Fertilizer Fillers Market Growth banking on Increasing Sand & Limestone Filler Uptake Fact.MR
NEW YORK, March 8, 2021 /PRNewswire/ -- Feeble growth of the global fertilizer industry through 2019 combined with recessionary downturns induced by the coronavirus pandemic has weighed down fertilizer fillers prospects for 2021. Fortunately, this trend is expected to be limited by firm growth in the organic fertilizers segment, finds a new edition of the fertilizer fillers study by consulting firm Fact.MR. The study recalibrates previous COVID-19 estimates, consistent with broader developments across end-use industries.
According to Fact.MR, the market was valued at US$ 981 Mn in 2020, achieving a growth rate of over 3% since 2016. Furthermore, the International Fertilizer Association (IFA) forecasts an additional 9 million metric tons of urea production, representing a 4.5% annual increase. This upsurge in production is anticipated to fuel demand for fertilizer fillers so as to offset any detrimental impacts on soil pH arising out of the former's usage. Overall, the market is likely to register over 5% CAGR through 2031.
Sand Based Fertilizer Fillers to Register Notable Upswing
According to Fact.MR's analysis, demand for sand based fertilizer fillers is expected to rise significantly through 2021 and beyond, primarily influenced by sustained reliance on inorganic fertilizers. It is anticipated to acquire over 100 BPS through 2031. However, these projections are highly dependent on the anticipated impact of the pandemic's second wave across the fertilizer industry.
In spite of this, analysts are hopeful that the industry will hold ground, given the high incidence of vaccine administration. As of March 2021, nearly 8 billion inoculations have taken place globally, raising hopes for resuming on-site manufacturing operations across key industries.
"Mounting sustainability concerns amid growing use of chemical fertilizers is stimulating fertilizer filler sales, prompting manufacturers to incorporate eco-friendly alternatives for regulating soil pH levels," says a Fact.MR analyst.
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Key Takeaways from Fact.MR's Fertilizer Fillers Study
- By ingredient type, limestone fillers to account for the dominant share, spurred by high pH retention of acidic soils
- Micronutrient binding is expected to remain the primary function of fertilizer fillers
- Mounting sustainability concerns to increase organic fertilizer filler sales through the forecast period
- China to remain the dominant fertilizer filler market, expanding at a robust CAGR
- Presence of key limestone quarries to spike fertilizer filler sales across the US
- UK to experience extensive deployment owing to organic carbon loss due to intensive agriculture
- India to experience a notable upsurge, amid growing emphasis on productivity increase
- Dominant position in the European fertilizers market to aggrandize filler sales across France
Sustainability to Remain Core Expansion Strategy of Key Players