Sulfur Coated Urea Market Estimated To Witness High Growth Owing To Increased Adoption In Agriculture Application
The sulfur coated urea market is estimated to be valued at US$ 1114.76 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sulfur coated urea is a controlled release fertilizer which helps plants obtain nitrogen over an extended period. It slowly releases nitrogen into the soil through microbial activity. This helps maximize nitrogen uptake and reduces nitrogen losses. It is widely used in agriculture to improve crop yields. The major application of sulfur coated urea includes cereals & grains, oilseeds & pulses, fruits & vegetables and other crops.
Market Dynamics:
Increasing adoption of controlled release fertilizers in the agriculture sector is the major factor driving growth of the sulfur coated urea market. Sulfur coated urea reduces nitrogen losses and helps fertilizer to release nutrients over an extended period matching plant uptake. This results in improved nitrogen use efficiency and higher crop yields. Additionally, growing demand for high efficiency fertilizers to meet rising food demand is also fueling market growth. However, availability of substitutes such as urea-formaldehyde may hamper market growth over the forecast period.
The major end users of sulfur coated urea include farmers, turf professionals, landscapers and nurseries. Growing agriculture industry worldwide is creating high demand for efficient fertilizers and is further expected to support market growth in the near future. Moreover, increasing investment in research and development activities by major players for development of innovative and high performance products is also projected to propel the market growth during the forecast period.
SWOT Analysis
Strength: Sulfur coated urea fertilizers offers controlled and slow release of nutrients to crops over an extended period. It provides significant nitrogen use efficiency and reduces nitrogen loss. The slow release property prevents leaching and avoids yield losses.
Weakness: High manufacturing cost of sulfur coated urea makes it relatively more expensive than other nitrogen fertilizers. Improper coating technology and poor coating uniformity can also lead to uneven nutrient release affecting crop yields.
Opportunity: Increasing concerns regarding nitrogen use efficiency and reducing environmental pollution is driving the demand for controlled release nitrogen fertilizers. The growth in global food production and shift towards high value crops also presents an opportunity.
Threats: Volatility in raw material prices especially urea and sulfur can impact the production cost. Strict environmental regulations regarding nitrogen fertilizer use can also restrict the market.
Key Takeaways
The global Sulfur Coated Urea Market Share is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for controlled release nitrogen fertilizers and shift towards efficient nutrient management practices.
Regional analysis Asia Pacific dominates the global sulfur coated urea market and is expected to continue its dominance, growing at a CAGR of over 5% during the forecast period. This can be attributed to the large area under cultivation and intensive fertilizer usage in countries like China and India. North America and Europe are other major markets growing at around 4% owing to the adoption of efficient fertilization techniques in agricultural industry.
Key players operating in the sulfur coated urea market are Agrium Inc., Israel Chemicals Ltd., Syngenta AG., Yara International ASA, Andersons Inc., Haifa Chemicals Ltd, J. R. Simplot Company, Koch Industries Inc., Harrell€TMs LLC. Key players are focused on expanding their production capacities and global footprint through mergers and acquisitions to strengthen their market share.
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