The global fertilizer additives market size is expected to reach USD 3.94 billion by 2024, according to a new report by Grand View Research, Inc., registering a 3.2% CAGR during the forecast period. A booming fertilizer industry is expected to have a positive impact on the fertilizer additives market growth.
Agriculture has been the backbone of several developing countries such as India and China. In fact, growth of the Indian economy can be attributed to the expansion of the agriculture sector and its related industries. The market size of agriculture and allied activities in India rose from USD 132.7 billion in the financial year 2014 to USD 259.2 in the financial year 2015. This tremendous growth was due to increased agricultural output. Rising use of fertilizers was one of the major reasons for this boom in output.
Agriculture is an important sector in the French economy as well. Around 60.0% of the land in France is used for agriculture and related activities. It is one of the largest producers of cereals, oilseeds, milk, and sugar beets. The reform of Common Agricultural Policy was passed in France, which was aimed at maintaining environmental balance, while indulging in agricultural activities. In 2015, this country accounted for more than 18.0% of the European fertilizer additives market.
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Further key findings from the report suggest:
In terms of revenue, the anti-caking agent function is anticipated to reach USD 1,510.5 million by 2024
In terms of revenue, the anti-dusting agents segment is projected to expand at a CAGR of 3.3% over the forecast period
By end product, urea dominated the global fertilizer additives market with a share of 55.6% in 2015
The North America fertilizer additives market is anticipated to exceed USD 552.0 million by 2024
Asia Pacific is projected to witness a CAGR of 3.5% over the forecast period, owing to rapid developments in the agriculture sector
Market players adopt strategies such as mergers and acquisitions, expansions, new product developments, joint ventures, and collaborations in order to increase their market share
Some of the key companies present in the market are Clariant, KAO Corporation, Novochem Group, Filtra Catalysts & Chemicals Ltd., Solvay, Arrmaz, Liven Agrichem Pte Ltd., Forbon Technology, Michelman, Tolsa Group, ChemSol, LLC, and Amit Trading Ltd.
Grand View Research has segmented the global fertilizer additives market on the basis of end product, function, and region:
Fertilizer Additives End Product Outlook (Revenue, USD Million, 2013 - 2024)
Fertilizer Additives Function Outlook (Revenue, USD Million, 2013 - 2024)
Fertilizer Additives Regional Outlook (Revenue, USD Million, 2013 - 2024)
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