Global controlled-release compound fertilizer market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Controlled-release compound fertilizer is a granulated fertilizer that releases minerals and nutrients slowly into the ground. These granules are insoluble in water.
The factors that are playing a major role in the growth of controlled-release compound fertilizer market are the rising use of enhanced technologies for the production of controlled-release compound fertilizer. However, the presence of substitutes like conventional fertilizers, lack of awareness among consumers regarding benefits of controlled-release compound fertilizer, and the government initiative for promoting conventional fertilizers may restrain the overall market growth in the years to come. Market is segmented based on types, product type, application, and region.
Non-polymer and polymer coated compound fertilizer are the types that could be explored in controlled-release compound fertilizer market in the forecast period. Polymer coated sector comprises polymer coated urea, polymer sulfur coated urea, polymer coated mono-ammonium phosphate, and polymer coated potassium nitrate. Polymer coated compound fertilizer sector accounted for the substantial share of the market and is estimated to lead the overall market in the years to come.
Urease inhibitor, slow- or controlled fertilizer, a nitrification inhibitor, stabilized nitrogen fertilizer, and other product types could be explored in the market in the forecast period.
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The market may be categorized based on applications like agricultural, professional, commercial lawn and turf, consumers, and others could be explored in the forecast period. The agricultural sector comprises fruits & vegetables and cereals & grains. The agricultural sector accounted for the significant share of controlled release compound fertilizer industry and is estimated to continue its dominance in the years to come. The reason could be the growing demand from end-users. Also, the sector is estimated to grow at the highest CAGR in the years to come.
Globally, North America accounted for the significant share of the market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region and the growing demand from the end-users. The United States is a major consumer of controlled-release compound fertilizer in this region.
The Asia Pacific and Europe are also estimated to have a positive influence on future growth. The Asia Pacific is the second largest region with significant market share. The developing countries like India and China are the major consumers of controlled-release compound fertilizer in this region. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players of controlled-release compound fertilizer market are SQM VITAS, Koch, Shikefeng Chemical, ICL, Kingenta, J.R.Simplot, AGLUKON, Agrium, Haifa Chemicals, Florikan, and JCAM Agri. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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