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Nitrogen Fertilizers Market Anticipated to Grow at a CAGR 2.2% By 2018
The global economic and chemical output is expected to continue to grow at a healthy rate in developing nations of Asia, the Middle East and Latin America. Long-term access to lower-priced natural gas is the most essential component for sustainable success in the nitrogen industry. Countries with their large supplies of lower-cost gas are major nitrogen-exporting nations, while the Middle East, North Africa, and other low-cost gas regions remain an opportunity for the future’s supply–demand balance in this sector. Due to competitive advantages of using shale gas, the growth will be strong in North America, as well. The U.S. was not a major producer of nitrogen fertilizers earlier, due to higher costs of production compared to the rest of the world and soaring natural gas prices. But, with recent technologies like hydraulic fracturing and horizontal drilling, energy companies are more efficient in extracting natural gas and producing nitrogen fertilizers at economical prices.
The North American agrochemical market was estimated to have a 15.4% share in the global agrochemicals market. The region’s market is defined by an increasing focus on the growth of corn which is the main feedstock for the manufacture of ethanol fuel. North America is the fastest growing region in nitrogenous fertilizers. Urea is a majorly consumed nitrogenous fertilizer, followed by ammonium nitrogen.
Nitrogenous Fertilizers Market by Active Ingredient (Urea, Ammonium Nitrate, Sodium Nitrate, Ammonium Sulfate, CAN, UAN Calcium Nitrate, Ammonium Chloride), Crop Type (Cereals & Grains, Oil Seeds, Fruits & Vegetables) & by Geography - Trends & Forecasts To 2018
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