Nitrogen Fertilizers Market Size: USD 2.6 billion in 2020, Growth: 4.3%, Trend: Shutting down of many companies and uncertain supply chain and production.
The global Nitrogen Fertilizers Market is expected to reach USD 3.4 Billion by 2028, with a CAGR of 4.3%, according to a novel report by Reports and Data. Amplified focus on the crop productivity and cumulative demand for crops for livestock feed preparation is expected to increase the growth of the Nitrogen Fertilizers market.
Nitrogen, Phosphorus, and Potassium are the essential components required for plant growth. Nitrogen Fertilizers are gaining popularity, considering their positive effects on crop yield and quality. They are designed in a way to meet the primary requirements of the crop in a single product. These fertilizers enhance the water and nutrient use efficiency to reduce the further application cost.
Rising awareness and utilization of Nitrogen Fertilizers for high crop yield coupled with increasing demand for enriched food grains and products is propelling the market for Nitrogen Fertilizers. Also, the worldwide shrinking farms and concerns to meet the food safety levels are driving the market for Nitrogen Fertilizers.
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Top Companies: Borealis AG (Austria), Olam International (Singapore), CF Industries Holdings (US), Coromandel International (India), BASF SE (Germany), Yara International (Norway), Adventz Group (India), FEECO International, Inc. (Norway), K + S Aktiengesellschaft (Germany), Potash Corporation of Saskatchewan (Canada Haifa Group (Israel), The Mosaic Company (US), Hindalco (India), Agrium (Canada), Deepak Fertilisers Petrochemicals Corporation Ltd. (India)
Further Key Finding from the Report Suggestion:
- On the basis of nutrient type, the phosphorous sector is evaluated to lead the market with the highest market revenue generation during the projected period due to tremendous demand for phosphate in the farming industry to improve the overall health of the plant/crop.
- In context to the application, the foliar section is assessed to hold a considerable share of the Nitrogen Fertilizers market and expand with the fastest CAGR during the prediction period due to precise agriculture. The fertigation segment is estimated to occupy a significant market share as this procedure is highly effective for crop nourishment and provides appropriate nutrients considering soil fertility.
- Based on the form, the dry form of the fertilizers is foreseen to dominate the market due to its long shelf life, cost-effectiveness, and easy storage, plus it remains in the field/farm for a longer period.
- The liquid form is assumed to grow steadily at the review time as these fertilizers are easily mixed with the irrigated water sprayed on the fields and farms.
- North America is predicted to rise with a substantial CAGR of 3.4% during the estimated period due to the reduced available plowable land and growing awareness among farmers about the necessity of nutrients and fertilizers for good quality crop yield.
- Asia Pacific region is expected to hold the largest share of the total Nitrogen Fertilizers market due to the rapidly growing population and the evolving food patterns of people, rapid urbanization, and rising disposable income, mainly in South Asia.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Nitrogen Fertilizers Market is segmented into:
Based On Nutrient Type: (Revenue, USD billion, 2018 - 2028)
- Secondary Nutrients
- Micro Nutrients
Based On Crop Type: (Revenue, USD billion, 2018 - 2028)
- Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
Based on Form: (Revenue, USD billion, 2018 – 2028)
Based On Application: (Revenue, USD billion, 2018 – 2028)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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