Global Controlled Release Fertilizers Market to Exhibit 5.6% CAGR during 2016-2024 due to Growing Demand from Asia Pacific
Controlled release fertilizers refer to enhanced efficiency fertilizers that release nutrients gradually into the soil. These fertilizers are usually encapsulated or coated with organic or inorganic materials that regulate the rate, duration, and pattern of plant nutrient release. Cellulose acetate, polyacrylonitrile, and polysulfone are the common polymer materials used to encapsulate controlled release fertilizers. The global controlled release fertilizers market is projected to be worth US$3.92 bn by 2024. The overall market stood at a valuation of US$2.41 bn in 2015.
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Shift towards Sustainable Agriculture to Boost Demand for Controlled Release Fertilizers
Rise in population worldwide and the shift towards sustainable agriculture have propelled the demand from the global controlled release fertilizers market. However, the high cost of controlled release fertilizers compared to conventional chemical fertilizers is expected to hamper the growth of the market in the next few of years. The overall market has a huge scope to grow with the potential applications of controlled release fertilizers in lawns and gardens.
Application of Controlled Release Fertilizers across Cereals and Grains Segment is Likely to Expand in Near Future
On the basis of product type, the global controlled release fertilizers market has been categorized into polymer coated urea, polymer sulfur coated urea/ sulfur coated urea, polymer coated NPK fertilizer, and others including coated micronutrients. Volume-wise, polymer sulfur coated urea/ sulfur coated urea is the largest product segment and accounted for more than 45% of the overall market in 2015. Polymer coated urea was the second-largest product segment in 2015 and is anticipated to expand at a significant rate in the years to come.
In terms of applications, the global controlled release fertilizers market has been segmented into oilseeds and pulses, cereals and grains, fruits and vegetables, and others including ornamental plants and turfs. The cereals and grains segment is likely to expand during the period between 2016 and 2024. In 2015, this segment held over 45% of the overall market. The others segment was the second-largest application segment in the market in the same year.
Increased Agricultural Activities in Asia Pacific to Drive Demand from Global Controlled Release Fertilizers Market
The global controlled release fertilizers market has been segmented into five key regions: Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. In terms of volume, Asia Pacific emerged as the largest market for controlled release fertilizers in 2015.In the near future, the controlled release fertilizers market in the region is estimated to expand significantly owing to the rise in agriculture and horticulture activities. In North America and Europe, the market is projected to register a modest growth rate in the coming years.
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Some of the prominent players in the global controlled release fertilizers market are 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, AgroBridge (Malaysia), Agrium Inc, ICL Specialty Fertilizers, Haifa Chemicals ltd, Central Glass Co Ltd, and The Chisso Corporation.
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