Additives demand set increase in coming years

Additives demand is set to increase in coming years

7:45 AM, 18th September 2017
Fertilizer additives improve the quality and stability of fertilizers and soil, avoid loss of nutrients such as nitrogen, phosphorus, potassium, and sulphur. (File photo)
Fertilizer additives improve the quality and stability of fertilizers and soil, avoid loss of nutrients such as nitrogen, phosphorus, potassium, and sulphur. (File photo)

Market Overview

Global fertilizer additives market was valued at $3,170 million in 2016 and is expected to reach $3,741 million by 2023, registering a CAGR of 2.3 percent from 2017 to 2023. Fertilizer additives are added to the fertilizers to stimulate their productivity, according to a report by Allied Market Research.

The demand for higher agricultural yields are met with the subsequent demands for primary nutrients and high quality of fertilizers, which in turn is responsible for the increase in the demand for the fertilizer additives. Moreover, fertilizer additives improve the quality and stability of fertilizers and soil, avoid loss of nutrients such as nitrogen, phosphorus, potassium, and sulfur, and prevent corrosion of the container used for transportation. They also provide anti-foaming and anti-caking characteristics to the fertilizer.

The fertilizer additives market is segmented based on type, application, form, and geography. Based on type, the market is classified into dust control agent, anti-caking agent, colorants, corrosion inhibitors and hydrophobing agents, anti-foam agents, and granulation aids. Based on application, it is categorized into mono ammonium phosphate, triple super phosphate, urea, diammonium phosphate (DAP), ammonium nitrate/calcium ammonium nitrate, and others (potassium chloride and potassium magnesium sulfate). Based on form, it is divided into granular, prilled, and powdered. Based on geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Demand for additives is on an increase to inhibit loss of key nutrients such as nitrogen, phosphorous, potassium, and sulfur. Moreover, these additives are deployed during storage and transportation of fertilizers to prevent the formation of caking of fertilizers, due to fluctuating storage temperatures. In addition, these additives find enhanced usage to prevent formation of lumps in fertilizers during rainy season owing to increase/decrease of storage temperatures. Thus, additives play an essential role in maintaining the quality of fertilizers. Moreover, rise in demand for agricultural commodities further boosts the market growth.

The global fertilizer additives market provides various opportunities to the market players, owing to advancements in fertilizer industry and rapid growth in the global economy. Moreover, the decreasing the arable land, adoption of new technologies in production of fertilizers, and the increase in willingness of farmers to spend more for higher productivity are some of the factors that augment the demand for fertilizer additives. However, harmful environmental effects posed by the increased use of chemical fertilizer is expected to hinder the market growth to some extent.

Top Investment Pockets

Anti-caking agent segment is expected to project highest growth rate owing to its increased usage during transportation, consumption and packaging of fertilizer as it prevents formation of lumps in fertilizers. In addition, these additives are also deployed during production stage of fertilizer as well as during their utilization at fields.

Segment Review

The granular segment dominated the global market in 2016 and is anticipated to maintain its dominance throughout the forecast period. Based on the form, the market is classified into granular, prilled, and powdered. The granular form of fertilizer additives is estimated to grow at a CAGR of 1.7 percent.

Geographical Review

Asia-Pacific accounted for a considerable share of the total revenue in 2016, followed by Europe and North America. Moreover, the demand for agricultural commodities is on a rise in Latin America, majorly in Africa owing to decrease in arable land and is expected to gain major growth during the forecast period.

© Chemical Today Magazine

 

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