Press release
Catalyst Market Size Worth $34.06 Billion By 2025 | CAGR: 4.5%
Moreover, demand for clean and green fuels has shifted the trend of energy generation from conventional to clean resources. Cobalt, iron, and nickel catalysts are the key components used for clean energy generation processes, such as the Fischer-Tropsch synthesis. Rapidly expanding polymer and chemical manufacturing sectors is also anticipated to play an important role in the growth of the catalysts market. In addition, supportive regulations regarding the production and usage of catalysts are expected to augment market growth over the next eight years.
Emission regulations are the biggest drivers for a wide range of application sectors and the usage of catalysts for environmental and chemical applications are anticipated to have the highest market growth. Heterogeneous product segment led the market on account of wide product usage in the polymer industry. It is also used in the form of vanadium oxide for the production of sulfuric acid, which is growing on account of increasing demand of this acid in oil refining, wastewater processing, and chemical synthesis. This is also expected to fuel the demand for heterogeneous catalyst in the near future.
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Further key findings from the study suggest:
Environmental was the largest application segment in the catalyst market and accounted for 29.6% of the overall volume share in 2016
In terms of raw materials chemical compounds segment is expected to attain the highest market share over the forecast period
The petroleum refining application segment is expected to register a CAGR of 3.4% over the forecast period
This application includes the use of catalyst in cracking of feedstock components that increase the yield of high-quality products
MEA is expected to be the second fastest-growing regional market during the forecast years
Key industry participants include BASF SE; Akzo Nobel N.V.; Clariant International Ltd.; Zeolyst International, Inc.; and Chevron Corporation
Key competitive strategies adopted by these companies include capacity expansion, geographical expansion, technology licensing, and mergers & acquisitions
For instance, recently, BASF started a new chemical catalysts manufacturing plant in Caojing, China to cater to growing demand in Asia Pacific
Grand View Research has segmented the global catalyst market on the basis of raw material, product, application, and region:
Catalyst Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Zeolite
Metal
Base Metals
Precious metals
Chemical Compounds
Peroxide
Acid
Amines & Others
Others
Catalyst Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Heterogeneous
Homogeneous
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: sales@grandviewresearch.com
For More Info: www.grandviewresearch.com
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