MRFR (Market Research Future) claims that the catalyst fertilizer market 2020 can accrue a strong valuation of 2.8 billion by 2023. MRFR’s extensive study also reveals that the market can expand t to burgeon at a rate of 2.56% from 2018 to 2023 (analysis period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Deterrents
The stellar pace at which the agricultural industry across the world has grown in the past decade has boded well with the catalyst fertilizers market. The agricultural industry’s significant growth has boosted the use of fertilizers and ultimately fostered the production of catalyst fertilizers. Moreover, the emergence of selective catalytic reduction technology in the market, in view of the growing concerns over the rising greenhouse emissions has also been favorable. The technology has garnered a robust consumer base and can be a major booster for the global catalyst fertilizers market in the following years.
Several government regulations and standards that focus on bringing down the pollution level have prompted the growers and farmers to adopt catalyst fertilizers, which has resulted in considerable business growth worldwide. Farmers today hold extensive knowledge about the latest technologies and methods that can help them boost the crop yields, which is yet another reason behind the strong demand for catalyst fertilizers. The spurred technological innovations combined with the rising number of ammonia plants being installed across countries could also translate to significant gains for the global market.
Many of the firms are focused on developing methods like plasma catalysis to curb the greenhouse emissions with the bigger goal being a wider global presence. Many of the companies take up different growth strategies such as acquisitions, mergers, product launches and agreements to improve their profit margins. A case in point, in September 2020, Marrone Bio Innovations Inc. entered an agreement with Rizobacter for the distribution of foliar fertilizer as well as plant health technology in Paraguay, Argentina, Bolivia and Uruguay.
Catalyst fertilizer industry has been segmented according to manufacturing process, metal group and application.
With respect to manufacturing process, the market segments are Haber-Bosch process, contact process, and more. Haber-Bosch process can gain favorably and take the lead in the oncoming period, owing to the rising production of ammonia fertilizer and the growing importance of catalyst in plant processes.
The key metal groups studied in the report include base metal as well as precious metals. Base metals are expected to secure the top position in the global market.
Phosphatic fertilizer and nitrogenous fertilizer are the applications of catalyst fertilizer.
The market study for refinery catalysts covers five regions, namely APAC or Asia Pacific, Europe, Latin America, Middle East & Africa or MEA and North America.
In addition to being the biggest market, APAC can also procure the fastest expansion rate in the coming years, primarily owing to the thriving agriculture sector across India, Japan and several other agrarian countries. The market value is also bolstered by the increasing knowledge of farmers about techniques to boost crop yield. Other important growth inducers can be the abundance of base metals along with the soaring number of production facilities in the region.
Europe is the second most attractive market, backed by the strong government support in terms of policies that promote sustainable practices and the surge in development activities pertaining to effective production process. Russia and France together hold a share of over 42% in the overall European market, while Germany is close behind, thanks to the rising awareness with regard to the environment in these countries.
With a share of 19.6%, the North American market has taken the third place as the demand and consumption of catalyst fertilizers are significantly high in the United States. Substantial spending on nutritious vegetables among the people in the region and the constantly burgeoning pool of ammonia-based fertilizer plants also induce growth of the catalysts fertilizer market.
The MEA market shows some promise and can race ahead at a steady pace during the evaluation period owing to the escalating number of production facilities of sulfuric acid and ammonia along with the subsidies offered by the government for the development of catalyst fertilizer.
LKAB Minerals AB (Sweden), Haldor Topsoe (Denmark), N.E. Chemcat (Tokyo), Clariant (Germany), Oham Industries (India), QuantumSphere, Inc. (US), DowDuPont (US), Johnson Matthey (UK), Quality Magnetite (US), Project & Development India Ltd. (India), are some of the top competitors in the global market.
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