Global Controlled Release Fertilizers Market to Expand at 5.6% CAGR during 2016-2024 due to Growing Demand for Agricultural and Horticultural Applications
According to a recent market research report published by Transparency Market Research, the global controlled release fertilizers market is anticipated to expand at a CAGR of 5.6% during the period between 2016 and 2024. The report, titled “Controlled Release Fertilizers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024” projects the global controlled release fertilizers market to be worth US$3.92 bn by 2024. The overall market stood at a valuation of US$2.41 bn in 2015.
Controlled release fertilizers are a type of enhanced efficiency fertilizers. These granulated fertilizers release nutrients gradually into the soil. Controlled release fertilizers are usually encapsulated or coated with inorganic or organic materials such as polyacrylonitrile (PAN), polysulfone (PSF), and cellulose acetate (CA). These materials regulate the pattern, rate, and duration of plant nutrient release from the fertilizers. Usually, controlled release fertilizers are used in horticulture and agriculture applications.
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The report states that the rapid growth in population worldwide has led to a gradual shift towards sustainable agriculture to ensure food security. As a result, the demand for fertilizers such as controlled release fertilizers has surged. However, the lack of awareness among farmers and the high cost of controlled release fertilizers compared to conventional chemical fertilizers are expected to hamper the growth of the global controlled release fertilizers market during the forecast period. The overall market has a huge potential to grow with prospective applications of controlled release fertilizers across lawns and gardens.
On the basis of product type, the report has segmented the global controlled release fertilizers market into polymer coated urea, polymer sulfur coated urea/sulfur coated urea, polymer coated NPK fertilizer, and others including coated micronutrients. During the forecast period, polymer sulfur coated urea/sulfur coated urea is anticipated to dominate the overall market. This product segment held over 45% of the market in 2015.
The report studies the global controlled release fertilizers market across five key regions: Latin America, Asia Pacific, the Middle East and Africa, North America, and Europe. In 2015, Asia Pacific emerged as the largest market for controlled release fertilizers, in terms of volume, closely followed by North America and Europe. The rapid growth of the Asia Pacific controlled release fertilizers market can be attributed to the growing demand from the horticultural and agricultural fields. During the forecast horizon, the market is anticipated to witness modest growth across Europe and North America.
Describing the competitive landscape, the report profiles some of the key players in the global controlled release fertilizers market such as Greenfeed Agro Sdn. Bhd., ATS Group, The Scotts Miracle-Gro Company, Compo GMBH & Co. KG, HIF TECH SDN. BHD, Agrium Inc, Shikefeng Chemical Industry, Ekompany Agro B.V., AgroBridge (Malaysia), Agrium Inc, Haifa Chemicals ltd, ICL Specialty Fertilizers, Central Glass Co Ltd, Kingenta Ecological Engineering Group Co. Ltd., and The Chisso Corporation. Profiles of the market players include parameters such as financial overview, company overview, business strategies, and recent developments.
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