Nitrogenous fertilizers can be segregated into two segments namely, organic and inorganic fertilizers. Inorganic nitrogenous fertilizers comprise of nitrate and ammonium based nitrogenous fertilizers. Urea and amine based nitrogenous fertilizers are amongst the organic fertilizers. Urea based nitrogenous fertilizers have been the most dominant product segment in terms of consumption.
Ammonium nitrate is expected to be the fastest growing segment in the near future. Grains have been the foremost application segment for nitrogenous fertilizers.
Nitrogen helps in faster growth and provides better texture and color to plants thus, increasing productivity and yield. This is expected to be a vital factor in driving the growth of the market. Extensive research & development by all major companies to develop advanced products also has been a major factor driving market growth.
However, environmental and health hazards associated with nitrogen based fertilizers has been a major restraint for the growth of the market. Emerging regions in the RoW region is expected to offer huge growth opportunity for the industry.
Asia Pacific region has been leading the nitrogenous fertilizers market over the past few years and the trend is expected to continue in the near future. The developing economies of India and China are amongst the leading consumers of nitrogenous fertilizers in this region.
Huge rice production has been a major driver for nitrogenous fertilizers market in this region. In Europe, the demand for nitrogenous fertilizers is driven by the growing demand for ammonium nitrate. The U.S leads the North American market in terms of consumption. High production sugarcane and corn in Latin America is expected to drive the market in the region. RoW is expected to be the fastest growing region in the near future.
Major players in the nitrogenous fertilzer market include Yara International ASA, Coromandel International Ltd., CF Industries Holdings Inc., Potash Corp. of Saskatchewan, Agrium Inc. and Eurochem among others.
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