COVID-19 Impact on Fertilizer Granulating Aids Market
The COVID-19 pandemic is hampering the demand for fertilizer granulating aids in numerous applications. Several countries across the globe enforced lockdowns to curb the spread of the coronavirus. These lockdowns resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for fertilizer granulating aids. Key players operating in the fertilizer granulating aids market are primarily tiered I and tier II manufacturers and suppliers. The manufacture and supply chain facilities of these companies are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Numerous players have halted their production output in the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials. The COVID-19 outbreak has directly affected the production and demand for fertilizer granulating aids. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in the supply of raw materials is projected to hamper the full-scale operations of companies operating in the market.
Key Drivers of Fertilizer Granulating Aids Market
Increase in consumption of fertilizers in the agricultural industry is boosting the fertilizer granulating aids market. The global fertilizer market was valued at more than US$ 171 Bn in 2020. Increase in demand for organic and inorganic fertilizers and organic farming is also a key factor driving the fertilizer granulating aids market. Inorganic fertilizers include chemicals such as nitrogen, phosphorous, and potassium. Organic fertilizers are obtained from plants and animals.
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Restraints of Global Fertilizer Granulating Aids Market
Lack of universal directives pertaining to applications of fertilizer granulating aids is expected to restrain the market during the forecast period. Volatility in raw material prices, regulations on fertilizer granulated aids, and availability of substitutes are also likely to restraint the market in the near future.
Asia Pacific to Constitute Significant Share of Global Fertilizer Granulating Aids Market