Global Nitrate Fertilizers Market Intelligence Report Offers Growth Prospects

 Nitrate Fertilizers Market: Introduction

• Nitrate is a polyatomic ion with the chemical formula NO− 3. Salts containing this ion are called nitrates. Nitrate is a common components of fertilizers and explosives. Almost all inorganic nitrates are soluble in water. An example of an insoluble nitrate is bismuth oxynitrate.
• Nitrates are primarily used as fertilizers in agriculture, as they possess high solubility and biodegradability. Major nitrate fertilizers are ammonium, sodium, potassium, and calcium salts.
• Nitrate fertilizers are readily soluble in water and quickly available to plants. If plants need nitrogen urgently, soil use of nitrate fertilizers gives quick response. Use of nitrate fertilizers is not recommended for very moist and waterlogged soils, as nitrate nitrogen is either leached down along with excess moisture or converted into gaseous form and lost to the atmosphere due to lack of oxygen in these situations.

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Key Drivers and Restraints of Nitrate Fertilizers Market

Increase in demand for fertilizers is boosting the nitrate fertilizers market. The nitrate fertilizers market is also expected to expand, due to the rise in demand for food, growth in population, and rise in government funding for the usage of advanced techniques and fertilizers for high productivity. However, excess amount of nitrate in drinking water promulgates blue baby syndrome. Nitrate leaching occurs when the soil is saturated with water and nitrate is washed beyond the root zone by percolating rainfall or irrigation. This is negatively affecting the nitrate fertilizers market.

Nitrate Fertilizers Market: Crop Type Segment

• Based on crop type, the nitrate fertilizers market can be divided into pulses & oilseeds, cereals & grains, fruits & vegetables, turf & ornamentals, and others.
• Cereals & grains is the leading crop type segment of the market owing to the rise in demand for food for the growing population. Shrinking farmland and increase in demand for food crops such as wheat, maize, rice, barley, and oats are boosting the demand for agricultural chemicals. Nitrate is applied to cereals and grains in the form of soil additives or sprinklers.

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COVID-19 Impact on Global Nitrate Fertilizers Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• China is one of the major fertilizer producers and exporters in the world. The lockdown in China had a major impact on international fertilizer trade. When lockdown began in China, the impact was severe in terms of production cuts due to labor shortage and transportation issues. This resulted in piling up of stock.
• Prices are at an all-time low and inventories are high, with demand uncertain in producing nations
• The COVID-19 pandemic adversely impacted the prices of nitrate fertilizers, as lower input costs and weak seasonal demand outweighed the gradual easing of supply bottlenecks. Disruptions in supply had a negative impact on the international trade of the market.

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Asia Pacific to Hold Leading Share of Global Nitrate Fertilizers Market

• In terms of region, the nitrate fertilizers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific is expected to hold major share of the global nitrate fertilizers market, followed by North America and Europe, during the forecast period
• China and India account for the largest consumption share of the fertilizer market in Asia Pacific, with China alone holding more than 50.0% share of the consumption in the region. In 2018, rice production in Asia used the highest quantity of nitrate fertilizers, accounting for 35.0% of the total consumption. Oil palm, the second-largest consumer of nitrate fertilizer, accounted for 17.0% of the total fertilizer consumption in the year. Rice and oil palm production growth is expected to remain robust, driven by population and economic growth in the region
• The market in Europe and North America is likely to witness steady growth during the forecast period due to market saturation, while Latin America and Africa are predicted to exhibit high growth in the next few years, owing to the huge cultivation of rice, corn, and sugarcane in these regions

Key Manufacturers Operating in Global Nitrate Fertilizers Market

The nitrate fertilizers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the nitrate fertilizers market include:

• Haifa Chemicals
• Migao Corporation
• SQM
• Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC)
• Uralchem Group

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