Press release
Global Catalyst Market to be Driven by the Increasing Demand for Environmental Catalysts in the Forecast Period of 2023-2028
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 34 billion
Forecast CAGR (2023-2028): 5%
Manufacturers all over the world are looking for process improvement, yield enhancement, cost-cutting, and energy-saving catalysts for chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental applications. As a result of changing energy trends involving renewable fuels such as biodiesel and shale gas fuel, catalyst demand has increased. Over the forecast period, demand for the product in petrochemical and chemical applications will be driven by manufacturers seeking to add value to their feedstock or refining by processing value-added petrochemicals and chemicals such as methanol and polyolefins.
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Industry Definition and Major Segments
A catalyst refers to a substance that increases the rate of a chemical reaction without itself undergoing any permanent chemical change.
By material, the market is divided into:
Chemical Compounds
Metals
Zeolites
Others
The chemical compounds segment can be further categorised into peroxides, acids, amines, and others.
The metals segment is further classified into precious metals and base metals.
Based on product, the industry can be segmented into:
Heterogeneous
Homogeneous
The heterogeneous and homogeneous catalyst segment can be further divided on the basis of application into chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental.
Regionally, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The rising use of catalysts in diverse industries such as chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental applications for process optimisation, yield improvement, cost-cutting, and energy-saving is a major factor driving the industry's growth. To extend their market scope and compete effectively in a highly competitive market, companies are expanding their catalyst production capacities through mergers and acquisitions. For example, in 2018, W.R. Grace Co. announced the acquisition of Albemarle Corporation's catalyst business. This acquisition has benefitted the company's polyolefin catalysts and components business.
Key Market Players
The major players in the market are Albemarle Corporation, Evonik Industries AG, Honeywell International Inc., BASF SE, and The Dow Chemical Company, 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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