According to the new research report published by The Insight Partners, titled “The Nitrogenous Fertilizer Market was valued at US$ 72,537.57 million in 2018 and is projected to reach US$ 1,00,304.4 million by 2027; it is expected to grow at a CAGR of 3.7% from 2019 to 2027. The report highlights key factors driving the market growth, and prominent players along with their developments in the market.
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Nitrogen from the air is used to create nitrogen fertiliser, which is subsequently subjected to intricate chemical reactions. Crop growth is aided by nitrogen, which also gives plants a better texture and colour. This increases agricultural productivity. For the manufacturing of nitrogenous fertilisers, the Haber Bosch process is thought to be the most popular method.
Demand for Nitrogenous Fertilizer Market
In East Africa, farmers use biomass as affordable fertilizers to supplement the demand of essential nitrogen in the plants. However, the increasing government investments on the agriculture sector, along with increasing penetration of manufacturers in the region, is expected to boost the utilization of such fertilizers in the coming years. Further, the demand for nitrogenous fertilizers is also rising from developing Asia Pacific economies. Rapid urbanization, along with growing need for food security, has propelled the utilization of such fertilizers to boost the agricultural productivity. Further, the rise in production of sugarcane and corn in South America is expected to drive the demand for nitrogenous fertilizers in this region during the forecast period.
Some of the companies competing in Nitrogenous Fertilizer Market are
- Bunge Limited
- CF Industries Holdings, Inc.
- EuroChem Group
- Koch Fertilizer, Llc
- Nutrien Ltd.
- OCI Nitrogen
- SABIC Group
- Sinofert
- TOGLIATTIAZOT (TOAZ)
- Yara International ASA
Impact Of Nitrogenous Fertilizer Market
Economic and industrial sectors in a number of nations, including the US, China, Russia, India, Italy, Iran, and Spain, have been impacted by the COVID-19 epidemic. One of the world's largest businesses, chemicals and materials, is experiencing significant disruptions as a result of this outbreak, including supply chain breakdowns, cancellation of technological events, and office closures. China is the center of the world's manufacturing, the biggest provider of raw materials to many industries, and one of the nation’s most severely impacted by the COVID-19 pandemic. In the upcoming months, it is projected that these variables would impede the development of the chemical and materials business and hence constrain the expansion of several markets that are connected to this industry.
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