Published on : Apr 17, 2020
Global urea ammonium nitrate (UAN) market is expected to grow at a rapid, thanks to its augmented demand in the agricultural sector. It is forecasted that with the expansion of the agricultural sector, the demand for urea ammonium nitrate is likely to rise.
Urea ammonium nitrate (UAN) solution is produced through mixing of ammonia, nitric acid, and urea. It comes in the form of liquid with around 28 percent to 32 percent of nitrogen content in it. As compared to other forms of non-liquid fertilizers, urea ammonium nitrate is easy to apply in a uniform way. It can be combined with various other nutrients, pesticides, and herbicides thereby allowing farmers to diminish costs. Application of several materials at the same time instead of separate applications assists farmers in reducing the cost of production.
Coromandel International Ltd., CF Industries Holdings, Yara International ASA Top of Form, Eurochem Group AG, Sinofert Holdings Limited., and Koch Industries, Inc. are some of the leading players in the global urea ammonium nitrate (UAN) market.
Asia Pacific is Estimated to Rise to Prominence during the Assessment Tenure
The global urea ammonium nitrate (UAN) market has been split into the major geographies of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Region-based segmentations of the global urea ammonium nitrate (UAN) market offer a detailed view of the market in various parts of the world.
North America is likely to come up as a leading market for global urea ammonium nitrate (UAN) market. Rapid adoption of new technologies and application of new fertilizers in the agricultural sector of the region is forecasted to propel growth of the North America urea ammonium nitrate (UAN) market in the years to come.
Asia Pacific is also expected to emerge as a prominent region in the global urea ammonium nitrate (UAN) market over the tenure of assessment. Most of the countries in the region rely heavily on agriculture for economic progress. Dependence on agriculture is likely to encourage growth of the urea ammonium nitrate (UAN) market in the region. In addition, augmented research and development activities in the agricultural sector meet up with the rising demand for food is likely to offer copious opportunities of growth for the Asia Pacific urea ammonium nitrate (UAN) market.
Multiple Benefits of the Chemical to Bolster its Demand in the Market
The ever-expanding population of the world is going to generate massive demand for food now and in the years to come. However, the availability of arable land is limited, which poses serious challenge for the agricultural sector. As such, the need to optimize food production in the land that is available for agriculture arises. Various advanced technologies and fertilizers are developed to optimized yield to cater to the growing demand for food, given limited land resource.
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Nitrogen is a much needed and extremely important component for the growth of a plant. It is found in healthy soils and provide plants with the much-needed energy to grow. It also assists in the production of vegetables and fruits. Nitrogen has garnered significance due to its role in the process of photosynthesis. This process is needed to produce sugar from carbon dioxide and water, utilizing sunlight.
Solutions of urea ammonium nitrate are extensively utilized as a main source of nitrogen for plant nutrition. Urea ammonium nitrate is a very versatile as a source of plant nutrition and is compatible with other agricultural chemicals and nutrients, thanks to its chemical properties. These factors are estimated to encourage growth of the growth of the global urea ammonium nitrate (UAN) market in the years to come.
On the other hand, the chemical can harm foliage if it is applied directly on certain plants; as such it needs to be diluted with water. This factor is likely to impede the growth of the global urea ammonium nitrate (UAN) market over the tenure of assessment.