North America Catalyst Fertilizers Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Production Process, Metal Group, Application, and Country

North America Catalyst Fertilizers Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Production Process, Metal Group, Application, and Country

  • October 2020 •
  • 75 pages •
  • Report ID: 5989571 •
  • Format: PDF
The catalyst fertilizers market in North America is expected to grow from US$ 385.75 million in 2019 to US$ 490.75 million by 2027; it is estimated to grow at a CAGR of 3.2% from 2020 to 2027.

Benefits associated with catalyst fertilizers are bolstering 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 reaction.

They speed up the rates of forwarding and backward reaction so as to attain faster equilibrium and remain unaltered without taking part in the chemical reaction.A catalyst fertilizer is a highly demanded product to increase the productivity of the crop which is further driving its demand.

Catalyst fertilizers are fertilizers, the main function of which is to proffer nutrients to crops and other plants.The catalyst fertilizers provide sustainable agricultural benefits to farmers, growers, consumers, and the environment at large.

Catalyst fertilizers are utilized in the reforming process to enhance the yield of the plants. Catalyst fertilizers make nutrients more 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. All these factors are likely to drive the demand for chemical fertilizers. Increasing demand for food due to growing population is among the other factors expected to positively influence the catalyst fertilizers market.

Based on production process, the Haber-Bosch process segment led the catalyst fertilizers market in 2019.The Haber-Bosch process is an artificial nitrogen fixation process and one of the main industrial procedures for the production of ammonia.

The process converts atmospheric nitrogen to ammonia (NH3) by a reaction with hydrogen using a metal catalyst under high temperatures and pressures.Before the development of this process, ammonia (NH3) was difficult to produce on an industrial scale, with early methods, such as the Birkeland-Eyde process as well as Frank-Caro process, all being highly inefficient.

This has stipulated the demand for Haber-Bosch process catalyst fertilizers.Although the Haber process is mainly utilized to produce fertilizer today, during World War I, it provided Germany with a source of ammonia for the production of explosives, compensating for the Allied Powers’ trade blockade on Chilean saltpeter.

The Haber-Bosch process relies on catalysts to accelerate the hydrogenation of N2. Owing to this, the demand for catalyst fertilizers is high, thereby catalyzing the growth of the catalyst fertilizers market. With the growth of chemical industry, the demand for Haber-Bosch process catalyst fertilizers is rising. The favorable chemical properties along with diversified end-use applications across several industrial bases ultimately drive the catalyst fertilizers market.

Various emerging economies backed by massive industrial presence, huge population, and increasing disposal income are the major factors driving the growth of the catalyst fertilizers market in North America.With the outbreak of COVID-19, economies in North America are severely affected.

Although, the US is the manufacturing hub and leading raw material supplier for various industries, it is one the worst affected countries due to the COVID-19 outbreak, where all business operations are halted due to nationwide lockdown.Other leading manufacturing hubs, such as Canada and Mexico, are also facing significant impact of COVID-19 outbreak.

Various initiatives such as travel bans, business shutdowns, and lockdowns were imposed by the governments across North America, which is anticipated to affect the expected revenue generation and overall growth opportunities in North America.

The overall North America 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 North America 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 North America 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.

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