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Asia-Pacific Controlled Release Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Asia-Pacific Controlled Release Fertilizer Market is projected to register a CAGR of 6.06%. Key Highlights. Largest Segment by Type - Straight : CRF Urea release the nitrogen in a gradual manner.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Controlled Release Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381449/?utm_source=GNW
As nitrigen is the most applied fertilizer, CRF urea can prevent nitrogen mineralization that degrades the soil quality.
Largest Segment by Coating Type - Polymer Coated : The polymer coated fertilizers release the nutrients for longer duration and decrease the leaching losses of fertilizers in the soil and also reduce the application rate.
Largest Segment by Crop Type - Field Crops : Cultivation of field crops accounts for more than 90% of the total agricultural land in the region and accounts for highest consumption of 88.3% of the total CRF fertilizes.
Largest segment by Country - China : China is the most populous country in the world and has large cultivable land in the region, with high fertilizer aplication rate per hectare to maximize the crop yields.
Key Market Trends
Polymer Coated is the largest segment by Coating Type.
The controlled-release fertilizer market in Asia-Pacific increased by 25.8% during the study period, and it is estimated to grow at a CAGR of 4.87% during the forecast period.
The polymer-coated segment was the largest market in 2021, accounting for 62.2% of the market studied. The polymer-coated controlled-release fertilizer segment witnessed a growth of 25.8% during the study period, and it is anticipated to grow at a CAGR of 4.87% during the forecast period.
The polymer-coated urea, owing to its highest N content, thinnest coating, easily degradable, and longest release period, is the major type of CRF used as basal fertilizer in the region for the majority of its crops such as rice, corn, wheat, and others.
The polymer-sulfur-coated type of controlled-release fertilizer has grown by 23.19% during the study period, and it is anticipated to grow at a CAGR of 4.89% during the forecast period. The irregular nutrient release from the sulfur coating and the higher cost of polymer-coated CRF production is driving the demand for poly-sulfur-coated controlled-release fertilizers in the region.
With higher demand from various governments, other than chemical coatings, there are various biobased coating done over the chemical fertilizers, such as Biobased Polyurethane, Epoxy Resin, and Polyolefin Wax Composite Coating, which are boosting the other category and has grown by 36.19% during the study period. The market is also estimated to grow at a CAGR of 6.47% during the forecast period.
Therefore, based on the aforementioned characteristics, the demand for coated controlled-release fertilizers is anticipated to grow significantly during the forecast period.
China is the largest segment by Country.
Approximately 70.0% of the population in Asia-Pacific depends directly upon agriculture as the primary source of their livelihood. However, the region’s agriculture sector is facing many issues in terms of low productivity.
China dominates the APAC controlled-release fertilizers market by accounting for 56.72% of the market share in 2021. Polymer-coated fertilizers recorded the highest share in the controlled-release fertilizers market, followed by polymer sulfur-coated fertilizers. Polymer coated fertilizers segment was valued at USD 91.5 million in 2017, and it is anticipated to reach USD 170.3 million during the forecast period.
India is the region’s second-largest market for controlled-release fertilizers, accounting for 32.9% in 2021. Control release urea is the most commonly used form of CRF in India. Nitrogen loss is one of the main problems faced by rice farmers, and the efficiency of nitrogen utilization in rice is often inadequate. This is due to the large loss of nitrogen due to volatilization, leaching, and denitrification. One way to improve nitrogen efficiency is to use control-release urea. Controlled-release urea generally outperformed granular urea fertilizers in reducing nitrogen loss, stimulating plant growth, and increasing nitrogen concentration.
In 2017, the International Plant Nutrition Institute of China conducted a controlled-release urea fertilizer Application Program in the Hubei province. It has been proven that the consistent use of CRU fertilizer helps improve the yield and profitability of major crops, such as rice and eggplant. Hence, the market studied is expected to grow during the forecast period.
Competitive Landscape
The Asia-Pacific Controlled Release Fertilizer Market is fragmented, with the top five companies occupying 37.82%. The major players in this market are Compo Expert, Hebei Sanyuanjiuqi Fertilizer Co., Ltd., Hebei Woze Wufeng Biological Technology Co., Ltd, ICL GROUP LTD and Sociedad Química y Minera (SQM) (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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