LONDON--(BUSINESS WIRE)--The catalysts fertilizers market size is poised to grow at a CAGR of almost 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The production, transportation, and utilization of fertilizers contribute largely to GHG emissions, especially carbon dioxide and nitrous oxide emissions. Thus, growing environmental concerns have led to a significant increase in the number of initiatives by governments of several countries. This has increased the demand for catalysts for fertilizers as they can enhance the performance of fertilizers and decrease their carbon footprint. Metals, such as rhodium, iron, cobalt, and palladium, are widely used as catalysts in the fertilizer industry. Thus, with the rising environmental concerns and efforts toward producing low-emission fertilizers, the demand for catalysts is expected to increase, which will fuel market growth during the forecast period.
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As per Technavio, the growing capacities of fertilizer production units will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Catalysts Fertilizers Market: Growing Capacities of Fertilizer Production Units
The global fertilizers market is anticipated to invest around USD100-110 billion in constructing 70 new fertilizer production units during the forecast period. The production capacity of potash fertilizers is expected to grow by 13%, followed by phosphoric acid and ammonia, which are expected to grow by more than 8% and 4% respectively during 2020-2024. The growing expansion of fertilizer production units will stimulate the demand for catalyst fertilizers, leading to market growth during the forecast period.
“Other factors such as the increase in global cereal production, and increase in regulatory pressure on fertilizer production will have a significant impact on the growth of the catalysts fertilizers market value during the forecast period,” says a senior analyst at Technavio.
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Catalysts Fertilizers Market: Segmentation Analysis
This market research report segments the catalysts fertilizers market by application (nitrogenous and phosphatic) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The growth of the catalysts fertilizers market share in APAC can be attributed to several factors such as the presence of a large population base and the strong agriculture industry in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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