Asia Pacific Calcium Nitrate Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Fertilizers, Wastewater Treatment Chemicals, Concrete Manufacturing, Explosives, and Others)
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The Asia Pacific calcium nitrate market is expected to grow from US$ 485.03 million in 2021 to US$ 641.24 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028.
Calcium nitrate manure is a multipurpose compost that can provide plant nourishment and facilitate disease prevention and treatment, especially in fruiting plants. Calcium nitrate also has broader horticulture applications as it helps improve fruit quality and makes them less sensitive to bitter pit and blossom end rot, thus extending shelf life. It is also appropriate for foliar applications. Moreover, the growing usage of calcium nitrate in wastewater treatment chemicals, concrete manufacturing, explosives is further expected to increase the demand for calcium nitrate in the Asia Pacific region. The companies operating in Asia Pacific include Nutrien, Yara International ASA, Haifa Group, Shanxi Jiaocheng Tianlong Chemical Industry Co. Ltd and others.
In case of COVID-19, in Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of calcium nitrate manufacturing activities. Downfall of other chemical and materials manufacturing sectors has negatively impacted the demand for calcium nitrate during the early months of 2020. Moreover, decline in the overall fertilizers manufacturing activities has led to discontinuation of calcium nitrate manufacturing projects, thereby reducing the demand for calcium nitrate. Similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China and Australia. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific calcium nitrate market. Agriculture is an important component of the Asia Pacific economy. Agriculture is the primary source of employment, income, and food, and it meets these basic needs throughout the world. The agricultural population accounts for 67 per cent of the overall population, according to the Food and Agriculture Organization (FAO). As the agricultural population develops, so does the demand for calcium nitrate. Calcium nitrate fertilizer plays an essential role in the production of high-quality crops by promoting plant development. Calcium nitrate fertilizer contains both nitrate nitrogen and calcium, two of the most important nutrients for plants. It is the best choice for higher fertilizing for any plantation, type of soil, and weather situation. The absorption of soluble calcium by the roots is increased by nitrogen in the form of nitrate, which enhances the plant's calcium supply. The expanding population, which drives the demand for food, boosted the demand for calcium nitrate fertilizer. The majority of countries in the world are active in agriculture, and proper fertilizer is required to increase crop and plant growth. Calcium nitrate fertilizer strengthens cell walls, resulting in higher-quality fruits with a longer shelf life. Improved cell wall strength also improves a plant's ability to withstand pest and disease pressure. Calcium also improves heat tolerance and reduces the amount of heat stress that plants in hotter areas endure.
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Asia Pacific Calcium Nitrate Market Segmentation
Asia Pacific Calcium Nitrate Market – By Application
- Fertilizers
- Wastewater Treatment Chemicals
- Concrete Manufacturing
- Explosives
- Others
- Australia
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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