Fertilizer Catalyst Market Growth & Trends
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.
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