(I-BusinessNews.Com, May 04, 2021 ) The report “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 projected to reach USD 2.5 billion by 2023, from USD 2.3 billion in 2018, at a CAGR of 2.36% during the forecast period. The market is driven by factors such as rising fertilizer production and growing concern about emissions of greenhouse gases.
On the basis of fertilizer production process, the Haber-Bosch segment is projected to witness the fastest growth during the forecast period.
Ammonia is one of the largest inorganic chemical produced across the globe through the Haber-Bosch process, developed first by BASF. The Haber-Bosch process is based on catalytic reactions, and hence, the conversion rate has been high for this process. According to the estimates by USGS, global production is expected to continue to grow 3%-5% annually due to the increasing fertilizer demand. Apart from Haber-Bosch, owing to the increasing emissions of NOX and N2O into the environment from ammonia production, emission controlling catalysts have also been developed and are increasingly adopted in conjunction with synthesis catalysts. Thus, this process is projected to witness a comparatively fast growth during the forecast period.
Make an Inquiry:
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=225910652
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).
The benefits associated with catalysts are the major factors contributing to the growth of this market, globally. The steadily increasing production rate of nitrogenous and phosphate fertilizers in Asia, coupled with the increasing exports of these fertilizers from China and India are the major drivers for this market. Also, according to FAOSTAT, the CO2 and N2O emissions from ammonia production are projected to grow at a rate of 0.09% from 2012 to 2015. On account of these emissions, catalysts from DuPont (US) and Clariant International (Switzerland) are used as emission control catalysts. Moreover, since ammonia fertilizers based on natural gas as a raw material source are comparatively cheap than naphtha-based fertilizers, governments such as in India were able to reduce the subsidy burden due to the high production costs of naphtha-based fertilizer manufacturing.
Furthermore, the market for catalyst fertilizers is driven by the growing number of ammonia production plants particularly, in the Asia Pacific, Middle Eastern, and African regions. Also, due to the fluctuating prices of raw materials such as natural gas, there is a growing need to develop cheaper and efficient catalysts that can be used for fertilizer production and balance the final cost of catalysts. With the help of catalyst fertilizers, efficient conversion of raw materials at controlled conditions can be achieved, which could reduce or sometimes eliminate harmful emissions.
On the basis of fertilizer production process, the Haber-Bosch process segment is projected to witness the highest growth from 2018 to 2023, due to the growing production of ammonia and increasing demand for ammonia-based fertilizers, especially in countries such as China, India, and the US.
In comparison to phosphatic fertilizers, ammonia and urea production has been growing at a higher rate in Asian countries. Also, with the increasing emissions from ammonia plants, the demand for emission control catalysts has been rising in the market; hence, nitrogenous fertilizers are projected to grow faster during the forecast period.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225910652
The Asia Pacific region is projected to witness the fastest growth in the catalyst fertilizers market from 2018 to 2023. The growth in the region is driven by the increasing production of ammonia and phosphatic fertilizers in countries such as China, India, and Indonesia. Moreover, catalyst manufacturing companies such as Clariant International (Switzerland) and QuantumSphere Inc. (US) are entering the Asian market through organic growth strategies. For instance, in 2017, Clariant expanded its sales in Indonesia, with its licensing partner KBR, wherein Clariant would be the major supplier of total catalyst solutions for two major ammonia production plants.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
