The catalyst fertilizers market in APAC is expected to grow from US$ 1,261.69 million in 2019 to US$ 1,565.02 million by 2027; it is estimated to grow at a CAGR of 2.9% from 2020 to 2027.
Benefits associated with catalyst fertilizers are likely to surge the growth of the market. In the chemical industry, catalysts are mainly deployed to bring the desired reaction as close as possible to a selected equilibrium point in the shortest possible time for a reversible type of response. They speed up the forward and backward reaction rates to attain faster equilibrium and remain unaltered without taking part in the chemical reaction. The primary function of catalyst fertilizers is to proffer nutrients to crops and other plants. A catalyst fertilizer is a highly demanded product to increase the productivity of the crop. Catalyst fertilizers are utilized in the reforming process to enhance the plants' yield because they provide sustainable agricultural benefits to farmers, growers, consumers, and the environment at large. Catalyst fertilizers make nutrients more available for plant uptake and utilization, optimizing yield potential, and providing outstanding grower ROI. Chemical and agrochemical industries use iron catalysts to improve or increase the rate of reaction in chemical processes. Magnetite is basically a natural iron oxide which companies use to make iron catalysts. In the chemical process called the 'Haber-Bosch method,' magnetite is used as an iron source in catalysts, which increases the reactivity between nitrogen and hydrogen to make ammonia. Thus, all these factors are expected to drive the catalyst fertilizers market.
In terms of application, the nitrogenous segment led the catalyst fertilizers market in 2019. The nitrogenous fertilizer industry mainly focuses on the production of synthetic ammonia, nitric acid, ammonium nitrate, and urea. Synthetic ammonia and nitric acid are used primarily as intermediates in the production of ammonium nitrate and urea fertilizers. Disposal of the spent catalyst is a problem for many industries as it falls under the category of hazardous industrial waste. The recovery of various metals from these catalysts is a quite an important economic aspect as most of these catalysts are supported, basically on alumina/silica with varying percent of metal; metal concentration could vary from 2.5 to 20%. Metals, such as Ni, Mo, Co, Rh, Pt, and Pd, are widely used as catalysts in chemical and petrochemical industries and fertilizer industries. Catalysts, such as platinum, vanadium pentoxide, and zeolites, are used in the production of nitrogenous fertilizers. In this process of producing nitrogenous fertilizers, a selective de-N2O catalyst in the high-temperature zone (between 800 and 950ºC) of the oxidation reactor. In addition to that, high pressure is necessary to ensure sufficient surface coverage of the catalyst with nitrogen. For this reason, a ratio of nitrogen to the hydrogen of 1 to 3, a pressure of 250 to 350 bar, a temperature of 450 to 550°C and iron are used as catalysts in the production of nitrogenous fertilizer.
The COVID-19 outbreak is anticipated to cause a negative impact 3 billion in Asia Pacific. The governments in Asia Pacific announced lockdowns to curb the spread of virus. This has impacted the revenue generated by the market. The Airports Council International Asia-Pacific warned that the prolonged duration of the COVID-19 outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact the market growth in the coming period.
The overall APAC 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 APAC 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 APAC catalyst fertilizers market. Major players operating in the market include Clariant; DuPont de Nemours, Inc.; HaldorTopsøe; Johnson Matthey; LKAB Minerals AB; PDIL; Quality Magnetite; QuantumSphere, Inc.; Axens; and Agricen.