North America Controlled Release Fertilizers Market size is projected to grow with a high CAGR by 2024.
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Controlled release fertilizers (CRF) are expected to have a wide scope in North America agriculture, horticulture farming practices by 2024. U.S. holds a leading position in global corn production, with more than 13 billion bushels produced annually. Other leading U.S. exports include: grains, livestock products, soybeans and horticultural products. Increasing CRF usage will add adequate nutritive value to the agricultural land, which will subsequently boost sustainable farming in North America. The higher cost of CRF in contrast to the conventional fertilizers might pose as a market restrain to some extent in the near future. However, with a rise in production scales of CRF, the costs shall be declined from their existing values in future. Decline in product costs will lead to their increased desirability for commodity or broad-acre crops including: wheat, corn and potatoes by 2024.
The Market value exceeded USD 953 Thousand in 2017 and is predicted to see growth of 4.0% to reach USD 1.26 Mn by 2024.
Sulfur coated urea segment held the highest share market in 2017. Sulfur coated urea reduces loss of nitrogen by improving the nitrogen absorption efficacy of soil, which is highly desirable to retain the nutritive content needed for the crops. Sulfur coated urea is likely to observe a CAGR exceeding 4.0% over the forecast timespan.
Cereals & grains held a significant share close to 20.0% among all crops North America CRF market in 2017. Yet, due to the high pricing, their usage is mostly prominent in ornamental, horticultural and turf applications. The other crops segment including: turf, ornamental plants, etc. led the regional CRF market in 2017, with a massive share above 65%.
In 2017, the leading industry participants in market included: Scotts Miracle-Group, Haifa Chemicals, ICL Specialty Fertilizers, etc. The leaders have been engaged in a dedicated product research & development. For instance, in November 2016, ICL Specialty Fertilizers launched a new CRF named- Osmocote Iron, which was designed to provide supplementary sulfur and iron. The product was proved highly suitable for usage in greenhouse plants, landscape beds, nursery stock and turf.
Segments Covered in this Report:
Market Share (By Product)
- Polymer Sulfur Coated Urea/ Sulfur Coated Urea
- Polymer Coated Urea
- Polymer Coated NPK Fertilizer
Market Forecast (By Crop)
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
The above information is provided on a regional and country basis for the following: