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Catalyst Fertilizer Market Revenue to Hit USD 2,992.38 Mn by 2027

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Catalyst Fertilizer Market Revenue to Hit USD 2,992.38 Mn by 2027

November 29
14:18 2021
Catalyst Fertilizer Market to Grow at a CAGR of 2.8% to reach US$2,992.38 million from 2020 to 2027

According to our latest market study on “Catalyst Fertilizer Market to 2027 – COVID-19 Impact and Global Analysis by Production Process; Metal Group; Application, and Geography,” the market was valued at US$ 2,423.32 million in 2019 and is expected to grow at a CAGR of 2.8% during 2020-2027 to reach US$ 2,992.38 million by 2027.

Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 2,423.32 Million in 2019

Market Size Value by

US$ 2,992.38 Million by 2027

Growth rate

CAGR of 2.8% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

148

No. Tables

83

No. of Charts & Figures

79

Historical data available

Yes

Segments covered

Production Process ; Metal Group ; Application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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Catalysts are essential materials in the industrial production. Approximately 60% of all consumer and industrial products such asfertilizer, batteries, plastics, and pharmaceuticals are made up of catalyst. They are highly preferred in chemical processes that help in accelerating the rate of the chemical process without altering the final product. Catalyst increases output and improves process efficiency, at lower cost. Therefore, strong emphasis is given for expansion of catalyst with higher activity, to reduce environmental impact and increase longevity.

Benefits Associated with Catalyst Fertilizers to Escalate Market Growth at CAGR of 2.8% during 2019-2027

A catalyst fertilizer is a highly demanded product to increase the productivity of the crop. The main function of the catalyst fertilizers is to proffer nutrients to crops and other plants. The catalyst fertilizers provide sustainable agricultural benefits to farmers, growers, consumers, and the environment. Catalyst fertilizers are utilized in the reforming process to enhance the yield of plants. Catalyst fertilizers make nutrients available for plant uptake and utilization, helping to optimize yield potential and providing outstanding grower ROI. It can also be used by growers seeking to extract nutrients locked in crop residues or trying to address soil compaction, soil salinity, and water management issues. Increasing nutrient availability, enhancing nutrient use efficiency, promoting better root growth and development, improving plant performance, and optimizing yield potential are among the prime benefits offered by the catalyst fertilizers.

Impact of COVID-19 on Catalyst Fertilizer Market:

The COVID-19 outbreak, which began in Wuhan (China) during December 2019, has spread around the globe at a fast pace. As of August 2020, the US, Russia, India, Brazil, Mexico and South Africa are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in August 2020, ~25,327,098 confirmed cases and ~848,255 total deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns. Agriculture and agrochemical is one the world’s major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various types of catalyst fertilizers. The overall market collapse due to COVID-19 is also affecting the catalyst fertilizer market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

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Catalyst Fertilizer Market: Production Process

The catalyst fertilizer market based on production process has been segmented into Haber-Bosch Process, contact process, and others. The Haber-Bosch Process is expected to register the fastest CAGR during 2020–2027.The Haber process is also called the Haber–Bosch process, which is an artificial nitrogen fixation process and is one of the main industrial procedure for the production of ammonia today. The process converts atmospheric nitrogen to ammonia (NH3) by a reaction with hydrogen using a metal catalyst under the high temperatures and pressures. The Haber–Bosch process relies on catalysts to accelerate the hydrogenation of N2. The catalysts are “heterogeneous,” meaning that they are solid that interact on gaseous reagents. The catalyst typically consists of finely divided iron bound to an iron oxide carrier containing promoters, possibly including aluminum oxide, potassium oxide, calcium oxide, and magnesium oxide.

Catalyst Fertilizer Market: Competitive Landscape and Key Developments

Clariant, DuPont de Nemours, Inc., Haldor Topsøe, Johnson Matthey amongst others are the key players present in the global catalyst fertilizer market. These companies are implementing new product development and mergers and acquisition strategies to enlarge the customer base and gain significant market share across the world, which, in turn permit the players to maintain their brand name globally.

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