Global nitrogenous fertilizer market is expected to grow significantly over the forecast period owing to the rising demand for food on account of rising population. Nitrogenous fertilizers are of two types namely chemical nitrogenous fertilizers including urea, ammonium chloride and ammonia and mineral nitrogenous fertilizers including nitric acid, potassium nitrate and nitrite.
These fertilizers provide higher crop yield and productivity for producing various crops including grains, oil-seeds, cereals, vegetables and fruits. Increasing R&D and rising investments by various governments including China, India and the U.S. on agricultural industry is expected to boost the demand over the next seven years.
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Moreover, limited area for agricultural use and depleting soil quality is expected to spur the market over the projected period. However, environmental and health concerns related to fertilizers and volatile raw material cost is expected to restrain the growth over the forecast period. Asia Pacific will be the largest market pertaining to the rising population and increasing demand for foods. Moreover, lack of water supplies and changing climatic conditions in China and India is likely to propel farmers to use nitrogenous fertilizers over the forecast period.
Furthermore, India being a country rich in agricultural sources is likely to grow substantially over the next seven years. North America is expected to contribute significantly over the projected period owing to the shale gas boom which is predicted to reduce the price of natural gas that is used in the production of nitrogenous fertilizers. Moreover, increasing demand for exports especially from the U.S. is likely to fuel market demand.
Latin America is expected to provide an ocean of opportunity owing to high production of sugarcane and corn in this region. Moreover, large area for cultivation will be a key driver for higher investments over the forecast period. Europe is expected to have substantial growth owing to unfavorable climatic conditions which is likely to aggravate the demand for fertilizers in this region.
Global key players include Agrium Inc., Yara International ASA, Coromandel International Ltd., KOCH Industries Inc., Potash Corp. of Saskatchewan, CVR Partners, L.P., Bunge Ltd., Sinofert Holdings Ltd., EuroChem and CF Industries Holdings Inc. EuroChem offers nitrogenous fertilizers including urea, calcium ammonium nitrate, ammonium nitrate, urea ammonium nitrate solution, aqua ammonia and anhydrous ammonia used in fruit farming, field crops, horticulture, and viticulture.
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