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Industrial Catalyst Market Analysis Of Industry Size, Share And Trends, Forecasts To 2033
Industrial Catalyst Market
As per the report, the industrial catalyst market size has grown strongly in recent years. It will grow from $24.05 billion in 2023 to $25.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The industrial catalyst market size is expected to see steady growth in the next few years. It will grow to $30.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
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Petroleum Industry Expansion Fuels Growth In The Industrial Catalyst Market
The growing expansion of the petroleum industry is expected to propel the growth of the industrial catalyst market going forward. The petroleum industry, or the oil and gas industry, encompasses the exploration, extraction, refining, and marketing of petroleum products. Catalysts are essential in hydroprocessing units, involving hydrotreating to remove sulfur and nitrogen impurities from crude oil fractions for improved, refined product quality and hydrocracking, breaking down heavy hydrocarbons into lighter ones to increase the yield of valuable products. For instance, in August 2023, according to a report published by the International Energy Agency, a France-based intergovernmental organization, between 2022 and 2028, global oil demand was projected to increase by 6%, reaching 105.7 million barrels per day, driven by strong demand from the petrochemical and aviation sectors. Further, the upstream investments in oil and gas exploration, extraction, and production are expected to reach their peak in 2023, with a year-on-year growth of 11% to USD 528 billion. Therefore, the growing expansion of the petroleum industry is driving the growth of the industrial catalyst market.
Innovative Advancements In Industrial Catalysts Through Additive Manufacturing Technologies
Major companies operating in the industrial catalyst market are developing advanced technologies, such as additive manufacturing technologies, to better serve customers with advanced features. Additive manufacturing technology, also known as 3D printing, refers to a process of creating three-dimensional objects by layering or sequentially adding material. For instance, in September 2022, BASF SE, a Germany-based manufacturer of industrial catalysts, launched the X3D technology. The unique feature of the X3D technology in additive manufacturing for catalysts lies in its capacity for 3D printing. Catalysts created using this technology exhibit an open structure, leading to a reduced pressure drop across the reactor and a substantial increase in surface area, thereby enhancing catalyst performance. BASF, equipped with the capability to provide commercial quantities, offers greater flexibility in catalyst design compared to traditional production methods. This technology takes catalyst performance to new heights, allowing customization based on specific customer conditions and needs, involving the design of infill patterns, fiber diameter, and orientation. The X3D technology empowers customers to achieve heightened reactor output, superior product quality, and lower energy consumption.
The industrial catalyst market covered in this report is segmented -
1) By Type: Heterogeneous Catalysts, Homogeneous Catalysts, Biocatalysts
2) By Material: Metal, Chemical, Zeolites, Organometallic
3) By Application: Petroleum Refinery, Chemical Manufacturing, Petrochemicals, Food Processing, Automotive and Transportation, Other applications
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Major companies operating in the industrial catalyst market report are Sinopec, BASF SE, The DOW Chemicals Company, Lyondellbasell Industries Holdings B.V., Honeywell International Inc., Ineos Group Limited, Johnson Matthey Plc, Evonik Industries AG, Chevron Philips Chemical Company, Arkema S.A., Albemarle Corporation, Dorf Ketal Chemicals India Pvt. Ltd., Clariant AG, Umicore N.V., ExxonMobil Chemical, W. R. Grace and Co., Axens SA, Topsoe A/S, Akzo Nobel N.V, Criterion Catalysts & Technologies, KNT Group, Zeolyst International, Anten Chemical Co. Ltd. , JGC Catalysts and Chemicals Ltd., Univation Technologies LLC
Contents of the report:
1. Executive Summary
2. Industrial Catalyst Market Report Structure
3. Industrial Catalyst Market Trends And Strategies
4. Industrial Catalyst Market - Macro Economic Scenario
5. Industrial Catalyst Market Size And Growth
…..
27. Industrial Catalyst Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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