HOUSTON, July 5 (Xinhua) -- The global demand for controlled- and slow-release specialty fertilizers is expected to grow at a rate of nearly 6 percent through 2022, and the demand from China is projected to grow at nearly 10 percent annually, according to a report of IHS Markit released here on Thursday.
The global market demand for controlled- and slow-release specialty fertilizers is growing significantly and currently valued at 2.35 billion U.S. dollars, as global populations continue to increase rapidly while the amount of arable land per-capita simultaneously declines, according to the IHS Markit Chemical Economics Handbook: Controlled- and Slow-Release Fertilizers Report.
Led by China, the United States, Western Europe and Japan, global demand for these specialty fertilizers, controlled-release fertilizers (CRFs) or slow-release fertilizers (SRFs), currently stands at more than 1.5 million metric tons (MMT) in 2018.
At the same time, changing climate patterns leading to extreme drought conditions or untimely rainfalls are driving a greater focus on sustainable agriculture.
According to the report, China currently consumes approximately 700 thousand metric tons (TMT) annually of these specialty chemicals or nearly 46 percent of the global total, while the U.S. consumes approximately 560 TMT of these specialty fertilizers, or nearly 37 percent of the global total.
"The U.S. has traditionally been the most significant market for these specialty fertilizers, but we are seeing an extremely rapid growth in Chinese demand due to a confluence of market and social factors, including economic and population growth, less arable land per-capita, and a strong desire to lessen the environmental impact of fertilizers," said Bala Suresh, executive director, IHS Markit, and lead author of the IHS Markit report. "With its rapid economic growth and increased environmental awareness, India is expected to increase its demand for these products as well."
Controlled- or slow-release fertilizers can cost anywhere between 2.4 and 10 times as much as conventional fertilizers, but they are more environmentally friendly than conventional commercial fertilizers because they release nutrients to the plants more slowly over time and, therefore, more of the fertilizer is absorbed by the plant as nutrients.
As a result, less fertilizer is required over time, which saves resources and labor, less of the product is lost as waste run-off into the soil, and the level of nitrous-oxide emissions is reduced.
While cost is an issue, Suresh expects costs for these products will go down over time, and the crop-yields and environmental benefits of these products are expected to outweigh the costs.
London-based IHS Markit is a global company in critical information, analytics and solutions for the major industries and markets that drive economies worldwide.
