The fertilizer additives market is estimated to continue to remain fragmented with the presence of numerous regional players. The prominent players operating in the fertilizer additives market are estimated to hold over 25% of the total fertilizer additives market share. Leading players continue to focus on expansion and launch of new products to consolidate their position in the fertilizer additives market. Prominent players continue to form joint ventures to expand their presence in the fertilizer additives market.
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Decreasing Arable Land and Growing Population to Bolster Fertilizer Additives Market
With continuous growth in the global population, the demand for food and housing is on the rise. Consequently, Earth’s land is being subjected to excessive pressure which is causing a degradation in the quality of the soil and its fertility. According to a report published by the Joint Research Centre in 2018, a committee set up by the European Commission, an area half the size of Europe undergoes severe degradation and becomes unsuitable for cultivation every year. Another report by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services backed the Joint Research Centre’s claim. With the area of arable land decreasing and demand for food on the rise, farmers are increasingly using fertilizers to boost production.
However, the quality and performance of fertilizers may deteriorate with time. Fertilizer additives aid in the production, handling, storage, and transportation of fertilizers. The additives help fertilizers retain their shape, prevent caking, reduce dust formation during manufacture, and avoid wetting of fertilizers. Thus, the growing use of fertilizers in agricultural practices is estimated to fuel the growth of the fertilizer additives market.
Burgeoning Investments in Agricultural Farming to Aid Fertilizer Additives Market Growth
Farmers around the world are gradually showing a willingness to spend more on agriculture in order to boost the production of the land. Additionally, governments across the globe are announcing the launch of initiatives to support farmers and lessen the burden of expenditure on them, thus providing them the access to fertilizer and fertilizer additives. These factors are estimated to propel fertilizer additives market proliferation.
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Innovative Manufacturing Processes and Use of Modern Materials to Open Gateways to New Opportunities
Technological advancements continue to influence the fertilizer additives market with manufacturers focusing their efforts on the development of new and cost-effective techniques for the production of fertilizer additives. For instance, a new procedure developed for manufacturing fertilizer additives extracts micronutrients from already used alkaline batteries. The method is gradually gaining traction owing to its property of aiding in waste reduction while providing the essential nutrients required for the growth of plants. In this procedure, zinc and manganese from the alkaline batteries are collected and cleaned to be used as fertilizer additives. The method is increasingly being recommended by numerous food associations with the nutrients derived from the process aiding in bolstering agricultural production.
In addition to this, numerous researches working towards leveraging technology to improve the performance of fertilizers are expected to drive the fertilizer additives market growth. A recent development in the area was the use of nanoparticles as carriers of fertilizers. With this implementation, the release of fertilizers into the soil can be controlled making for efficient nutrient utilization. The novel fertilizer additives deliver the nutrients directly to the crops thus preventing nutrient losses by avoiding interaction of the nutrients with soil, air, water, and microorganisms. Incorporation of nanotechnology in fertilizers is estimated to benefit the fertilizer additives market.
Leading players in the fertilizer additives market are Arkema SA, Clariant AG, Michelman, Inc., Chemipol SA, Timac Agro USA, Dorf Ketal, ArrMaz, Fertibon Products Pvt. Ltd., Hubei Forbon Technology Co Ltd., Neelam Aqua & Specialty Chem (P) Ltd., Novochem Group, KAO Chemicals, Tolsa Group, Solvay, and Chemsol LLC. These companies continue to focus on consolidating their position in the fertilizer additives market.
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Fertilizer Additives Market: Increased Demand Expected to Soar Revenue during Forecast Period
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