The new report by Expert Market Research titled, ‘Global Industrial Catalyst Market Analysis, Growth, Share, Size, Trends, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global industrial catalyst market, assessing the market based on its segments like type, raw material, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 19.84 Billion
- Forecast CAGR (2023-2028): 4%
- Forecast Market Size (2026): USD 25 Billion
Since most of the processes carried out in refineries are catalytic in nature, catalysts are used in the petroleum industry to improve oil yields. The market is currently increasing steadily due to rising demand for petroleum-based products, especially from the industrial and power generation sectors.
Apart from this, there is an increase in the production of catalytic converters, which are used in vehicle emission control systems to reduce toxic emissions. This can be attributed to rising environmental issues, as well as the introduction of strict regulations by government agencies in many countries.
In addition, the burgeoning automotive industry is propelling the industrial catalyst market forward. Over the forecast period, there will be an expected increase in demand for nano-catalysts that aid in the catalytic process in the pharmaceutical and food processing industries all over the world, which will drive the growth of the industrial catalyst market.
Industrial Catalyst Industry Definition and Major Segments
Catalysts are chemicals that influence the rate of a chemical reaction without being consumed or modified in the process, and without influencing the system’s overall thermodynamics. Catalysts are made up of a variety of chemical compounds that work by adsorbing reactants on their active sites and creating products, which then desorb rapidly, releasing the site for the next catalytic cycle. In environmental applications, industrial catalysts play a critical role in reducing pollutants.
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On the basis of type, the industry has been divided into:
- Heterogenous Catalysts
- Homogeneous Catalysts
On the basis of raw material, the industry is segmented into:
- Mixed Catalysts
- Oxide Catalysts
- Metallic Catalysts
- Sulphide Catalysts
- Organometallic Catalysts
Based on application, the market can be classified into:
- Petroleum Refinery
- Chemical Synthesis
Regionally, the market has been broken down into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Industrial Catalyst Market Trends
The increased use of catalyst in the market is due to an expansion in refinery capacity and demand for fuels. The increase in demand for industrial catalysts in numerous application industries, including as petroleum refining, chemical synthesis, and petrochemicals, is driving the growth.
Growing industrialisation, automation, and per capita energy demand, and rising fuel consumption, are all driving market expansion, particularly in emerging economies. Increased usage of such catalysts is projected as a result of rising research and development spending and quick technological advancements in manufacturing processes across numerous end-use sectors, which would significantly benefit the market. The increasing product demand is expected to create new growth opportunities for the market in the forecast period.
Key Market Players
The major players in the market are BASF SE, Albemarle Corporation, Evonik Industries AG, Arkema, Clariant, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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