The Sulfur Coated Urea Market is estimated to be valued at US$ 1114.76 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sulfur coated urea is a controlled-release fertilizer where urea is coated with elemental sulfur. It releases nitrogen slowly and prevents nitrogen volatilization. As compared to conventional urea, sulfur coated urea provides more consistent nutrient supply to plants, reduces leaching and minimizes environmental pollution. It is widely used in agriculture, turf grass, and other green industries.
Market key trends:
One of the major trends in the sulfur coated urea market is increasing demand from emerging economies like China, India and Brazil. Rapid growth of the agriculture sector in these countries along with rising demand for food is necessitating the use of higher and efficient fertilizers. Sulfur coated urea increases yields and reduces fertilization costs for farmers in these developing nations. Furthermore, it prevents groundwater pollution which is a major concern in many parts around the world. This is expected to drive higher demand for sulfur coated urea over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for R&D and manufacturing. Bargaining power of buyers: Large buyers such as farmers have more bargaining power due to availability of substitute fertilizers. Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Development of slow-release fertilizers poses threat of substitution. Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strengths: Slow-release of nutrients, higher nutrient efficiency. Weaknesses: Higher costs than other fertilizers, requires special application methods. Opportunities: Growing demand for specialty fertilizers from turf and landscaping industries. Threats: Price volatility of raw materials, stringent environmental regulations.
Key Takeaways
The global Sulfur Coated Urea Market Share is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for specialty fertilizers from turf and landscape industries. Regionally, North America dominated the global market in 2023, owing to the large turf industry and presence of key market players in the region. Key players operating in the sulfur coated urea are Agrium Inc., Israel Chemicals Ltd., Syngenta AG., Yara International ASA, Andersons Inc., Haifa Chemicals Ltd, J. R. Simplot Company, Koch Industries Inc., Harrell€TMs LLC.
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https://www.newsstatix.com/sulfur-coated-urea-market-trends-size-and-share-analysis/
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