The global Fertilizer Catalyst Market size is expected to reach USD 3.3 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.4% from 2021 to 2027. The market is expected to be driven by the growing application in the production of fertilizers and the need for improving process efficiencies.
The
demand for ammonia and hydrogen gas in the agricultural and
industrial sectors is rising, thereby positively impacting the market growth.
Moreover, favorable regulations and subsidies offered by the government have
led to an increase in the adoption of catalysts. Nickel-based catalyst is
the most significant product in the market space on account of its high
efficiency. They are used in the Ostwald process of ammonia production. North
America and the Asia Pacific collectively are anticipated to be the key markets
for nickel-based catalysts worldwide. The demand for nickel-based catalysts is
anticipated to grow on the account of their affordability and the ability to
eliminate methane from the process.
Canada,
South Africa, and Russia are likely to emerge as the major manufacturing
locations for fertilizer catalysts due to the availability of raw materials.
These countries are marked with the presence of large volumes of precious metal
deposits. The major advantage associated with these countries is the
availability of raw materials. Raw material procurement cost is the major cost
incurred by a large number of catalyst manufacturers. The countries are also
major exporters of fertilizers globally owing to the access to raw materials
and the presence of large manufacturing facilities.
Related Press
Release @ Fertilizer Catalyst Market Report
Fertilizer Catalyst Market Report Highlights
- The
nickel-based product segment is expected to expand at the fastest CAGR of
2.2%, in terms of volume, from 2021 to 2027 due to its application as a
substitute for iron-based products and the increasing demand for
fertilizers
- The
rhodium-based product segment is expected to witness considerable growth
in the years to come owing to the growing demand for rhodium-based
catalysts in hydrogenation reactions
- The urea
production process segment is expected to witness significant growth over
the forecast period owing to the growing demand for urea-based fertilizers
- In the Asia
Pacific region, India is anticipated to exhibit the fastest growth rate of
2.6%, in terms of volume, from 2021 to 2027 owing to the rising demand for
nitrogenous fertilizers
- In October
2019, Albemarle Corporation and ExxonMobil together created a platform
called “Galexia” for the refining industry to provide a transformative
hydroprocessing suite of catalysts and service solutions. This platform is
aimed at enhancing the company’s business operations in order to cater to
the customers’ demand in an effective manner
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment