Europe Catalyst Fertilizers Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Production Process (Haber – Bosch Process, Contact Process, and Others), Metal Group (Base Metal, Precious Metal), Application ( Nitrogenous, Phosphatic, and Others), and Country
The catalyst fertilizers market in Europe is expected to grow from US$ 463.81 million in 2019 to US$ 565.56 million by 2027; it is estimated to grow at a CAGR of 2.6% from 2020 to 2027.
Rise in demand for food due to increasing population is bolstering the growth of the market. Day by day, the demand for food products is increasing due to the rise in population across the world. Diet habits of consumers are also changing due to the economic development taking place in various regions and countries. Increasing the capacity of fertilizer plants is again pushing the demand for high performance fertilizer catalysts, which is anticipated to continue during the forecast period. Increasing population as well as decreasing fertile lands, is further accelerating the growth of the fertilizer industry, thereby resulting in a rise in demand for ammonia. This, in turn, is boosting the growth of the catalyst fertilizers market. There has been a significant rise in demand for hydrogen gas and other chemicals, which has been driving the fertilizer catalyst market’s growth. Strong growth of the worldwide economy, along with increasing demand for food, is expected to fuel the demand for fertilizer catalysts during the forecast period. To fulfill this requirement, farmers and crop growers are looking for a proper solution to increase the crop yield. Catalyst fertilizers help in the same. increasing demand for high-quality crops is accelerating the growth of the market.
In terms of metal group, the base metal segment led the catalyst fertilizers market in 2019. As the world food demand keeps on growing, so does the need for solutions to increase crop yields. This further opens up good market opportunities but also presents challenges. Under the highly oxidative conditions of Ostwald process, substantial quantities of volatile platinum oxides mainly form, primarily as platinum dioxide. These oxides are further carried by the gas flow as well as may lead to high precious metal losses during typical process times, which can be several months. Modern catalyst systems consist of actual catalyst gauze along with an underlying catchment gauze for volatile platinum oxide. This considerably reduces vapor losses, which lead to substantial savings in new precious metal procurement. Other downstream catalyst systems are again come into play to reduce nitrous oxide emissions since the greenhouse gas is an unwelcome byproduct of the Ostwald process. Secondary catalysts are used mainly to break down the nitrous oxide as much as possible. The continuously rising number of crop yields among the industries mentioned above is surging the demand for precious metals, which ultimately drives the catalyst fertilizers market.
In Europe, Italy, Spain, and Russia is the hardest-hit country by the COVID-19 outbreak. It is expected to suffer an economic hit due to the lack of revenue from various industries, as Russia recorded the highest number of COVID-19 cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact the market growth in Europe.
The overall Europe catalyst fertilizers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe catalyst fertilizers market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe catalyst fertilizers market. Major players operating in the market include Clariant; DuPont de Nemours, Inc.; Haldor Topsøe; Johnson Matthey; LKAB Minerals AB; PDIL; Quality Magnetite; QuantumSphere, Inc.; Axens; and Agricen.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe Catalyst Fertilizers market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Europe Catalyst Fertilizers market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Catalyst Fertilizers market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook