The catalyst fertilizers market is projected to reach US$2.5 billion by 2023, from US$2.3 billion in 2018, at a CAGR of 2.36%.
The catalyst fertilizers market is projected to reach US$2.5 billion by 2023, from US$2.3 billion in 2018, at a CAGR of 2.36%. The catalyst fertilizers market is driven by various factors such as increasing demand for ammonia and phosphate fertilizers across the globe and increasing need for reforming catalysts in ammonia production facilities. However, the long replacement period associated with catalysts may hinder the growth of the market on a global level.
With the improving economic conditions of Asian countries, the adoption rate of innovative ammonia production processes with efficient emission control system remains high. Though the fertilizer production process is majorly concentrated in countries such as China, India, and Indonesia, the rising demand for urea and ammonia fertilizers in other developing economies has boosted the need for production units in Asian and African countries. This is projected to enhance the growth opportunity for the Haber-Bosch ammonia synthesis process during the forecast period.
According to the FAOSTAT, nitrogen is the most produced nutrient across the globe, occupying over 52% of the total fertilizers produced in 2016, and iron is the most widely used catalyst for ammonia production. Also, sulfuric acid production is highly dependent on vanadium for its catalytic activity. Iron catalysts are available at a low cost of approximately US$900-US$1000 pt, according to industry experts, which is almost 10 – 20 times cheaper than precious metals such as platinum and palladium. Hence, base metals are majorly preferred among fertilizer manufacturers for their production processes.
The demand for fertilizer catalysts is primarily driven by the increasing production of fertilizers, particularly in countries such as China, India, the US, and Russia. These countries are the largest producers of ammonia. The Asia Pacific region dominated the global fertilizer catalysts market in 2017 due to the presence of major producers of ammonia-based fertilizers in China, India, and Indonesia. Additionally, China is one of the largest exporters of phosphate fertilizers, which implies that higher the production of phosphate fertilizers, higher would be the need for the adoption of catalysts during the production process.
Read the article online at: https://www.worldfertilizer.com/potash/26032019/catalyst-fertilizers-market--global-forecast-to-2023/