Catalyst Market to Reach $40,000 Million, at a CAGR of 4.8% Globally by 2022
Catalysts generally have chemical properties such as reaction initiation, process improvement, and reaction selectivity to facilitate chemical reactions and process optimization. Catalysts in each category are unique and can be applied to a wide variety of end-user industries. In the automotive industry, for example, it is used for emission reduction and is similarly important for chemical synthesis due to the choice and reaction optimization properties. In addition, the catalyst is used for bulk polymerization due to its selectivity and separability.
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The prominent players profiled in this report include
• BASF SE
• Albemarle Corporation
• Johnson Matthey PLC
• Evonik Industries AG
• Dow Chemicals Company
• Clariant AG
• Dorf Ketal Chemicals Llc
• W.R. Grace & Company
• Chevron Phillips Chemical Company LP
• Exxon Mobil Corporation.
In the chemical industry, it is used as a material that increases the rate of chemical reactions but is not consumed during the process. It appears at the stage of the reaction mechanism, but is isolated in the final product. By lowering the activation energy, the rate constant increases significantly compared to the catalystless reaction.
The zeolite sector accounted for about a quarter of the catalyst market sales in 2015. The petroleum refining sector accounts for more than a quarter of the catalysts in 2015. The Asia-Pacific region is expected to grow at its fastest pace because of the growing demand for consumer automotive and consumer power in emerging economies.
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Key Findings of Catalyst Market Study:
• Though Asia-Pacific will continue to dominate the catalysts market, U.S. will grow at a high CAGR of 4.7%.
• Asia-Pacific has grown at the fastest rate for catalysts market with a CAGR of 5.2% during the forecast period.
• Germany dominated in the European catalysts market with more than one-fourth revenue share in 2015.
• Petroleum refining and environmental application segments dominate the catalysts market together with two-thirds revenue share in 2015.
• Brazil dominated the catalyst market in LAMEA region, and is estimated to grow at a CAGR of 5.8% during the forecasted period.
Asia-Pacific contributed to around two-fifths of the market revenue in 2015 followed by North America and Europe. China alone accounted for one-third share of the overall Asia-Pacific revenue in 2015, owing to dominance in petroleum refining. The companies in this market have adopted expansion and acquisition as their key strategies to develop innovative products and reduce competition by capturing additional market share.
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