Looking forward, IMARC Group expects the market to reach US$ 210.0 Billion by 2028, exhibiting a CAGR of 3.7% during 2023-2028. Other areas of innovations include the development of product variantsthat improve plant resilience to flooding and droughts, organo-mineral offerings that combine organic and mineral fertilizers, and combined mineral fertilizers produced with biologicals and biostimulants. Apart from this, the fertilizer industry is highly regulated and monitored by governments of various nations, wherein the price at which the fertilizer is sold to the beneficiary is reimbursed by the government in the form of subsidiary. The industry is also developing techniques to produce green ammonia from sustainable, carbon-neutral inputs through electrochemical processes, photocatalytic devices, and advanced nuclear concepts. On the application side, to make fertilizer more sustainable, key players are improving nutrient use efficiency (NEU), which is the ratio between input of nutrients and output in terms of the nutrients taken up in the harvested crop. Some other recent developments include solution mining, flotation recovery of potassium, and extraction of potassium chloride from sylvinite ore. In the chemical industry, manufacturers are exploring new minable phosphate rock deposits, upgrading the ore, increasing output and the use of triple superphosphate, and improving the nitro phosphate processes. These improvements are aiding in reducing temperature requirements, increasing purity, and strengthening cyanamide’s position as a fertilizer. Key players are also advancing the cyanamide process, which is a nitrogen fixation reaction of calcium carbide with nitrogen gas in a reactor vessel. The establishment of a large-capacity ammonia plant close to the source of low natural gas and transferring the liquefied ammonia to international commerce represents one of the key developments in the fertilizer market. As per the analysis by IMARC Group, the top manufacturers in the fertilizer market are leveraging advanced tools in the production stage to improve nutrient efficiency and minimize environmental impact. The global fertilizer market reached a value of US$ 170.4 Billion in 2022.

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