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Global Fertilizer Catalyst Market Overview 2033 : Forecasted Market Size And Growth Rate | Süd-Chemie India Pvt. Ltd., thyssenkrupp AG, BASF SE, LKAB Minerals AB, Albemarle Corporation
Fertilizer Catalyst Global Market Report 2024
The fertilizer catalyst market size is expected to see strong growth in the next few years. It will grow to $3.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to climate change adaptation, sustainable and eco-friendly catalysts, regulatory compliance, crop-specific catalysts, increasing precision agriculture. Major trends in the forecast period include nano and micronutrient catalysts, enhanced nutrient release, data-driven nutrient management, customized catalyst blends, technological integration.
Market Overview -
The fertilizer catalysts are used in the production of fertilizers to speed up the chemical reaction. Fertilizer catalysts refer to catalyst substances that are used in fertilizer manufacturing to increase the rate of reaction and reduce the production time of fertilizers. A catalyst lowers the activation energy and allows the bonds of nitrogen and hydrogen to be more easily broken.
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Rising Fertilizer Production Sparks Growth In The Fertilizer Catalyst Market
The increasing production of fertilizers is expected to propel the growth of the fertilizer catalyst market going forward. Fertilizers refer to chemical substances that have been supplied to crops to increase their productivity. Fertilizer catalysts are used by the fertilizer manufacturing industry, and the use of a catalyst helps produce a higher volume of fertilizer at a lower cost. For instance, in September 2023, according to S&P Global Inc., a US-based capital company, in 2021, the primary fertilizer demand witnessed a remarkable increase, surging from $115 billion to well over $231 billion. Therefore, the growth in the production of fertilizers is driving the growth of the fertilizer catalyst market going forward.
Competitive Landscape -
Major companies operating in the fertilizer catalyst market include Süd-Chemie India Pvt. Ltd., thyssenkrupp AG, BASF SE, LKAB Minerals AB, Albemarle Corporation, Unicat Catalyst Technologies Inc., Clariant AG, Johnson Matthey plc, Haldor Topsoe Inc., Quality Magnetite LLC, Honeywell International Inc., Chempack, Shandong Aobao Chemical Industry Group Co. Ltd., QuantumSphere Inc., Tanaka Holdings Co. Ltd., Oham Industries Pvt Ltd., Dow Inc., Project & Development India Ltd., N.E. Chemcat Corp., Heraeus Holding GmbH, CF Industries Holdings Inc., Israel Chemicals Ltd., Oriental Chemical Industries, Axens Solutions, W. R. Grace & Co., Sinopec, Saudi Basic Industries Corp (SABIC), Arkema Inc., Evonik Industries AG
Innovation In Fertilizer Catalysts A Key Trend Shaping The Market
Product innovation is a key trend gaining popularity in the fertilizer catalyst market. Major companies operating in the fertilizer catalyst market are focused on product innovation to strengthen their position in the market. For instance, in 2021, Clariant, a Switzerland-based chemicals company that manufactures fertilizer catalysts, developed a new fertilizer catalyst called EnviCat N2O-S. This product is proven to remove up to 95% of nitrogen generated as a by-product of nitric acid production. By avoiding greenhouse gas emissions, Clariant aims to help reduce the harmful environmental impact of fertilizer manufacturing.
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Key Segments -
The fertilizer catalyst market covered in this report is segmented -
1) By Product: Iron-Based, Vanadium Based, Platinum-Based, Rhodium Based, Nickel Based, Palladium Based, Ruthenium Based, Zinc Based, Cobalt Based, Molybdenum Based
2) By Process: Haber-Bosch Process, Contact Process, Nitric Acid Production, Potassium Fertilizer Production, Urea Production
3) By Application: Nitrogenous Fertilizers, Phosphatic Fertilizers, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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