Nitrogen is an important nutrient for all crops in growth and development. Despite of abundance of nitrogen in the environment, only a few plants have the capability to absorb and use the same. Nitrogen provides better texture and color to plants and helps in faster growth which in turn increases the overall agricultural productivity. Nitrogenous fertilizers are inorganic in nature and are mostly used in the agriculture industry. It contains nitrous compounds such as ammonium sulfate, ammonium nitrate, calcium ammonium nitrate and other compounds in small proportions. Fertility of soil determines the concentration of nitrogenous fertilizers which is calculated by soil tests depending on the type of crop.
The global fertilizer market is dominated by nitrogenous fertilizer which attracts the investors to invest in this market. Segmentation of nitrogenous market can be done on the basis of its constituents that include urea, amine, nitrate and ammonium. Consumption of urea-based nitrogenous fertilizers has created a dominant position all over the world due to lesser cost as compared to other fertilizers and increased productivity. The applications of nitrogenous fertilizers are divided as per uses in crops as oil-seeds, grains and cereals. Driving factors for the nitrogenous fertilizer market growth are mainly population growth and increasing disposable income. Other major drivers that shift the attraction of the consumers towards nitrogenous fertilizers are high productivity and comparative benefits which include factors such as efficiency and eco-friendly nature. Global investors are attracted towards Asia-Pacific and Latin-America as these are the largest producers of rice and corn respectively. Increasing population will result in increased demand for crops which in turn will result in growing demand for nitrogenous fertilizers owing to high productivity properties. The growing demand of ammonium nitrate in Europe demands for more amounts of nitrogenous fertilizers as this is the major constituent to form ammonium nitrate. High production of corn and sugar-cane in South America will drive huge opportunities of this market in this region. However, volatility in prices of raw material is a major restraint for this market. Additionally, higher duties and bans on export coupled with changing policies by various governments in order to facilitate domestic demand restrict growth opportunities of manufacturers.
Key players of nitrogenous fertilizer market include Coromandel International Ltd., Yara International ASA, CF Industries Holdings Inc., Agrium Inc., Bunge Ltd., CVR Partners, KOCH Industries Inc., Sinofert Holdings Ltd., Eurochem and Potash Corp of Saskatchewan. The market is highly consolidated and rationalized owing to presence of only a handful of companies.
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