NEWARK, Del, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The global Sulphur coated urea market is expected to exhibit a stable CAGR of 3.3% with an estimation valued at US$ 1,050.20 Mn in 2022 surpassing a valuation of US$ 1,453.0 Mn by 2032. The surging sales perspectives are attributed to the diverse usage of Sulphur in industries like agriculture, golf courses, professional lawn care, turf, and greenhouses bolstering the growth in the market.
According to Future Market Insights analysis, the Sulphur coated urea market registered a historic CAGR of 3.4% from 2015 to 2021. According to the studies, growth in the market witnessed a slight decline, registering a 3.3% CAGR for the period between 2022 and 2032.
The increased availability of several other coated particles which resulted in stagnant market growth across the forecast period from 2022 to 2032 is expected to propel the demand for Sulphur coated urea market. In addition to that, the market is expected to excel amid a surging number of golf courses globally and increased spending on luxury amenities such as household lawns.
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Key Takeaways
- One of the major key factors propelling the growth is rising concerns regarding sustainability and the urgent need for cost minimization in the agriculture sector. On a regional basis, North America is anticipated to dominate the global Sulphur coated urea market in terms of consumption.
- Attributing to the technological advancements in the agriculture industry and accelerated usage of Sulphur coated urea in agricultural applications, specifically for grain crops is expected to bolster growth in the global market.
- Furthermore, emerging countries like East & South Asia Pacific such as India, Japan, China, and Australia are projected to witness a substantial demand for Sulphur coated urea in the coming decade.
- Rising concerns about over-eutrophication, stringent regulations and penalties on conventional fertilizers, product innovations, and increasing technological advancements are expected to fuel the demand in Sulphur coated urea market.
- There is a reasonable surge witnessed in the demand for food production due to the growing popularity along with increased investments in agriculture modernization, especially in emerging economies such as India and China will drive the demand in the market.
- Another crucial key factor bolstering growth in the market is, the shifting focus of farmers in order to increase agriculture yields with profit margins in the agriculture sector. Being a slow-released fertilizer, Sulphur coated urea (SCU) is produced by a thick coating of hot urea with molten Sulphur and then sealed with polyethylene oil or microcrystalline wax.
- Widespread adoption of Sulphur coated urea is witnessed for agriculture applications owing to an economical slow-release nitrogen source compared to other coated materials with low leaching and volatilization losses. On the back of these factors, high demand of Sulphur coated urea is anticipated during the forecast period.
- Key players in the Sulphur coated urea market are developing Sulphur coated urea with lower particle sizes, allowing for their usage on putting greens. These product innovations are further expected to boost the demand for Sulphur coated urea during the forecast period.
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Competitive Landscape
Dominant players in the market are focused on heavy investments and innovations for the development of products with improved applications and the introduction of sustainable products in order to minimize carbon footprints. On the other hand, some of the other players are concentrating on capacity expansions in emerging economies to capitalize on expanding their agriculture sector.
More Insights into the Sulphur Coated Urea Market
According to FMI estimations, the U.S. is expected to remain one of the leading consumers of Sulphur coated urea attributing to the rising applications in diverse industries including the residential sector and the agriculture sector among others. The country is predicted to account for about 20%-25% of the global value share in the Sulphur coated urea market.
Emerging economies like China, Japan, and Australia are expected to be the fastest growing Sulphur coated urea market all over the Asia Pacific region owing to the rising preference for luxury amenities such as golf courses, community shades, horticulture, gardens, etc., which is creating a conducive environment for key players in the region.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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