Global Industrial Catalyst Market 2023 Growth Analysis of all Top Key Players Like Albemarle Corporation, Arkema, BASF Corporation, Clariant, Evonik and Industries, Exxon Mobil Chemical Corporation, AkzoNobel N.V., Chevron Phillips Chemical Company, DOW C

The global industrial catalyst market has witnessed a steady growth over the past few years. This can be accredited to population growth, rising demand for fuel, cost-effectiveness and government support for environmental remediation.

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According to the latest report by IMARC Group, titled “Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global industrial catalyst market reached a value of US$ 18 Billion in 2017. Catalysts are chemical agents which speed up reactions by either lowering or raising its activation energy. As they do not undergo any change themselves, catalysts can be used for multiple reactions which lowers the cost of the process. They also help in reducing the production of unnecessary by-products, thereby minimizing environmental waste. Owing to these factors, industrial catalysts find numerous applications in petroleum, pharmaceutical and petrochemical industries.

Highlights of the global industrial catalyst market:

* Development in the major end-use industries remains the key growth-inducing factor for the market.

* Heterogenous catalysts hold the majority of the total market, representing the most popular type.

* Asia-Pacific is the largest market, accounting for the majority of the global share.

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Industrial catalysts are majorly used in the petroleum and chemical industries. Rapid growth in these industries along with increasing demand for fuels has largely contributed in the expansion of the market. The global population growth coupled with surging disposable incomes has also helped in the growth of petroleum industry, thereby facilitating the demand for industrial catalysts. Further, new refinery projects are emerging in the Middle East and Africa, and Asia-Pacific. Development of refinery capacities in these regions have led to an upsurge in the market. Moreover, as industrial catalysts are environment-friendly, their use has been encouraged by various government initiatives which aim to reduce carbon emissions. Further, the market is expected to reach a value of US$ 23 Billion by 2023, exhibiting a CAGR of 4.5% during 2018-2023.

The report by IMARC group has examined the global industrial catalyst market on the basis of:

Type:

1. Heterogenous Catalysts
2. Homogenous Catalysts
3. Biocatalysts

On the basis of type, heterogenous catalysts accounts for the majority of the market share. It is followed by homogenous catalysts and biocatalysts.

Raw Material:

1. Mixed Catalysts
2. Oxide
3. Metallic
4. Sulfide
5. Organo-metallic Catalysts

Based on the raw material used, mixed catalysts represent the largest segment, followed by oxide, metallic, sulfide and organo-metallic catalysts.

Application:

1. Petroleum Refinery
2. Chemical Synthesis
3. Petrochemical
4. Others

Segmented on the basis of key applications, petroleum refinery accounts for the majority of the total share. It is followed by chemical synthesis, petrochemical and others.

Region:

1. Asia-Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa

Region-wise, Asia-Pacific is the major market followed by North America, Europe, Latin America, and Middle East and Africa.

Key Players:

The major key players include Albemarle Corporation, Arkema, BASF Corporation, Clariant, Evonik and Industries, Exxon Mobil Chemical Corporation, AkzoNobel N.V., Chevron Phillips Chemical Company, DOW Chemical Company and DuPont.

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This release was published on openPR.