28 November 2019
The Fertilizer Additives Market Report 2020-2030: Forecasts by type (ammonium nitrate, ammonium sulfate, mono-ammonium phosphate), form (powder, granular, prilled), function (anti-foaming, anti-caking, corrosion inhibitors), and analysis of leading companies operating in this industry.
The global market size of fertilizer additives is estimated to exceed USD 4.2 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 3.1 percent. To increase their effectiveness, fertilizer additives are applied to the fertilizers. Demand for higher agricultural yields is met with corresponding requirements for primary nutrients and high fertilizer performance, which in turn is responsible for increasing demand for fertilizer additives. In addition, fertilizer additives enhance the quality and durability of fertilizers and soil, reduce nutrient losses such as phosphorus, nitrogen, sulfur, and potassium, and stop tank corrosion used for transport.
Due to the current deterioration in soil quality, fertilizer additives are being used to help farmers improve their crop production. In addition, diminishing arable land and increasing demand for agricultural supplements such as fertilizer additives, with the objective of improving crop productivity farmers to use fertilizer additives. They have gained global recognition as they help to increase both the quantity and the value of the crop produced. These factors have led to an accelerated demand for global fertilizer additives market.
One of the key factors driving market growth in fertilizer additives in the following years will be the growing popularity of nitrogen fertilizers. Adding nitrogen compounds to crops allows for faster plant growth, improves performance of pasture and increases crop yield. In addition, the use of nitrogen fertilizers also leads to the regaining of pasture land. These advantages will lead to increased demand for nitrogen fertilizers, which will ultimately drive growth in the market for fertilizer additives.
Furthermore, the main trends that will gain traction in the fertilizer additives market in the coming years will be the rising popularity of non-nutritional additives. Non-nutritional additives do not contain plant growth-promoting components. Nevertheless, the development of plant microorganisms is stimulated and enhanced. The need for non-nutritional supplements would increase further with the rising demand for organic fertilizer supplements. Together with the growing popularity of nitrogen fertilizers, this will boost market growth of fertilizer additives.
The Asia Pacific region dominates the global fertilizer additives market. Growing population, growing economy coupled with government support to increase agricultural production is driving growth in this region's demand for fertilizer additives. In addition, emerging economies such as China and India in the Asia Pacific region are expected to see maximum growth over the review period on the global fertilizer additive market.
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