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Fertilizer Catalyst Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Fertilizer Catalyst Market Size
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According to The Business Research Company's, The fertilizer catalyst market size has grown strongly in recent years. It will grow from $2.87 billion in 2023 to $3.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to need for enhanced crop yields, fertilizer efficiency, environmental regulations, sustainable agriculture practices, soil fertility preservation.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Fertilizer Catalyst Market 2024 Key Insights:
• 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%.
• Rising Fertilizer Production Sparks Growth In The Fertilizer Catalyst Market
• Innovation In Fertilizer Catalysts A Key Trend Shaping The Market
• Asia-Pacific was the largest region in the fertilizer catalyst market in 2023
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