Soaring Demand for Liquid Catalyst Fertilizers Accelerates Catalyst Fertilizer Market Growth
Catalyst fertilizer market predominantly benefits from the escalating popularity of liquid fertilizers as they require lesser labour than the dry form of catalytic fertilizers. Due to the increasing requirement to meet exploding worldwide food demand caused by the constantly growing population, there is innate demand for liquid catalytic fertilizers. Liquid fertilizers are administered to crops as an irrigation system, and a beginner fertilizer in rows, allowing for more effective use of plant nutrients while reducing environmental concerns. With the ever increasing population worldwide, the production of liquid catalytic fertilizers is expected to increase. The demand for nitrogen, potassium, and phosphorous fertilizers has increased because of the increased food grain demand, as well as the concerns around groundwater depletion. This however has been working to the advantage of catalyst fertilizer market.
Liquid fertilizers are ammonia, potassium chloride, potassium nitrate, and potassium magnesium sulfate. According to fao.org, during the 2019-20 farming season, the global demand for nitrogen fertilizers surpassed 105 million metric tons and (the demand) is expected to reach close to 115 megatons by the year 2027. The United States is the world's third-largest producer of ammonia after China, and Russia. Ammonia production in the United States reached 14 million metric tonnes in the year 2020. In the United States, 16 businesses manufactured ammonia at 31 different locations. The firm with the greatest ammonia plant capacity in the United States was CF Industries, a maker of agricultural fertilizers based out in Illinois. This is followed by Nutrien, a Canadian corporation, and Koch Industries Inc.
Increase in the Demand for Ammonium Worldwide is Expected to Boost the Catalyst Fertilizers
The Haber-Bosch process is expected to be the fastest-growing segment for the fertilizer production process in the catalyst fertilizer market over the forecast period. The Haber-Bosch process produces ammonia by combining hydrogen, and nitrogen. Ammonia is one of the most essential ingredients in fertilizer production. It serves as the key component in the production of compounds like urea, ammonium sulphate, and calcium ammonium nitrate.
The oxidation of ammonia produces most of the nitric acid produced around the globe. Ammonium nitrate and calcium ammonium nitrate are the two most common fertilizers made from nitric acid. Because of emission concerns and the enactment of stringent laws, the adoption of the nitric acid process is projected to be delayed. Therefore, over the predicted period, urea output is expected to increase significantly. Urea is one of the most widely used nitrogen fertilizers worldwide. The catalyst in question is largely employed to remove carbon monoxide from the process. The presence of carbon monoxide causes catalyst poisoning, which can reduce urea output. The technique heavily relies on iron-chromium complexes. The demand for urea is rapidly increasing, resulting in positive catalyst consumption projections, thereby boosting catalyst fertilizer market.
Large-scale Urea, and Ammonia Manufacturing Plants to Drive Growth of Catalyst Fertilizer Market in Asia Pacific
The largest user of catalyst fertilizer is Asia Pacific, which is predicted to increase at the highest rate throughout the forecast period. India, and China are the key countries contributing to the Asia Pacific market's growth due to their massive populations and changing lifestyles. The presence of large-scale urea, and ammonia manufacturing plants in China, as well as significant capital investments in countries like India, Vietnam, Indonesia, and Thailand are likely to drive demand in catalyst fertilizer market. Due to pollution concerns, there has been strict implementation of severe controls on the fertilizer industry. Agriculture industry is the backbone of the Indian economy, employing around 50% of the workforce and contributing roughly 18% of the country's GDP.
After the United States, and China, India is the world's third largest producer of nitrogenous fertilizers. China accounts for about 7% of global agricultural acreage, feeding 22% of the world's population. As a result of the country's large-scale agricultural activities, the demand for ammonia, which is used as a fertilizer, is fast expanding. Food grain production in India is expected to reach a new high of 295.67 million tonnes in the 2019-2020 crop year (MT). The Indian government aims to produce 298 MT of food grain in 2020-2021. As a result, these factors are likely to raise fertilizer consumption, consequently driving the progress of catalyst fertilizer market. By 2023, India wants to create a fund of about INR 1 lakh crore (USD 1.3 billion) to help enterprises manufacture pharmaceutical ingredients in the country.
Chemicals such as urea and diammonium phosphate increase the demand for Fertilizer Catalysts in India. The Central and South American region is a major supplier of food and agricultural commodities, with a large amount of undeveloped agricultural land. Argentina is the region's agriculture leader, thanks to its innovative farming practices. Brazil dominates the regional market, with agricultural GDP accounting for around 23.5 per cent of overall GDP. Argentina is also a significant contributor, thanks to innovative farming practices that have resulted in agriculture commodities generating almost half of the country's foreign money and accounting for 10% of GDP.
Global Catalyst Fertilizer Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in March 2021, OCI NV will have formed a maritime value chain with MAN Energy Solutions, Hartmann Group, and Eastern Pacific Shipping to market ammonia and methanol as future shipping fuels. On the other hand, in August 2020, industries at its meeting on August 23, 2020, Qatar's Board of Directors authorised the planned acquisition of Qatar Petroleum's 25% ownership in Qatar Fertilizer Company (QAFCO), one of the region's industrial behemoths.
Few of the players in the catalyst fertilizer market include Quality Magnetite (US), Clariant International (Switzerland), OCI NV(Netherland), Qatar fertilizer company (Qatar), DowDuPont (US), QuantumSphere Inc. (US), Project & Development India Ltd. (India), Haldor Topsoe (Denmark), Johnson Matthey (UK), LKAB Minerals (Sweden), N.E.Chemcat (Japan), and Oham Industries (India).
Global Catalyst Fertilizer Market is Segmented as Below:
By Metal Group
By Fertilizer Production Process
Key Elements Included In The Study: Global Catalyst Fertilizer Market
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