Future Market Insights (FMI) recently announced the release of its report titled, “Sulphur Coated Urea Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025.” According to the report, the global sulphur coated urea market is estimated to be valued at over US$ 855 Mn in 2016.
Market Drivers and Restraints
The global sulphur coated urea market is primarily driven by a few factors that include growing concerns about sustainability and cost minimization in the agriculture sector, stringent regulations on conventional fertilizers, increasing number of recreational arenas across the world that require turf grass such as golf courses and concerns about eutrophication. Furthermore, growing urbanization and increase in food consumption globally are also influencing demand for sulphur coated urea.
Increasing urbanization, coupled with spending preferences on luxury amenities, has widened the application area for sulphur coated urea and catalyzed its demand worldwide. Owing to a substantial increase in the number of high-net-worth individuals, the trend of growing investments on recreational and sporting activities is expected to increase. Worldwide focus as well as development in sports infrastructure is paving the way for increased demand for sulphur coated urea owing to its complementary properties in non-agricultural activities.
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By region, North America and Asia Pacific Excluding Japan (APEJ) dominated the global sulphur coated urea market in 2015 in terms of revenue, together accounting for over 60% share of the overall market. APEJ and Latin America are forecast to expand at a relatively high CAGR during the forecast period.
Key players in the market are focusing on expanding their footprints in emerging markets largely through mergers and acquisitions. Consolidation in the sulphur coated urea industry has facilitated market leaders, such as Agrium Inc., to expand their businesses in various geographies, thereby increasing their market share.
By product type, polymer sulphur coated urea segment accounted for over 90.0% of the overall sulphur coated urea market in 2015 both in terms of value and volume. Expanding at a CAGR of around 4% over the forecast period, the segment is projected to dominate the market over 2016–2026.
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Key market players covered in the report include Agrium Inc., Israel Chemicals Ltd., Syngenta AG, Andersons Inc., Yara International ASA, Harrell’s LLC, Koch Industries Inc., Haifa Chemicals Ltd., and J. R. Simplot Company. Most players in the market are engaged in various activities such as mergers and acquisitions, increasing investments in technological developments, geographical expansion and brand building via strong marketing strategies in order to sustain their position in the competitive market.