Fertilizer additive manufacturers are more likely to transition from conventional MAP and DAP formulations to specialty fertilizer applications with comprehensive nutritional profiles.
DUBAI, UAE / ACCESSWIRE / August 31, 2020 / The fertilizer additives market is expected to reflect a steady growth rate between 2018 and 2028, surpassing a valuation of US$ 1.4 billion during this period. The fertilizer additives market is to witness a gradual easing of bottlenecks in the supply chains, with gradual relaxation of lockdown restrictions. However, low cost of inputs and poor seasonal demand are still major concerns. Despite the pandemic, prices have largely remained unaffected.
"The sustained rise of food demand and investments to sustain food security are key factors driving the growth of the fertilizer additives market. These materials are critical to minimize the loss of essential nutrients such sulfur, phosphorus, potassium, and nitrogen, which will sustain market development in the long run," states the FMI analyst.
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Fertilizer Additives Market- Critical Takeaways
- Additives for ammonium nitrate fertilizers are gaining major demand owing to cost and nutrition benefits.
- Anti-dusting additives are highly sought after by fertilizer manufacturers to minimize contamination during storage and transport activities.
- Asia Pacific is a major market for fertilizer additives supported by the presence of major agrarian economies in the region, and modernization of associated infrastructure.
Fertilizer Additives Market- Drivers
- Steady decrease in per capita of arable land globally, is a major factor boosting the need for fertilizer additives.
- Increasing international of agricultural standardization, and adoption of novel farming practices contribute to market developments.
Fertilizer Additives Market- Restraints
- Concerns over the environmental impact of fertilizers is a major challenge for market players.
- Lack of awareness about fertilizer applications and functions in developing countries hold back use.
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Coronavirus Impact on Fertilizer Additives Market
The coronavirus pandemic has had a moderate impact on the fertilizer additives market. The near future outlook of the industry is largely uncertain, as second waves of the coronavirus contagion in many countries around the world could further disrupt supply chains and production activity. In addition, the potential of currency depreciation in key markets could reduce the demand for fertilizers and additives. On the other hand, the prices of diammonium phosphate fertilizers have displayed signs of recovery, with many production plants resuming close-to-normal operations.
Hubei Forbon Technology Co. Ltd., Clariant AG, Michelman Inc., Arkema S.A., ArrMaz and Dorf Ketal are some of the leading players in the fertilizer additives market.
Manufacturers in the fertilizer additives market are increasingly displaying interest in product and production process innovations aiming towards the growth of international sustainability initiatives.
For instance, CHS Agronomy has unveiled Trivar fertilizer additive which uses a unique chelating technology to generate plant available inorganic phosphorus. Further, Lithium Australia has initiated trials of zinc and manganese fertilizer additives sourced from recycled, single-use alkaline batteries. On a similar note, LKAB Minerals AB has unveiled technology to recycle and repurpose mining waste into phosphorus mineral fertilizer additives through its ReeMAP project.
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About the Study
The study offers readers a comprehensive assessment of the fertilizer additives market. Global, regional and national-level analysis of the latest trends influencing the fertilizer additives market is covered in this FMI report. The study provides insights according to type (anti-caking agents, dust suppressors, drying agents, granulation agents, and others), and application (nitrogen, P2O5, K2O, and others) in seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).
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SOURCE: Future Market Insights