September 08, 2022 07:52 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The global ammonium sulfate market size is expected to gain momentum by reaching USD 1.50 billion by 2028 from USD 1.08 billion in 2021 while exhibiting a CAGR of 4.8% between 2021 to 2028. In its report titled, “Ammonium Sulfate Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 1.04 billion in 2020.
The demand for ammonium sulfate is expected to rise due to its increasing demand in the agrochemical industry, where it is used as a fertilizer and fulfills the plants’ nitrogen requirements. Furthermore, it is used in the food industry as a taste-enhancing additive. Thus its multiple applications in various industries are expected to spur its demand in the forecast period.
The report mainly studies ammonium sulfate market size, recent trends and development status, investment opportunities (e.g. driving factors, limiting factors) and industry news (e.g. mergers and investments). Technological innovations and advancements will further optimize the performance of the product so that it is more widely used in downstream applications. Provide important information to understand the ammonium sulfate market.
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LIST OF KEY PLAYERS PROFILED:
Report Scope & Segmentation:
The ammonium sulfate industry was negatively impacted because of disruption in the supply chain of raw materials and the unavailability of labor. Moreover, due to the restrictions imposed by government and regulatory authorities, the production, harvesting, and packaging of agriproducts were affected. Based on our analysis, the global market exhibited a decline of 6.0% in 2020. However, the market is expected to revive during the forecast period. Inquire Before Buying This Research Report:
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By application, the market is bifurcated into fertilizers and industrial.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market for ammonium sulfate.
Rising Demand in Agrochemical Industry to Fuel Market Growth
The growing demand for acidic fertilizers is expected to drive the ammonium sulfate market growth. Since ammonium is an acidic fertilizer for alkaline soil. Moreover, the increasing demand for food crops for a dramatically rising population is likely to drive the agrochemical industry. For instance, according to a report by the Food & Agriculture Organization (FAO), the demand and supply for ammonium fertilizer in the year 2020 was nearly 160,492 million tons. Another report by FAO suggests that the shrinking of cultivable land is also driving the need for fertilizers since in 2017, the agricultural land was only 37%, which declined to 36.9% in 2018.
Asia Pacific to Dominate Backed by Increasing Demand for Food Crops
Asia Pacific is expected to remain at the forefront and hold the highest position in the global market during the forecast period owing to the increasing demand for food crops in populated countries such as China, India, Bangladesh, Indonesia, Pakistan, and Japan. Furthermore, the presence of various manufacturers in the region is likely to drive the regional market. The region’s market stood at USD 0.36 billion in 2020.
North America is expected to showcase significant ammonium sulfate market share during the forecast period owing to the adoption of modern farming techniques and increased use of pH-balancing fertilizers.
Key Players to Focus on Acquisitions to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches and acquisitions. For instance, in October 2018, Highsun Group acquired caprolactam and manufacturer Fibrant from DSM and CVC capital. However, Fibrant was already under ChemicaInvest since 2015. It was a joint venture of investment fund CVC Capital Partners (65% stake) and Dutch chemicals major DSM (35%). The agreement includes plants in Geleen, The Netherlands, and Nanjing, China. Such strategic moves by key players will strengthen the market prospects in upcoming years.
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