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Fertilizer Catalyst Market
Fertilizer Catalyst Market registered a revenue of USD 2.7 billion in 2021 and is projected to reach USD 3.2 billion in 2029, growing at a CAGR of 2.2% during the forecast period from 2022-2029
The factors driving growth of the Fertilizer Catalyst Market includes growing demand for nitrogen-based fertilizers around the world, fall in the prices of precious metals such as platinum, rhodium, and palladium, increase in the number of ammonia manufacturing facilities around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, expansion of the agriculture sector, strict regulations imposed by Governments to reduce pollution and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, the Fertilizer Catalyst Market Share is hindered due to fluctuations in the prices of raw materials.
The leading players operating in the market are UNICAT Catalyst Technologies, LLC, Albemarle Corporation, LKAB Minerals AB, Oham Industries, Clariant International Ltd., Johnson Matthey, Quality Magnetite, ThyssenKrupp AG, BASF SE, and Haldor Topsoe among others.
Based on Product, the Iron Based segment is predicted to expand at a significant CAGR during the forecast period
Iron based catalysts are easily accessible, used for manufacturing fertilizers and comparatively cheaper than calcium, potassium, and aluminum, are some of the features responsible for the segment’s growth.
Based on Process, the Urea Production segment is projected to grow at a robust CAGR over the forecast period
Fertilizers catalysts are easily sortable and used for enhancing productivity of the soil, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Increase in the production of ammonia-based fertilizers across India, China, Indonesia, and Malaysia, growing demand for food, rapid urbanization, easy availability of raw materials, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Development
- In 2018, Haldor Topsoe entered into an agreement to acquire 11.7% stake in the Ramagundam fertilizer plant in Telangana, India, together with the Danish government-owned fund IFU and The Danish Agribusiness Fund (DAF).
Market Segmentation
Segmentation by Product
- Iron Based
- Vanadium Based
- Platinum Based
- Rhodium Based
- Nickel Based
- Palladium Based
- Ruthenium Based
- Zinc Based
- Cobalt Based
- Molybdenum Based
- Chromium Based
- Copper Chromite
Segmentation by Process
- Haber-Bosch Process
- Contact Process
- Nitric Acid Production
- Potassium Fertilizer Production
- Urea Production
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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