Fertilizer Additives Market Dynamics
During the forecast period of 2022–2030, the market for fertiliser additives is anticipated to have demand growth of USD 4.60 billion at a 3.90% CAGR.
Since soil quality is deteriorating, farmers are increasingly turning to fertilizer additives to help them increase crop output. Demand is expected to be driven by the fertilizer industry's strong growth, as well as increasing population and decreasing per capita arable land. Furthermore, farmers are encouraged to use fertilizer additives due to diminishing arable land and increasing demand for agricultural supplements such as fertilizer additives to increase crop productivity. They've gained a lot of clout around the world because they help farmers increase both the quantity and quality of the crops they grow. Furthermore, the fertilizer additives market trends is expected to rise due to increasing demand for agricultural additives for overall agricultural support over the forecast period. The future growth of fertilizer additives, both in terms of volume and value, is highly reliant on global agricultural standards harmonization and the indoctrination of novel farming practices among farmers, especially in economically disadvantaged regions such as Africa, India, and Latin America. Based on empirical data on agricultural output, it is clear that rising food demand will boost food production, which will, in turn, lead to increased demand for fertilizer additives across the industry.
Fertilizer additives have a lot of nutritional benefits, which is why they're so common all over the world. Furthermore, one of the major reasons for the fertilizer additives market's growing growth during the forecast period is the enhancement of the commodity combined with technological advancements. However, adverse environmental effects from increased crop production using chemical fertilizers could stifle market growth over the forecast period. Furthermore, Covid-19 has a direct and negative effect on the fertilizer additives market's value chain. The lockdown in various countries has had a negative impact on transportation networks. As a result, producers have been forced to use their emergency raw material stockpiles to keep production going.
Competitive Analysis
Some of the key players profiled in the global fertilizer additives market: ArrMaz Custom Chemicals, Inc. (U.S.), Holland Novochem B.V. (the Netherlands), Kao Corporation (Japan), Clariant AG (Switzerland), Hubei Forbon Technology Co. Ltd. (China), Michelman, Inc. (U.S.), Filtra Catalysts & Chemicals Ltd. (India), Chemipol SA (Spain), Amit Trading Ltd. (India), and Tolsa SA (Spain).
Segmental Analysis
The global market for fertiliser additives is segmented by type, form, and function.
On the basis of the type, it is segmented into ammonium nitrate, ammonium sulfate, mono-ammonium phosphate, di-ammonium phosphate, triple superphosphate, urea, and others. Because of its low cost and widespread use on agricultural crops, the urea fertilizer additives segment leads the industry, followed by ammonium sulfate.
It is divided into powder, granular, prilled, and other forms based on the shape. The powdered segment is the industry leader. The demand for powdered types has increased due to their ease of handling and storage.
The fertilizer additives market report is divided into anti-foaming agents, anti-caking agents, corrosion inhibitors, hydrophobic agents, de-dusting agents, and others based on their roles. The anti-caking section is the most common among all functions, owing to its increased use to prevent caking during transportation and storage.
Regional Analysis
The global fertilizer additives market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The market is dominated by the Asia-Pacific region, followed by North America. The growth of the fertilizer additives market in this area is being driven by rising population, an increasing economy, and government support to increase agriculture production. Agriculture is a primary sector that contributes significantly to the GDP of economies in this region, including India, China, Bangladesh, and Sri Lanka. Furthermore, emerging economies in the Asia Pacific region, such as China and India, are expected to develop the fastest in the global fertilizer additives market during the forecast period.
The cultivation of multiple crops has been encouraged in Europe due to ample land availability and favourable weather conditions. The European Commission has enacted a number of laws regarding the product's manufacture and use. For example, before launching a product, additive manufacturers must obtain approval from the commission for the active ingredients.
Furthermore, increasing agricultural product demand in North American countries such as the United States, Canada, and Mexico is expected to boost the fertilizer additives market trends during the forecast period. Furthermore, in order to improve the efficiency of fertilizer additives, the main key players are actively engaged in research and development. The United States is one of North America's most important markets. The agricultural sector has resurrected in the region, resulting in increased demand. Because of the differences in storage temperatures in the United States, the substance is most widely used as an anti-caking agent.
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