Transparency Market Research has released a new market report titled “Controlled Release Fertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.” According to the report, the global controlled release fertilizers market was valued at US$2.41 bn in 2015 and is projected to reach US$3.92 bn by 2024, expanding at a CAGR of 5.6% between 2016 and 2024.
Growth in population coupled with shift toward sustainable agriculture is expected to drive the controlled release fertilizers market during the forecast period. However, lack of awareness regarding the benefits of controlled release fertilizers and high cost compared to traditional chemical fertilizers may hamper market growth. Furthermore, prospective application of these fertilizers in the turf grass and lawn care industry is anticipated to provide ample growth opportunities to the market during the forecast period.
Based on product type, the controlled release fertilizers market can be segmented into polymer sulfur coated urea/sulfur coated urea, polymer coated urea, polymer coated NPK fertilizer, and others (including coated micronutrients). In terms of volume, polymer sulfur coated urea/sulfur coated urea is estimated to be the major segment of the controlled release fertilizers market during the forecast period. The polymer sulfur coated urea/sulfur coated urea segment accounted for more than 45% share of the controlled release fertilizers market in 2015. Polymer coated urea was the second-largest segment of the market in 2015. It is projected to expand at a significant rate during the forecast period.
Application segments include cereals & grains, oilseeds & pulses, fruits & vegetables, and others (turf, ornamental plants, etc.). The cereals & grains segment is likely to expand significantly during the forecast period. The cereals & grains segment held more than 45% share of the global controlled release fertilizers market in 2015. Others segment was the second-largest application in 2015.
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Asia Pacific was the largest market for global controlled release fertilizers in terms of volume in 2015. It was followed by North America, Europe, Latin America, and Middle East & Africa. The controlled release fertilizers market in Asia Pacific is expected to expand at a significant rate due to the rising demand for these fertilizers in agriculture and horticulture applications. The controlled release fertilizers market in North America and Europe is anticipated to experience modest growth during the forecast period.
Key players operating the market include ATS Group, Greenfeed Agro Sdn. Bhd, The Scotts Miracle-Gro Company, HIF TECH SDN. BHD, Compo GMBH & Co. KG, Agrium Inc, Ekompany, Shikefeng Chemical Industry, AgroBridge (Malaysia), Haifa Chemicals ltd, Agrium Inc, Central Glass Co Ltd, ICL Specialty Fertilizers, and The Chisso Corporation.
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