Thecatalysts fertilizers market size is poised to grow at a CAGRof almost 3% during the period 2019-2023, according to the latest marketresearch report by Technavio.
The production, transportation, and utilization of fertilizerscontribute largely to GHG emissions, especially carbon dioxide and nitrousoxide emissions. Thus, growing environmental concerns have led to a significantincrease in the number of initiatives by governments of several countries. Thishas increased the demand for catalysts for fertilizers as they can enhance theperformance of fertilizers and decrease their carbon footprint. Metals, such asrhodium, iron, cobalt, and palladium, are widely used as catalysts in thefertilizer industry. Thus, with the rising environmental concerns and effortstoward producing low-emission fertilizers, the demand for catalysts is expectedto increase, which will fuel market growth during the forecast period.
As per Technavio, the growing capacities of fertilizerproduction units will have a positive impact on the market and contribute toits growth significantly over the forecast period. This research report alsoanalyzes other important trends and market drivers that will affect marketgrowth over 2019-2023.
Catalysts Fertilizers Market: Growing Capacities of FertilizerProduction Units
The global fertilizers market is anticipated to invest aroundUSD100-110 billion in constructing 70 new fertilizer production units duringthe forecast period. The production capacity of potash fertilizers is expectedto grow by 13%, followed by phosphoric acid and ammonia, which are expected togrow by more than 8% and 4% respectively during 2020-2024. The growingexpansion of fertilizer production units will stimulate the demand for catalystfertilizers, leading to market growth during the forecast period.
Catalysts Fertilizers Market: Segmentation Analysis
This market research report segments the catalysts fertilizers market byapplication (nitrogenous and phosphatic) and geography (APAC, North America,Europe, South America, and MEA).
The APAC region led the market in 2018, followed by NorthAmerica, Europe, South America, and MEA respectively. The growth of thecatalysts fertilizers market share in APAC can be attributed to several factorssuch as the presence of a large population base and the strong agricultureindustry in the region.
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