ID: MRFR/AGR/6030-HCR | 140 Pages | Published By Pradeep Nandi on March 2023
Catalyst Fertilizer Market was valued at USD 2,994.38 Million in 2030 expand at a compound annual growth rate (CAGR) of 3.2% from 2022 to 2030
Catalyst are essential materials in worlds industrial production. Almost 60% of all consumer and industrial products including batteries, pharmaceuticals, plastics and fertilizer among others are made up of catalyst. They are preferred in chemical process as well. Catalyst improves process efficiency, increase output and lower cost. Therefore, strong emphasis is given for development of catalyst with higher activity, reduce environmental impact and increase longevity.
The global catalyst fertilizer market is expected to reach 2.8 billion by 2023, expanding at CAGR of 2.56% during forecast period 2018-2023. Catalyst are used to enhance fertilizer efficiency and improves the performance of plants, vegetables and crops. The major function of catalyst is to increase reaction rate and reduce the emission from production process. The demand for fertilizer catalyst is growing due to rise in production of ammonium and phosphate fertilizers. Moreover, growing innovation in ammonia production to reduce emission through selective catalytic reduction technology are projected to drive the market growth.
Copper, nickel and iron are the major base metals used for catalytic activity due to easy availability, less expensive and large presence of players offering metals for catalytic process. These metals are expected to grow at highest CAGR during the forecast period. Furthermore, nitrogenous fertilizer is highly consumed due to growing demand for ammonia as nitrogen product. According to FAOSTAT, nitrogenous fertilizer is essential nutrient that is consumed around 70.7% across the globe. Around 80% of commercially produced ammonia is processed for nitrogenous fertilizer, thus rising demand for catalyst fertilizer in nitrogenous application are likely to fuel the market growth.
Looking at the increasing demand companies such as Clariant International, Haldor-Topsoe and Johnson Matthey are entering into agreement across the value chain to easy the manufacturing process and expand their product portfolio.
Global Catalyst Fertilizer Market Share, by Manufacturing Process, 2017 (%)
Source: MRFR analysis
Asia-Pacific, North America, Latin America, the Middle East & Africa and Europe are the five regions studied for the global catalyst fertilizer market. Asia-Pacific is projected to be the largest and fastest growing region in the global catalyst fertilizer market during the forecast period. Growing use of catalyst fertilizer in agriculture and rising awareness among farmers to increase crop yield are expected to increase its market in the region. Additionally, availability of base metals, and increase in production facility has led to optimize fertilizer cost that are expected to fuel its demand in the region.
Europe accounted for second largest market share in global market due to supportive government policies for sustainable practices along with ongoing development activities for efficient production process. France and Russia together accounted for market share of more than 42% in Europe followed by Germany in 2017. North America accounted for third largest market share of 19.6%. North American, catalyst fertilizer market is manly dominated by US. Rising expenditure on nutrient rich vegetables is expected to boost its demand in the country during the forecast period.
The market in the Middle East and African region are projected to witness a positive growth during the forecast period on account of growing production facilities of ammonia and sulfuric acid in the region and government subsidies for development of nitrogenous fertilizer.
The global catalyst fertilizer market has been segmented on the basis of manufacturing process, metal group, application and region.
According to manufacturing process, the market is segmented as contact process, Haber-Bosch process, others. Haber-Bosch process is estimated to dominate the market due to growing ammonia fertilizer production and use of catalyst is an essential element in plant process design.
Based on metal group, the global catalyst fertilizer market has been segregated into base metal and precious metals. Base metal is projected to dominate the market.
Based on application, the market is segmented as 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.
Some of the key players in the global catalyst fertilizer market are 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.
Catalyst fertilizer market is projected to grow at approximately 2.56% CAGR during the assessment period (2018-2023).
Catalyst fertilizer market is estimated to reach a valuation of approx. USD 2.8 BN by the end of 2023.
Nitrogenous fertilizer is the largest application segment in the global catalyst fertilizer market.
Asia Pacific holds the largest share in the global catalyst fertilizer market, followed by North America and Europe, respectively.
Johnson Matthey (UK), LKAB Minerals AB (Sweden), N.E. Chemcat (Tokyo), Clariant (Germany), DowDuPont (US), QuantumSphere, Inc. (US), Oham Industries (India), Project & Development India Ltd. (India), Haldor Topsoe (Denmark), and Quality Magnetite (US), are some of the top players operating in the global catalyst fertilizer market.