To supply nutrients to one or more plants, that are essential for their growth, a fertilizer is used that is applied to the soil or to the plant. It can be of a natural or synthetic origin. Nitrogenous fertilizers manufacturing, phosphoric fertilizer manufacturing and fertilizer manufacturing are the establishments in which fertilizer industry is engaged.
Micro irrigation system for dispensing water-soluble formation is nowadays required for better fertilization and foliar application in the areas of development. It provides dispersion of water-soluble fertilizers with better control and insures water used, amount of fertilizers and labour & energy used in applying the fertilizers are accurate.
According to the report, “Fertilizer Market Global Report 2017”, in 2016, with around 55% market share, Asia has accounted to be the largest region in the fertilizers market majorly because India and China have been using fertilizers with presence of large farming community. With around 32% market share, America has accounted to be the second largest market all around the globe followed by Europe with about 9% market share.
The fertilizers market is segmented on the basis of nutrient type and application type. On the basis of nutrient type the global market is segmented into nitrogen, phosphate, potassium and micronutrients. By 2020, it is estimated that nitrogen base in liquid fertilizer will occupy more than 68% of market share which is over two-third share all overall globe. It is easily absorbed by all types of crops and also helps to increase the plant yield. On the basis of application type the market is segmented into starter solutions, foliar solutions, fertigation, injection into soil and aerial applications. Fertigation is the most common method in which water soluble fertilizers are dissolved into irrigation system so that all the nutrients are available to plant roots.
To boost crop production, many farmers have been stimulated to use liquid fertilizers in plant because they give faster outcomes as plants absorb the fertilizers quickly. Fertilizers have helped the farmer increase their crop yield by three or four times and also eliminate continuous depletion in soil quality and reduce the dependency on weather conditions. Fertilizers are generally very beneficial for farmers as they multiply their yield even in damp, wet or windy weather.
Agrium, Haifa Chemicals, ICL, RLF, Yara are the top most vendors in the global fertilizers market which are diversified into international and national players. In future years, it is expected that the fertilizers market will observe or growth with more developments in all regions, especially in Asia Pacific. The demand is tremendously growing in other small regions as well.
By 2020, the market of fertilizers is estimated to reach around USD 250 billion. The main driver of fertilizers market has been technology which will continue to expand in future. In the forecast period, the ameliorated techniques and technology will undoubtedly benefit the market and assist it register great revenues.
To know more about the research report:
Ankur Gupta, Head Marketing & Communications