The global controlled-release fertilizers market is estimated to reach USD 2.01 billion in 2019 and is expected to register 6.5% CAGR during the forecast period, 2019 to 2024. The increasing demand for high-efficiency fertilizers, increasing focus on minimizing nutrient losses are the major driving factors for the growth of the market. The farmers are focusing on boosting their crop production thus are ready to adopt advanced farming technologies.
The global Controlled-Release Fertilizers Market is segmented by type, mechanism, crop type, and region.
Based on the type, the global controlled release fertilizers market is segmented into controlled release organic fertilizers (CROF), controlled release inorganic fertilizers (CRIF), controlled release coated fertilizers (CRCF), controlled release coated urea (CRCU), and others. CROF are sub-segmented into natural organic compounds (animal manure, sewage sludge etc.) and synthetic organic compounds (urea formaldehyde (UF), isobutylene-diurea (IBDU), urea acetaldehyde/cyclo diurea (CDU)). CRIF are sub-segmented into metal ammonium phosphates (KNH4PO4 and MgNH4PO4), and partially acidulated phosphate rock (PAPR). CRCF is sub-segmented into coated granules and matrix coating. Coated granular CRFs are further segmented to organic polymer coating materials (for instance, thermoplastics, and resins) and inorganic coating materials (including sulfur and other minerals). The matrix coating is further segmented into hydrophobic matrix coating (e.g. polyoleﬁn, rubber etc.,) and hydrophilic matrix coating (hydrogels).
Based on the crop type, the global controlled release fertilizers market is segmented into ornamental & nurseries, agriculture, and turf & lawns. The agriculture application accounted for the largest market share under crop type in 2017 on account of growing need for food production due to expanding population across the globe and is likely to continue growing over the forecast period 2018-2023.
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Some of the key players in the global controlled-release fertilizers market are BASF SE (Germany), Nutrien Ltd. (Canada), Yara International ASA (Norway), Koch Agronomic Services, LLC. (U.S.), ICL (Israel), AGLUKON Spezialdünger GmbH & Co. KG (Germany), COMPO EXPERT (Germany), Ekompany (Netherlands), Haifa Chemicals Ltd. (Israel), Kingenta (China), and The Scotts Company LLC (U.S.).
The global controlled-release fertilizers market is spanned across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America was the major market for the controlled release fertilizers in 2017, followed by Europe, which is further trailed by Asia Pacific. The Middle East & Africa and Latin America are expected to show a moderate demand for controlled release fertilizers over the forecast period.
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