The globalNitrogenous Fertilizer Marketsize was valued at USD 68.45 billion in 2020 and is projected to reach USD 77.99 billion by 2028, registering a CAGR of 4.5% during the forecast period.
The demand for nitrogen fertilisers is expected to increase, largely because of the need to improve agricultural productivity. Recent estimates by the United Nations Food and Agriculture Organization (FAO) indicate that chronic hunger, which continues to affect more than 800 million people, will only grow as the global population exceeds 9 billion by 2050. Feeding that would enable several individuals to increase total food production by some 60 percent by 2050. Agricultural intensification using fertilisers and best management practises are the best way possible to do this without agricultural extensification, which requires increased conversion of natural ecosystems to agriculture, loss of biodiversity, and a large rise in greenhouse gas emissions.
Companies operating in the global market for nitrogen fertilisers concentrate on RD and new product launches that are more effective and have the least environmental effects. For example, Corteva Agriscience, the Agricultural Division of DuPont de Nemours, Inc., launched a new PinnitMax above-ground nitrogen stabiliser in December 2018. The product would stop the volatilization of urea and UAN applications and ensure that the nitrogen gets into the root zone for ideal crop uptake.
The effect of nitric acid on human bodies would be one of the constraints of the nitric acid industry. Action with nitric acid can result in burns to the throat, mouth, and stomach and can often prove to be lethal. In addition, because nitric acid derivatives are used in fertilisers, there has also been a considerable amount of nitric acid contained in soil and groundwater, which can prove to be significantly harmful to both humans and the environment. Strict environmental laws have also curbed the use of nitrogen fertilisers in North America and Europe. In the coming years, such regulations are likely to limit the growth of the nitric acid industry.
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Top Companies:
Yara International ASA, Nutrien Ltd., EuroChem Group AG., CF Industries Holdings Inc., PJSC Togliattiazot, Koch Fertilizers, LLC, OCI Nitrogen, Sinofert Holdings Limited, Coromandel International Ltd., and URALCHEM Holding Plc.
Market Insights:
Rising global energy demand, increasing regulatory environmental pressure and highly volatile oil gas prices have put great "deal" to other alternative energy sources. There is increased awareness and commitments across firms regarding "Green" energy sources. The demand for green has been driven by environmental pollution caused by conventional energy sources. The energy industry is largely controlled by utilities sector and government in most of the emerging nations like BRIC nations .However, dynamics are drastically changing driven by new policy changes, relaxing the FDI norms in the sector, increased privatization, new capital investments of power projects by both public private, smart grid to better manage services reduce transmission losses, use of smart metering and and growing electricity demand.
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Regions covered by the report:
North America(U.S.A., Canada, Mexico)
Europe(U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific(India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America(Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa(Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Nitrogenous Fertilizer Market Segmentation:
Product Outlook
Urea
Ammonium Nitrate
Ammonium Sulfate
Ammonia
Calcium Ammonium Nitrate (CAN)
Others
Application Outlook
Cereals Grains
Oilseeds Pulses
Fruits Vegetables
Others
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