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Nitrogen fertilizer market reached a valuation of USD 69 billion in 2018 and is expected to witness a significant amount of growth during the forecast period

NEW YORK CITY, NEW YORK, UNITED STATES, May 6, 2022 /EINPresswire.com/ -- The global Nitrogen fertilizer market reached a valuation of USD 69 billion in 2018 and is expected to witness a significant amount of growth during the forecast period. This report on the nitrogen fertilizer market comprises of all the vital factors such the size, share, demand, CAGR, gross profits, earnings, and revenue to evaluate the rise of the industry in the future. It asses the data gathered from the past years 2016 and 2017 to give an extensive view of the trends and predicts the possible rise of the industry during the years 2019 to 2026 while considering 2018 as the base year.

Nitrogen increases the growth rate and development of plants, including the color and texture of the plants. Thus, nitrogen fertilizers are widely used throughout the world. Nitrogen fertilizers are made from ammonia using the Haber-Bosch process. The other components include animal manure and compost, among others. Substantial demand for nitrogen fertilizers stems from the agricultural sector. As the need for food will never decrease, the need for nitrogen fertilizers will continue to grow. The demand for food supply across the globe is the primary driving factor of the nitrogen fertilizer market. The benefits associated with nitrogen fertilizers such as higher productivity and subsequent yield compared to other fertilizers are also driving the demand of the nitrogen fertilizers. The government support and funding for the usage of advanced techniques and fertilizers is another driving factor of the nitrogen fertilizers market.

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Major companies profiled in the global market report include - Yara International ASA, CF Industries Holdings Inc., PJSC Togliattiazot, Nutrien Ltd., EuroChem Group

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

The adoption of digital technologies by oil, gas, and chemical firms has been fueled primarily by cost savings and greater reliability. Many organizations in these areas saw excellent benefits from advanced market sensing, improved operational optimization, and expanded usage of "in silico" simulations. Companies' existing digital technologies provided an advantage with the abrupt entrance of COVID-19 and the accompanying shutdown of facilities and work sites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.

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Some of the key findings from our Nitrogen Fertilizer market forecast report

The industry has been categorized into different segments in order to assess their size, share, demand, trends, gross profit, total earnings, and revenue to speculate further aspects. Based on the type, the market is segmented into Urea, Calcium Ammonium Nitrate (CAN), Ammonium Nitrate, Ammonium Sulphate, Ammonia, and others. Urea dominates the majority of the industry share because it is the most widely used nitrogen fertilizer in the world owing to its high nitrogen content of 46%. Based on the application, the market is segmented into Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, Turf and Ornamentals, and others. The Fruits and Vegetable segment is leading owing to their high value and sensitivity to the deficiencies of nutrients in the soil. These factors have increased the use of nitrogen in these crops.

The market is expected to face some tough challenges in the years to come. In 2017, the major German conglomerate Bayer and Ginkgo Bioworks, a startup, aimed to make it possible for crops to produce their own fertilizers particularly for crops like corn, wheat, and rice. In order to make this possible, the venture stated that they would be creating a microorganism called a “plant microbiome,” which will facilitate the formation of nitrogen. This may hamper the overall market of nitrogen fertilizers. However, there are still long ways to go to make it commercially viable. The demand for nitrogen fertilizer is not expected to decline any time soon. Proof of that is the USD 3 billion fertilizer plant in Iowa. In April 2017, the Iowa Fertilizer Company and its parent company OCI N.V. made the fertilizer plant open for business in response to the growing need of fertilizer by farmers. This is the first nitrogen plant built in nearly 30 years in the US.

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Market segment based on Type:

Urea
Calcium Ammonium Nitrate (CAN)
Ammonium Nitrate
Ammonium Sulphate
Ammonia
Others

Market segment based on Application:

Grains and Cereals
Pulses and Oilseeds
Fruits and Vegetables
Turf and Ornamentals
Others

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Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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