Albany, NY , March 07, 2016 (GLOBE NEWSWIRE) -- According to the research report, the controlled release fertilizers market in Asia Pacific was valued at US$1.12 billion in 2014 and is projected to reach US$2.10 billion by 2023, expanding at a CAGR of 7.2% between 2015 and 2023.
Rising demand for better yield crops coupled with shift toward sustainable agriculture is likely to drive the controlled release fertilizers market during the forecast period. However, lack of awareness regarding the advantages of controlled release fertilizers and high cost compared to conventional chemical fertilizers may hamper market growth. Furthermore, the potential application of these fertilizers in the turf grass and lawn care industry is expected to provide abundant growth opportunities to the market during the forecast period.
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Based on product type, the controlled release fertilizers market in Asia Pacific 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 anticipated to be the largest segment of the controlled release fertilizers market during the forecast period. In terms of volume, polymer sulfur coated urea/sulfur coated urea segment accounted for more than 45% share of the controlled release fertilizers market in Asia Pacific in 2014. Polymer coated urea was the second-largest segment of the market in 2014. It is estimated 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.). Among these, the cereals & grains segment is primarily projected to boost the demand for controlled release fertilizers in the region. The cereals & grains segment held more than 60% volume share of the controlled release fertilizers market in Asia Pacific in 2014. The fruits & vegetables segment was the second-largest segment in 2014.
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China was the largest market for controlled release fertilizers in terms of volume in 2014. It was followed by Japan, India, Australia, Korea, Indonesia, Cambodia, Vietnam, Malaysia, Thailand, Pakistan, the Philippines, Myanmar, and Rest of Asia Pacific. The controlled release fertilizers market in China and India is likely to expand at a significant rate due to rising demand for these fertilizers in agriculture and horticulture applications. The controlled release fertilizers market in other emerging economies of Asia Pacific is anticipated to experience modest growth during the forecast period.
The controlled release fertilizers market is moderately concentrated; large and medium companies operate across the region. Key players operating the market include Shikefeng Chemical Industry, ATS Group, AgroBridge (Malaysia), Greenfeed Agro Sdn Bhd, Haifa Chemicals Ltd, Nufarm Ltd, HIF TECH SDN. BHD, Eurochem Agro Gmbh, Compo GMBH & Co. KG, Kingenta Ecological Engineering Group Co., Ltd, and Central Glass Co Ltd.
The report segments the controlled release fertilizers market in Asia Pacific into:
Controlled Release Fertilizers Market – Product Analysis
- Polymer sulfur coated urea/sulfur coated urea
- Polymer coated urea
- Polymer coated NPK fertilizer
- Others (including coated micronutrients, etc.)
Controlled Release Fertilizers Market – Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (including turf, ornamental plants, etc.)
Controlled Release Fertilizers Market - Country Analysis
- China
- India
- Japan
- Australia
- Korea
- Indonesia
- Pakistan
- Malaysia
- Thailand
- Philippines
- Vietnam
- Myanmar
- Cambodia
- Rest of Asia Pacific
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