Report : Catalyst Fertilizer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Production Process (Haber-Bosch Process, Contact Process, and Others); Metal Group (Base Metal and Precious Metal); Application (Nitrogenous, Phosphatic, and Others)
Benefits Associated with Catalyst Fertilizersto Escalate Market Growth at CAGR of 2.8%During 2019-2027
According to our latest market study on "Catalyst Fertilizer Market to 2027 - COVID-19 Impact and Global Analysis by Production Process (Haber-Bosch Process, Contact Process, and others); Metal Group (base metal and precious metal); Application (Nitrogenous, Phosphatic, and others), and Geography,"the marketwas valued at US$ 2,423.32 million in 2019 and is expected to grow at a CAGR of 2.8% during 2020-2027 to reach US$ 2,992.38 million by 2027. The report highlightskey factors driving the market growth and prominent players along with their developmentsin the market.
Catalysts are essential materials in the industrial production. Approximately 60% of all consumer and industrial products such asfertilizer, batteries, plastics, and pharmaceuticals are made up of catalyst. They are highly preferred in chemical processes that help in accelerating the rate of the chemical process without altering the final product. Catalyst increases output and improves process efficiency, at lower cost. Therefore, strong emphasis is given for expansion of catalyst with higher activity, to reduce environmental impact and increase longevity.
A catalyst fertilizer is a highly demanded product to increase the productivity of the crop. The main function of the catalyst fertilizers is to proffer nutrients to crops and other plants. The catalyst fertilizers provide sustainable agricultural benefits to farmers, growers, consumers, and the environment. Catalyst fertilizers are utilized in the reforming process to enhance the yield of plants. Catalyst fertilizers make nutrients available for plant uptake and utilization, helping to optimize yield potential and providing outstanding grower ROI. It can also be used by growers seeking to extract nutrients locked in crop residues or trying to address soil compaction, soil salinity, and water management issues. Increasing nutrient availability, enhancing nutrient use efficiency, promoting better root growth and development, improving plant performance, and optimizing yield potential are among the prime benefits offered by the catalyst fertilizers.
The COVID-19 outbreak, which began in Wuhan (China) during December 2019, has spread around the globe at a fast pace. As of August 2020, the US, Russia, India, Brazil, Mexico and South Africa are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in August 2020, ~25,327,098 confirmed cases and ~848,255 total deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns. Agriculture and agrochemical is one the world’s major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic. Although, China is the global manufacturing hub and is the largest raw material supplier for various industries, it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various types of catalyst fertilizers. The overall market collapse due to COVID-19 is also affecting the catalyst fertilizer market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Clariant;DuPont de Nemours, Inc.;Haldor Topsøe;Johnson Matthey;LKAB Minerals AB;PDIL;Quality Magnetite;QuantumSphere, Inc.;Axens; and Agricenare among the well-established players in the global catalyst fertilizer market.
Global Catalyst Fertilizer Market Breakdown - by Region, 2019
The report segments the global catalyst fertilizer market as follows:
By Production Process
By Metal Group
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