iCrowdNewswire Jan 15, 2021 1:55 PM ET
Global Sulfur Fertilizers Market size is expected to cross USD 4 Billion by 2026 at a CAGR of 2.1% during the forecast period, 2020 to 2026. Fertilizers containing sulfur macronutrients in them are known as sulfur fertilizers. Prominent players active in the global market are focused on various growth strategies to maintain their positions in the market. Product launches, mergers & acquisitions, and expansion are amongst the major strategies adopted by the market players. For instance, in October 2019, K+S Aktiengesellschaft opened a new magnesium sulfate production facility in Germany, aiming at expanding its foothold in the European market. Similarly, in September 2019, Nutrien, Ltd. acquired Ruralco Holdings Limited, an Australia-based diversified agricultural company, to expand its presence in the Australian market.
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Yara International ASA (Norway), Nutrien, Ltd. (Canada), Koch Industries, Inc. (US), Deepak Fertilizers and Petrochemicals Ltd. (India), The Mosaic Company (US), ICL (Israel), Coromandel International Limited (India), Nufarm Limited (Australia), K+S Aktiengesellschaft (Germany) and EuroChem Group (Switzerland)
Growth Opportunities in the Market
The Oilseeds & Pulses Segment to Register the Highest CAGR During the Upcoming Years: Oilseeds are largely grown in semi-arid tropical areas of the globe. Soils in these areas are highly deficient in sulfur and thus result in low crop yield. Rising awareness amongst farmers regarding the importance of sulfur in plant growth has boosted the demand for sulfur fertilizers among the farmers growing oilseeds & pulses in these areas. Hence, Sulfur Fertilizers Market segment is expected to grow significantly during the upcoming years.
Increasing Application of Micronutrients to Boost the Growth of the Foliar Segment: Micronutrients are gaining importance in crop cultivation due to the rising awareness regarding their benefits in crop growth. Sulfate of micronutrients is amongst such micronutrients in high demand to overcome the deficiency of sulfur in plants. Micronutrients are majorly applied through foliar application as they directly come in contact with the plant foliar such as leaves and are readily absorbed. Hence, the segment is emerging as a growing mode of application for sulfur fertilizers, especially sulfate of micronutrients.
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