Industrial Catalyst Market Size to Reach $30.95 Billion by 2029 | Growth at 3.9% CAGR Forecast

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What is the Projected Market Size of the Industrial Catalyst Industry?
The size of the industrial catalyst market has shown consistent growth over the recent years. The market is expected to expand from $25.47 billion in 2024 to $26.59 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.4%. The growth witnessed in the past years can be traced back to factors such as the development of industrialization and manufacturing sectors, advancements in chemical processes, the imposition of stringent environmental regulations, the growth of petrochemical and refining industries, and calls for cleaner and highly efficient production techniques.

What Will Be the Size of the Industrial Catalyst Market by 2029?
Predictions suggest that the industrial catalyst market will experience consistent expansion in the coming years, culminating in a worth of $30.95 billion in 2029, indicating a compound annual growth rate (CAGR) of 3.9%. This progression during the forecast period is linked to the increasing demand for green and sustainable chemistry practices, growth within the pharmaceutical and biotechnology sectors, the rise of renewable energy technologies, a greater interest in the hydrogen economy and fuel cell technology, and the introduction of fresh applications in rising markets. Key expectations for the forecast period involve the adoption of catalytic converters for controlling emissions in both automotive and industrial realms, the evolution of catalysts for carbon capture and utilization, the deployment of catalysts in the manufacturing of bio-based plastics, the integration of nanotechnology into catalyst design and development, and the implementation of circular economy principles in the recycling and reuse of catalysts.

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What Are the Key Drivers Accelerating Growth in the Industrial Catalyst Market?
The anticipated growth of the industrial catalyst market is projected to be spurred by the escalating expansion of the petroleum industry. Encompassing activities such as exploration, extraction, refining, and marketing of petroleum products, the petroleum industry is an integral part of this dynamic. Industrial catalysts play a crucial role in hydroprocessing units, used in hydrotreating processes for eradicating sulfur and nitrogen impurities from crude oil fractions. This leads to enhanced product quality and adds value by facilitating hydroing processes, that convert heavy hydrocarbons into lighter ones. For instance, a report released by the International Energy Agency, a France-based intergovernmental organization in August 2023, forecasts a 6% surge in worldwide oil demand between 2022 and 2028, culminating in 105.7 million barrels per day. This growth is primarily steered by robust demand emerging from petrochemical and aviation sectors. Additionally, the investments in upstream activities related to oil and gas exploration, extraction, and production are predicted to peak in 2023, witnessing a year-on-year growth of 11% amounting to USD 528 billion. This continual expansion of the petroleum industry is acting as a significant driver propelling the growth of the industrial catalyst market.

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How Is the Industrial Catalyst Market Segmented by Type, Application, and Region?
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

Subsegments:
1) By Heterogeneous Catalysts: Metal-Based Catalysts, Metal Oxide Catalysts, Supported Catalysts
2) By Homogeneous Catalysts: Organometallic Catalysts, Acid-Base Catalysts, Coordination Complex Catalysts
3) By Biocatalysts: Enzymes, Microbial Catalysts, Cell-Based Catalysts

What Are the Key Trends Driving Growth in the Industrial Catalyst Market?
Prominent companies in the industrial catalyst market are adopting and creating cutting-edge technologies such as additive manufacturing techniques to improve their offerings to customers with revolutionary features. Additive manufacturing, also popularly known as 3D printing, is a method where three-dimensional elements are formed by stacking or adding materials in a particular sequence. For example, in September 2022, BASF SE, an industrial catalyst manufacturing company based in Germany, innovated the X3D technology. The distinctive characteristic of X3D technology in the additive production of catalysts lies in its 3D printing capability. Catalysts made using this method have an open structure, resulting in a decrease in pressure drop across the reactor and a significant increase in surface area, thus improving the performance of the catalysts. With the ability to provide commercial quantities, BASF offers more flexibility in catalyst design than conventional manufacturing methods. This technology elevates catalyst performance, allowing alterations based on specific customer conditions and requirements, involving the design of infill patterns, fiber diameter, and alignment. The X3D technology provides customers the advantage of increased reactor productivity, higher product quality, and lower energy usage.

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Who Are the Leading Companies Driving Growth in the Industrial Catalyst Market?
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

Which Is the Leading Region in the Global Industrial Catalyst Market?
Asia-Pacific was the largest region in the industrial catalyst market in 2024. The regions covered in the industrial catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.