The catalyst fertilizers market is estimated to account for USD 2.3 billion in 2018 and is projected to reach USD 2.5 billion by 2023, at a CAGR of 2.36% during the forecast period. The market is primarily driven by growth in the production of fertilizers and expansion of production facilities in Asia. Also, with the increase in greenhouse gas emissions from ammonia plants, innovations in the catalyst industry to control emissions through selective catalytic reduction technology are projected to drive the growth of the market over the next five years.
Asia Pacific is estimated to dominate the market in 2018 and is projected to be the fastest-growing in the market through 2023.
With large fertilizer production in the Asia Pacific countries, the region dominated the market in 2017 and is projected to witness the fastest growth in the catalyst fertilizers market through 2023. The Asia Pacific market for catalyst fertilizers is driven by the rising need to increase crop yield and growing production of fertilizers.
The growth in the production of fertilizers is mainly attributed to the increase in the consumption of fertilizers and support from the governments to increase production. The expansion of production facilities for ammonia and sulfuric acid in China and India and the growing awareness among manufacturers about the benefits of catalyst fertilizers in emission control of hazardous wastes are expected to provide more scope for market expansion.
Moreover, ongoing R&D activities on better and efficient fertilizer manufacturing processes could render a scope for market growth. The government policies adopted by Asian countries toward sustainable agricultural practices and reduced GHG emissions from fertilizer industries, including support for the production of fertilizers in the form of subsidies, are major factors contributing to the growth of this market in the region.
With the growing population in countries such as China and India, the demand for food products continues to grow each year in the region. To meet this challenge, it is necessary to increase crop production, which relies on the fertilizer industry.
Key Market Players:
Clariant International (Switzerland), DowDuPont (US), Project & Development India Ltd. (India), Johnson Matthey (UK), Haldor-Topsoe (Denmark), LKAB Minerals (Sweden), N.E.Chemcat (Japan), QuantumSphere Inc. (US), Quality Magnetite (US), and Oham Industries (India). Various strategies such as joint ventures, supply agreements, and new product launches were adopted by companies, to enter the catalyst fertilizers market.
