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Inorganic Catalyst Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Inorganic Catalyst Market
According to The Business Research Company's, The inorganic catalyst market size has grown steadily in recent years. It will grow from $25.77 billion in 2023 to $26.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to shift in chemical manufacturing practices, focus on catalytic efficienc, industrial automation, global market expansion, research and development..
The inorganic catalyst market size is expected to see steady growth in the next few years. It will grow to $32.45 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to industrial growth and expansion, demand in energy sector, rising demand for specialty chemicals, focus on sustainable practices.. Major trends in the forecast period include industry digitization and automation, increased environmental regulations, shift towards sustainable chemistry, rising demand in petrochemical industry, advancements in nanotechnology..
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Market Drivers and Trends:
The growing demand for petroleum and petrochemical products is driving the inorganic catalysts market going forward. Petrochemicals are chemical products derived from crude oil and petroleum. Inorganic catalysts such as zeolite are widely used in petrochemical manufacturing for greater yield and efficiency. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the oil demand is forecasted to rise by 1.7 mb/d in 2023 and is expected to reach 104.1 mb/d by 2026. Similarly, petrochemicals would account for over a third of the growth in oil demand by 2030. As a result, the increasing demand for petroleum and petrochemicals is driving the inorganic catalysts market.
Technological advancements are a key trend gaining popularity in the inorganic catalysts market. Major companies in the market are introducing innovative technologies such as the tri-metal catalyst technology to sustain their position in the market. For instance, in October 2023, Grace & Co, a US-based chemical company, launched PARAGON™ FCC catalyst technology. The PARAGON FCC catalyst combines a new, rare-earth-based Vanadium (V) trap into high matrix surface area FCC unit catalytic solutions. With PARAGONTM technology, refiners can expand their FCC operating window and increase their flexibility to process a variety of feedstocks for increased profitability.
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Major Key Players of the Market:
3M Company; Ahlstrom-Munksjö Oyj; Lydall Performance Materials India LLP; Nordic Air Filtration A/S; Sandler AG; Sefar AG; Freudenberg Filtration Technologies India Private Limited; Eaton Corporation Public Limited Company.; Donaldson Company Inc.; Alfa Laval India Private Limited; Lenntech B.V; W.L. Gore & Associates Inc.; Hengst SE & Co. KG.; BASF SE; Johnson Matthey plc; W.R. Grace & Co.; Clariant AG; Albemarle Corporation; Evonik Industries AG; Solvay S.A.; Cataler Corporation; Umicore N.V.; Süd-Chemie India Private Limited.; Axens S.A.; Haldor Topsoe A/S; JGC C&C Co. Ltd.; Zeolyst International Inc.; Ceramisphere Pty Ltd.; Applied Catalysts LLC; CRI Catalyst Company LP; KNT Group; INTERCAT Inc.; Silbond Corporation; SACHEM Europe B.V.; Ecopro Co. Ltd.; Oakwood Chemical Inc.; Stanford Advanced Materials; Innova Corporate.
Inorganic Catalyst Market 2024 Key Insights:
• The inorganic catalyst market will grow to $32.45 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Rising Demand For Petroleum And Petrochemical Products Fuels Growth In The Inorganic Catalysts Market
• Technology Advancements In The Inorganic Catalysts Market
• Asia-Pacific was the largest region in the inorganic catalyst market share in 2023
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