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Fertilizer Catalyst Global Market Report 2023
Major players in the fertilizer catalyst market are Süd-Chemie India Pvt. Ltd., Thyssenkrupp AG, BASF SE, LKAB Minerals AB, Albemarle Corporation, Unicat Catalyst Technologies Inc., Clariant AG, Johnson Matthey, Haldor Topsoe, Quality Magnetite LLC, Honeywell International Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fertilizer Catalyst Global Market Report 2023" - https://www.reportlinker.com/p06319462/?utm_source=GNW
, Chempack, Shandong Aobao Chemical Industry Group Co., Ltd., QuantumSphere Inc., Tanaka Holdings Ctd, and Oham Industries Pvt.
The global fertilizer catalyst market grew from $2.67 billion in 2022 to $2.78 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The fertilizer catalyst market is expected to grow to $3.24 billion in 2027 at a CAGR of 3.9%.
The fertilizer catalysts market consists of sales of palladium-based and vanadium-based catalyst fertilizer.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the fertilizer catalyst market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this fertilizer catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main products of fertilizer catalysts are iron-based, vanadium-based, platinum-based, rhodium-based, nickel-based, palladium-based, ruthenium-based, zinc-based, cobalt-based, molybdenum-based, chromium-based, and copper chromite.Molybdenum-based refers to a metallic element that resembles chromium and tungsten in many properties, is used especially in strengthening and hardening steel, and is a trace element in plant and animal metabolism.
The processes used are the Haber-Bosch process, the contact process, nitric acid production, potassium fertilizer production, and urea production. The various applications involved are nitrogenous fertilizers, phosphatic fertilizers, and other applications.
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 2020, according to the Department of Fertilizers, an India-based government ministry, there has been an increase of more than 11.40% in the actual production of fertilizers in the year 2020 as compared to 2019 data. Therefore, the growth in the production of fertilizers is driving the fertilizer catalyst 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.
In April 2021, Unicat Catalyst Technology Company, a US-based catalyst producer, acquired The Magma Group for an undisclosed amount.This acquisition will enable the company to offer innovative catalyst and ceramic products and various other services in industries that include agriculture, green energy, and chemicals.
Magma Group is a UK-based manufacturer of fertilizer catalysts, ceramics, combustion engineering, and other related services.
The countries covered in the fertilizer catalyst market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fertilizer catalyst market research report is one of a series of new reports that provides fertilizer catalyst market statistics, including fertilizer catalyst industry global market size, regional shares, competitors with a fertilizer catalyst market share, detailed fertilizer catalyst market segments, market trends and opportunities, and any further data you may need to thrive in the fertilizer catalyst industry. This fertilizer catalyst market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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