance. China, the worlds largest consumer of nitrogenous fertilizers, relies on these fertilizers to ensure food security and boost both grain and non-grain crop yields. Rice and oil palm production are prominent users of nitrogenous fertilizers in the region, driven by population growth and economic expansion.
Competitive Landscape
Key players in the nitrogenous fertilizers market include Yara International ASA (Norway), CF Industries Holdings (US), Koch Fertilizer, LLC, Nutrien (Canada), and EuroChem Group AG (Switzerland). These industry leaders are making substantial investments in technology and production facilities to meet the growing demand for nitrogenous fertilizers.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/nitrogenous-fertilizers-market
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COMTEX_442019091/2840/2023-10-17T11:42:58
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.