Global Catalyst Market is estimated to reach USD 34.3 billion by 2024 owing to the increasing use of catalysts for reducing the cost of manufacturing chemicals, polymers and petrochemicals. A catalyst is a material that speeds up chemical reactions at a usually faster rate or under different conditions like lower temperature or any other. Catalysts control the rate of chemical reaction by raising or lowering the activation energy of the processes. The different catalysts available in the market include zeolites, chemical compounds, enzymes, and metals that are used in the industries like industrial reaction, automotive, oil & gas, construction, and others.
Growth in macroeconomics trends like ever-growing population along with surging economic progress in developing economic, strict environmental regulations about automotive emissions and rise in number of applications in end use industries are few factors driving catalyst market. Asia Pacific is predicted to register substantial growth in the coming years due to increase in demand for automotive from developing countries like China and India. Additionally, rise in standards of living and speedy industrialization activities in these regions support the growth of market.
Moreover, development of biochemical through catalysis is predicted to introduce new opportunities for future growth in near future. However, controlled development and distribution of new catalysts hamper the growth of catalyst market. Biocompatibility of enzyme catalysts has made catalysts perfect for manufacturing wide range of life science and food products like ointments, packaged foods, cosmetics, and processed dairy products.
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The demand for polymerization catalyst is expected to rise considerably with respect to accelerating global polymer production. Nevertheless, the commodity nature of several polymers and the related raw materials prices will stimulate focus on product differentiation that will boost a shift in polymer catalyst product mix, especially in the developed nations. Polymer catalyst demand is expected to be strong in Middle East and Asia where low price commodity polymer is predicted to expand at a steady rate. In some parts of Europe and North America, polymer production is expected to be uncertain, but manufacturers in those areas will focus more on specialized products to sustain in the catalyst market on the global scale. Such a focus will result in increased demand for Ziegler-Natta and single-site catalysts.
The increase in demand for fuels is one of the major driving factors for the catalyst market in refineries. In addition, the growth of end user industries like polymer and chemical industries has also increased the demand for catalyst in the recent years. The rising demand from emerging economies due to the increasing number of automobiles, high spending power and speedy expansion of oil refineries is predicted to boost the market in the years to come. The development of innovative product portfolio in catalyst market is one of the major trends in the industry. However, the unstable prices of raw material are still obstructing the growth of the market.
The market is categorized on the basis of product type, material type, application, and geography. On the basis of type, catalyst market is divided into homogeneous catalyst and heterogeneous catalyst. Based on material type, the market is segmented as zeolites, metals, and chemical compound.
In terms of application, the market is divided into chemical synthesis, refinery, polymer and environment. Chemical compound has been the largest segment in the past years and is expected to witness considerable growth in the forecast period due to its cost-effective working capacity, as compared to other type of catalysts.
Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Owing to the availability of labor, raw material, and low cost for setting up manufacturing units for industrial catalyst, Asia Pacific is anticipated to hold larger share of catalyst market.
The key players in catalyst market comprise Arkema SA, Bayer AG, Borealis AG, Dow Chemical Company, Chevron Corporation, Chevron Phillips Chemical Company LLC, DuPont (EI) de Nemours, Evonik Industries AG, Mitsubishi Gas Chemical Company Incorporated, Eastman Chemical Company, Criterion Catalysts & Technologies, Exxon Mobil Corporation, Fábrica Carioca de Catalisadores, Haldor Topsøe A/S, Johnson Matthey plc, BASF SE, Akzo Nobel NV, China Petroleum & Chemical Corporation, Akzo Nobel NV, and Febex, FMC Corporation.
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Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
• Base Metals
• Precious Metals
• Chemical Compounds
• Amines & Others
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
• Petroleum refining
• Catalytic Reforming
• Chemical synthesis
• Chemical Catalysts
• Reaction Initiator
• Light duty vehicles
• Heavy duty vehicles
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
• North America
• Asia Pacific
• South Korea
• Latin America
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals
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