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Catalyst Fertilizers Market Projected to Reach $2.5 Billion by 2023
Catalyst Fertilizers Market by Fertilizer Production Process (Haber-Bosch Process, Contact Process), Metal Group (Base Metals, Precious Metals), Fertilizer Application (Nitrogenous, Phosphatic), and Region – Global Forecast to 2023
The catalyst fertilizers market is estimated to account for USD 2.3 billion in 2018 and is projected to reach USD 2.5 billion by 2023, at a CAGR of 2.36% during the forecast period. The market is primarily driven by growth in the production of fertilizers and expansion of production facilities in Asia. Also, with the increase in greenhouse gas emissions from ammonia plants, innovations in the catalyst industry to control emissions through selective catalytic reduction technology are projected to drive the growth of the market over the next five years.
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The use of base metals for fertilizer production is projected to witness high growth during the forecast period.
Iron, copper, and nickel are the major base metals that exhibit efficient catalytic activity and are the majorly consumed catalysts across all industries. These metals are abundantly available in the market and are easily extracted by a majority of companies. These are less expensive as compared to precious metals, and the number of players offering these metals for catalytic action is also very high. Thus, it is projected to grow at the highest CAGR from 2018 to 2023.
Haber-Bosch process is estimated to dominate the catalyst fertilizers market in 2018.
Nitrogenous fertilizers are one of the highly consumed nutrients across the globe while ammonia is the most common nitrogen product used as a fertilizer. With the emergence of the Haber-Bosch process, ammonia synthesis has increased by a manifold with the help of catalysts. Since ammonia is the most produced fertilizer, which is further converted to urea and ammonium phosphates, Haber-Bosch is the dominant process for ammonia fertilizer production where catalysts are an important part of the plant process design.
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Asia Pacific is estimated to dominate the market in 2018 and is projected to be the fastest-growing in the market through 2023.
With large fertilizer production in the Asia Pacific countries, the region dominated the market in 2017 and is projected to witness the fastest growth in the catalyst fertilizers market through 2023. The Asia Pacific market for catalyst fertilizers is driven by the rising need to increase crop yield and growing production of fertilizers. The growth in the production of fertilizers is mainly attributed to the increase in the consumption of fertilizers and support from the governments to increase production. The expansion of production facilities for ammonia and sulfuric acid in China and India and the growing awareness among manufacturers about the benefits of catalyst fertilizers in emission control of hazardous wastes are expected to provide more scope for market expansion. Moreover, ongoing R&D activities on better and efficient fertilizer manufacturing processes could render a scope for market growth. The government policies adopted by Asian countries toward sustainable agricultural practices and reduced GHG emissions from fertilizer industries, including support for the production of fertilizers in the form of subsidies, are major factors contributing to the growth of this market in the region.
This report includes a study of the development strategies of leading companies. The scope of this report includes a detailed study of catalyst fertilizers manufacturers such as Clariant International (Switzerland), DowDuPont (US), Project & Development India Ltd. (India), Johnson Matthey (UK), Haldor Topsoe (Denmark), LKAB Minerals (Sweden), N.E.Chemcat (Japan), QuantumSphere Inc. (US), Quality Magnetite (US), and Oham Industries (India).
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