July 24, 2024

Catalyst Fertilizer Market “Unlocking Growth Potential: Forecasted to Attain USD 2.58 Billion”

Catalyst Fertilizer Market Overview

Catalyst Fertilizer Market Size was valued at USD 2.5 Billion in 2022. The Catalyst Fertilizer market industry is projected to grow from USD 2.58 Billion in 2023 to USD 3.19 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.20% during the forecast period (2023–2032).

Catalyst are gaining prominence in fertilizer industry owing to increase in greenhouse gas emission from ammonia plants thereby leading to development in catalyst industry to control emission. Strong need for high performance catalyst that can operate in moderate condition and aids in increase efficiency are major factors in development of catalyst fertilizer market. Furthermore, rise in ammonia production facilities in emerging economies are expected to benefit the overall market growth. However, long replacement period of catalyst is likely to hamper the market growth.

Based on metal group, the catalyst fertilizer market is segmented in to base metal and precious metals. In terms of value and volume, base metals are estimated to account for largest market share in 2022. Base metals such as copper and iron are used to increase overall efficiency leading to increase in ammonia output. On the other hand, nickel and vanadium is used in sulfuric acid production to boost catalytic activity. Apart, lower cost of base metals, easily available and presence of numerous suppliers are expected to drive the demand for base metals during the forecast period.

Ammonia is one of the essential nitrogen products processed through the Haber-Bosch process, with the help of catalyst. In addition, rising emission like NOX and NO2 in to the environment from ammonia production, has led to development of emission control catalyst. Thus, the prominence of Haber-Bosch process, which is based on catalytic reaction, is expected to reduce emissions at production level. Due to aforementioned factors, Haber-Bosch process is projected to witnessed strong growth during the forecast period.

Based on application, nitrogenous fertilizer holds higher market share compared to phosphatic fertilizer. Among numerous fertilizers, nitrogen is highly produced nutrient, occupying more than 55% of the total fertilizer demand in 2017. Moreover, growing demand for ammonia and urea in Asian countries has boosted the production of nitrogenous fertilizer during the review period.

Market Segmentation

The market is segmented based on manufacturing process, metal group, application and region.

Contact process, Haber-Bosch process and others are included under manufacturing process segment.

Based on metal group, base metals and precious metals are the major segments in the global catalyst fertilizer market.

Based on application, the global catalyst fertilizer market has been segregated into nitrogenous fertilizer and phosphatic fertilizer.

The global catalyst fertilizer market has been studied with respect to five regions — Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Regional Analysis

The global catalyst fertilizer market outlook has been studied with respect to five regions — Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific is anticipated to grow at a highest CAGR owing to the increasing demand of catalyst fertilizer in the agriculture industry. China, India and Indonesia are major countries in fertilizer concentrated production. Thus, rising demand for ammonia and urea has resulted in expansion of new production facilities in Asia and African countries. North America is expected to witness significant growth during the forest period. This is mainly due to the increasing rich nutrient fertilizer and supportive government for increasing production.

Competitive Analysis

Leading players in the global catalyst fertilizer market are Johnson Matthey (UK), N.E. Chemcat (Tokyo), LKAB Minerals AB (Sweden), Clariant (Germany), QuantumSphere, Inc. (US), DowDuPont (US), Oham Industries (India), Haldor Topsoe (Denmark), Project & Development India Ltd. (India), Quality Magnetite (US) and others.

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