The nitrogen fertilizers market significantly consists of sales of nitrogenous fertilizers. The Nitrogen fertilizer producers produce fertilizers from the sewage or animal waste and produce nitrogenous materials and amalgamate them into fertilizers. The Ammonium nitrate, ammonium sulfate and anhydrous ammonia are measured to be portion of the nitrogenous fertilizer manufacturing sector.
According to the report analysis, ‘Nitrogen Fertilizers Global Market Report 2020’ states that in the nitrogen fertilizers global market there are several corporate which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the upcoming years while delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of the product, enhancing the specifications of the production technologies, implementing the profitable strategies, analyzing and studying the strategies and policies of the government as well as competitors and employing the young work force includes Yara International, CF Industries Holdings Inc., PJSC Togliattiazot, Nutrien Inc., OCI NV, Coromandel International Ltd, EuroChem Group, Koch Industries Inc., SABIC Group, Bunge Limited and several others.
The worldwide nitrogen fertilizers market was valued USD 54.61 billion in 2019. It is expected to increase at a compound annual growth rate (CAGR) of 7% and reach USD 70.62 billion by 2023. However, the nitrogen fertilizers market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific registers for around 43% of the market.
Globally, governments are underwriting to uplift the agricultural segment, thereby investing to the growth in requirement for fertilizers. For example, in 2014, the government of India broadcasted plans to invest INR 50,000 Crore (USD 7.4 billion) to set up two fresh fertilizers plans and revive four fertilizers plants in dissimilar parts of the country. Also, INR 10,000 Crore (USD 1.5 billion) was contributed by the government to build a national gas grid to assist the fertilizers plants with gas supply. Similarly, during 2014, the Chinese government announced a total fund of 122.2 billion Yuan (USD 19.7 billion) as subsidies to farmers for the introduction of grains and buy agricultural production resources such as fertilizers and pesticides. The ingenuities taken by government to encourage agricultural sector will propel the fertilizers market.
In addition, the Urea market is observing rapid growth in fertilizers market as it controls air pollution by catalytic reaction. Urea is simply water-soluble compound that comprises of 46% of nitrogen and it can be stored, transported and handled easily. It intensifications the soil productivity and soil nutrients. According to the International Fertilizers Association (IFA), worldwide urea capacity is going to augment by a net of 17 metric tons by volume for each year and the entire production is estimated at 226 metric tons by 2021. Thus, the projected increase in production of urea stimulates the sales of nitrogen fertilizers market. Therefore, it is predicted that in the coming years the market of nitrogen fertilizers will increase around the globe more effectively over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications