Silicon Fertilizers Market to Reach $125.8 Mn by 2025 at 4.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 24, 2018 /PRNewswire/ --
Benefits of silicon fertilizers such as optimized soil fertility and increase in crop yield coupled with unfavorable climatic conditions are expected to boost the growth of the global market.
Allied Market Research published a report, titled, "Silicon Fertilizer Market by Type (Calcium Silicate, Potassium Silicate and Sodium Silicate), Form (Liquid and Solid), and Application (Field Crops, Horticultural Crops, Hydroponics, and Floriculture): Global Opportunity Analysis and Industry Forecast, 2016-2025." The report provides insights on the key investment pockets, top player positioning, drivers & opportunities, major market segments, and strategic developments in the industry. As per the report, the global silicon fertilizers market garnered $91.2 million in 2017 and is expected to reach $125.8 million by 2025, registering a CAGR of 4.1% from 2018 to 2025.
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Increased demand for wheat and rice crops coupled with benefits offered by silicon on crop field have boosted the growth of the global silicon fertilizers market. In addition, adoption of modern farming technologies and low cost of silicon fertilizers have supplemented the market growth. However, volatile prices, and availability of raw material prices hamper the growth of the market. On the contrary, burgeoning demand for field and horticultural crops across different regions is expected to provide lucrative opportunities for the market players.
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Calcium silicate: lucrative segment through 2025
The calcium silicate segment accounted for about 60% of the total market in 2017 and is expected to maintain this trend through 2025, registering the fastest CAGR of 4.3% during the forecast period. This is attributed to the characterisitics of calcium silicate-based fertilizers such as reducing pH and increasing adsorption of essential minerals from the soil. In addition, other segments, which include potassium silicate and sodium silicate would manifest steady growth during the forecast period.
Liquid silicon fertilizers to manifest fastest growth
Liquid silicon fertilizer segment is expected to grow at the fastest CAGR of 4.6% from 2018 to 2025, as liquid-based fertilizers are ideal for fighting against several diseases such as powdery mildew, septoria, eye-spot, and insect pests. However, the solid silicon fertilizer segment is expected to hold about two-thirds share of the total market revenue through 2025.
Field crops application segment to lead in terms of revenue
The field crop segment generated more than half of the total market share in 2017 and is expected to register the fastest CAGR of 4.3% during the forecast period. This is attributed to factors such as increasing economy of developing countries and soaring food demand due to growth in population. However, other segments such as horticultural crops, hydroponics, and floriculture are expected to manifest gradual growth through 2025.
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Asia-Pacific to witness fastest growth
The Asia-Pacific region is expected to grow at the fastest CAGR of 4.5% during the forecast period, owing to increase in per capita consumption and rise in demand for high-quality foods. The report also includes an in-depth analysis of other regions, namely North America, Europe, and Latin America, Middle East and Africa (LAMEA).
Leading players in the market
The key market players analyzed in the report include Plant Tuff, Denka Company Limited, Fertipower Norway AS, Fubang Fertilizer, Goodearth Resources PTE LTD., Ignimbrite Minerals, Inc., Agripower, Fuji Silysia Chem, Greenfire Agri, and MaxSil. These companies have adopted strategies such as product launches, acquisitions, and collaborations to expand their business.
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