ALBANY, New York, April 21, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Controlled Release Fertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024." According to the report, the global controlled release fertilizers market was valued at US$2.41 bn in 2015 and is projected to reach US$3.92 bn by 2024, expanding at a CAGR of 5.6% between 2016 and 2024.
Controlled release fertilizers incorporate one or more plant nutrients in an encased form that delays their accessibility for plant uptake and usage after application. Air temperature and thickness of the coating dictate the release rate of the nutrient. Controlled release fertilizers offer various advantages over conventional fertilizers. They diminish toxicity to seedlings and contribute to improved agronomic safety. They also help lower lethal gas emissions (N2O) and losses of valuable nutrients, particularly losses of nitrate nitrogen between applications and uptake by the plant through steady nutrient release.
Polymer sulfur coated urea/sulfur coated urea, polymer coated urea, polymer coated NPK fertilizer, and others (including coated micronutrients) are the primary product segments of the controlled release fertilizers market. Sulfur coated urea is a urea granule that is coated with suspension of liquid sulfur to safeguard the coating uniformity of each granule. The urea is coated with molten sulfur and wrapped with polyethylene oil or microcrystalline wax. Polymer sulfur coated urea is a urea granule coated with polymer after it is coated with sulfur. The coating enhances the durability and flexibility of sulfur coated urea. Demand for polymer sulfur coated urea/sulfur coated urea is expected to rise significantly in the near future, as it has demonstrated to be an efficient alternative to urea due to its environment-friendly, resource saving, and labor saving characteristics.
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Controlled release fertilizers are employed in numerous applications such as cereals & grains, oilseeds & pulses, fruits & vegetables, and others (turf, ornamental plants, etc.). In terms of volume, the cereals & grains segment held more than 49% share of the global controlled release fertilizers market in 2015. Demand for polymer sulfur coated urea/sulfur coated urea fertilizers is anticipated to be dominated by production and consumption of cereals and grains. Cereals and grains are an important part of traditional diet in developing economies of Asia Pacific. Growth in population is estimated to boost the demand for these crops. Cereals & grains account for two-third share of the calorie intake in the average Asian diet.
Asia Pacific constituted more than half of the share of global controlled release fertilizer market in terms of volume in 2015. It was the largest market for controlled release fertilizers, followed by North America, Europe, Latin America, and Middle East & Africa in 2015. China is projected to remain the fastest growing market for controlled release fertilizers in Asia Pacific and across the globe during the forecast period; however, the economic slowdown is likely to affect the demand for controlled release fertilizers in China to some extent.
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/controlled-release-fertilizers-market.htm
Growth in the global population coupled with the shift toward sustainable agriculture is anticipated to drive the controlled release fertilizer market during the forecast period. However, lack of awareness regarding the benefits of controlled release fertilizer and high cost vis-à-vis conventional chemical fertilizers may hamper market growth. Furthermore, prospective application of these fertilizers in the turf grass and lawn care industry is estimated to provide immense growth opportunities to the market during the forecast period.
Key players operating the market include ATS Group, Greenfeed Agro Sdn. Bhd, The Scotts Miracle-Gro Company, HIF TECH SDN. BHD, Compo GMBH & Co. KG, Agrium Inc, Ekompany, Shikefeng Chemical Industry, AgroBridge (Malaysia), Haifa Chemicals ltd, Agrium Inc, Central Glass Co Ltd, ICL Specialty Fertilizers and The Chisso Corporation. Hanfeng Evergreen Inc was a major player in the controlled release fertilizers market. However, as of 2014, the company had been delisted from the Toronto Stock Exchange. It is not a viable competitor in the global controlled release fertilizers market. Companies plan to invest in research and development activities to produce superior grades of controlled release fertilizers for end-user industries. Additionally, they are concentrating on increasing their manufacturing capacities and launching new business units in developing markets in order to strengthen their customer base.
The report segments the global controlled release fertilizers market into:
Controlled Release Fertilizers Market - Product Analysis
- Polymer sulfur coated urea/sulfur coated urea
- Polymer coated urea
- Polymer coated NPK fertilizer
- Others (including coated micronutrients)
Controlled Release Fertilizers Market - Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (turf, ornamental plants, etc.)
Controlled Release Fertilizers Market - Regional Analysis
- Rest of North America (RoNA)
- Rest of Europe
- Rest of Asia Pacific (APAC)
- Rest of Latin America (LATAM)
Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)
Browse Regional Market Research Analysis: http://www.europlat.org/global-controlled-release-fertilizers-market-to-reach-us3-92-bn-by-2024-china-to-remain-largest-and-fastest-growing-market-for-crfs.htm
Browse Other Research Reports:
- Asia Pacific Controlled Release Fertilizers Market: http://www.transparencymarketresearch.com/asia-pacific-controlled-release-fertilizers-market.html
- Biofertilizers Market: http://www.transparencymarketresearch.com/biofertilizers-market.html
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