Catalyst Fertilizer Market Driven by Growing Demand for Fertilizers In Agriculture Industry, Size, Share And Global Forecast To 2023

Catalyst Fertilizer Market Driven by Growing Demand for Fertilizers In Agriculture Industry, Size, Share And Global Forecast To 2023

“Catalyst Fertilizer Market”
Catalyst Fertilizer Market to grow at CAGR of 2.56% with USD 2.8 billion by 2023, Global Market Size, Growth Insights, Trends, Industry Share and Forecast by Manufacturing Process, Metal Group and Application | Catalyst Fertilizer Industry

Catalyst Fertilizer Market Synopsis

The Global Catalyst Fertilizer Market is expected to exhibit a stable 2.56% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global Catalyst Fertilizer Market is profiled in detail in the report, which provides a detailed analysis of the market’s leading historical growth drivers and restraints as well as leading players operating in the market, providing the readers with a comprehensive analysis of the competitive landscape of the market as well as the market’s economic background. The leading drivers and restraints affecting the global Catalyst Fertilizer Market and likely to have a lasting impact on the market over the forecast period are profiled in detail in the report.

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The catalyst fertilizer industry has grown steadily over the last few years due to the growing need to supplement the earth’s carrying capacity with fertilizers. The growing global population has driven the demand for food, which has in turn driven the demand from the agriculture industry, thus driving the demand for fertilizers. Ammonium and phosphate fertilizers are among the strongest beneficiaries of this trend, as nitrogen and phosphorus are among the most important elements for the development of plants and play a vital role in engendering healthy plant growth. The increasing demand for ammonium and phosphate fertilizers is likely to drive the demand for catalysts used in the fertilizer industry in order to boost the production of these fertilizers.

The growing production in developing regions such as Asia Pacific is likely to boost the fertilizer industry in these regions, as the growing population leads to a growing demand for food crops. The rising agriculture industry in these regions is likely to drive the demand for catalysts in fertilizers in order to boost the production of fertilizers. The rising technological sophistication in the agriculture industry in the region is also likely to be a major driver for the catalyst fertilizer market, as new and improved methods of fertilizer production are likely to be embraced by the fertilizer industry in the region in the coming years.

Industry News

In November 2019, researchers at the Tokyo Institute of Technology developed a new way to synthesize a special type of perovskite catalyst for ammonia production. Perovskite is widely used in ammonia production, as it speeds up the reaction between nitrogen and hydrogen and enables full utilization of the available gases. The new perovskite can be used in reactions carried out at lower temperatures than before and for shorter durations than before, making it more viable than conventional perovskites.

Competitive Analysis

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

Segmentation

The global Catalyst Fertilizer Market is segmented based on manufacturing process, metal group, application, and region.

By Manufacturing Process, the global fertilizer catalyst market is segmented into contact process, Haber-Bosch process, and others. The Haber-Bosch process segment is expected to dominate the global Catalyst Fertilizer Market due to the growing production of ammonium fertilizers.

By Metal Group, the global Catalyst Fertilizer Market is segmented into base metals and precious metals. The base metals segment, which includes copper, nickel, and iron, is likely to dominate the Catalyst Fertilizer Market over the forecast period due to the easier availability of base metals than precious metals and their cheaper prices.

By Application, the Catalyst Fertilizer Market is segmented into nitrogenous fertilizers and phosphatic fertilizers. The nitrogenous fertilizers segment is likely to dominate the global Catalyst Fertilizer Market over the forecast period.

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Regional Analysis

Asia Pacific is expected to be the fastest growing and largest regional market in the global catalyst fertilizer market, followed by Europe. Rising awareness among farmers regarding crop fertilizers is likely to be a major driver for the Catalyst Fertilizer Market in Asia Pacific over the forecast period. The high availability of base metals in Asia Pacific is also a major driver for the Catalyst Fertilizer Market in the region. North America holds the third largest share in the global catalyst fertilizer market.

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