The increased demand for catalysts from the petroleum refining industries in developing as well we developed economies across the globe is among the major factors driving the growth of the Global Catalyst Market
Covid-19 Impact & Market Status
COVID-19 has the potential to impact the global economy in three ways: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets.
Covid-19 outbreak has been affecting multiple businesses and industries leading to interrupted travel, lockdown, social distancing and the like. These have restricted normal functioning of the businesses and resulted in supply chain anomalies, lack of business co-ordination across vendors and the like.
Chemical Segment is accounted for Highest Revenue during the Prediction Period
Chemical has a large market share and is expected to expand in the future. Catalyst raw materials include vitriol, acid, and carbonate, which are utilised in the chemical, petrochemical, and polymer industries. Noble metals are utilised for dehydrogenation and hydrogenation, while other metals like nickel and cobalt are also important catalyst raw materials. Apart from metals and chemical compounds, zeolites are a common raw material for catalysts and are widely employed in a variety of sectors.
Chemical Synthesis Application Segment is Likely to Register Highest Revenue during the Forecast Period
Chemical synthesis has a sizable proportion of the market. Catalysts are widely used in chemical synthesis because of their superior traits and qualities, such as enhancing enantioselective processes, activation of alkenes and alkynes, and increased stability. Chemical synthesis catalysts are generally utilised to produce raw materials for petroleum refining while also ensuring high-quality products. Chemical catalysts' cost and energy-saving benefits drive the Catalyst Market's growth in refining applications.
Asia-Pacific Region to Dominate the Market during the Predicted Period
In 2019, Asia Pacific is expected to account for the biggest value share of 34 percent, owing to China's dominance in the vehicle, petrochemicals, polymer, and chemical sectors. China has a large number of chemical and polymer manufacturing enterprises, and as a result, it became a manufacturing destination for chemical and petrochemical goods due to rising local demand and low manufacturing costs when compared to the United States and European Union nations.
Increasing FDI investments and lucrative development potential promised by growing nations such as India and Vietnam have boosted market expansion in Asia Pacific. Because of the growing low sulphur and automobile standards that compel the use of environmental catalysts in the area, North America is the second-largest market. Furthermore, the rise of Mexico's oil and gas and chemical industries is a major contributor to market expansion in North America.
Furthermore, growth of chemical manufacturing industry along with increasing demand for the polymers are anticipated to fuel growth of the global catalyst market in the near future.
A catalyst is a material that accelerates rate of the chemical reaction without being consumed by it. As a result, a catalyst can be chemically retrieved unmodified at the end of the reaction it was employed to speed up.
Metals and their oxides, halides, sulphides, as well as semi-metallic elements like aluminum, boron, and silicon, make up the majority of solid catalysts. Catalysts are crucial in the manufacturing of petroleum, polymers, chemicals, and other economically vital goods.
The global Catalysts market is projected to be around USD 48.2 billion by 2028, at a CAGR of 4.5 % during the prediction period.
Petroleum Refining, Chemical Synthesis applications are predicted to account for a major portion of catalysts over the projection period. Chemical synthesis comprises raw materials and raw material chemistry, where catalysts are used in processes like Contact, Haber, and converting ammonia to nitric acid. As a result, throughout the forecast period, global chemical industry expansion is predicted to boost catalyst demand.
Catalysts are widely used in chemical synthesis because of their superior traits and qualities, such as promoting enantioselective processes, alkene and alkyne activation, and increased stability. They also have a high functional group tolerance, are cost-effective, and don't require any extra ligands. All of the aforementioned factors are driving the segment's growth by boosting the usage of catalysts in chemical synthesis.
Aside from chemical synthesis, catalysts are generally utilized in petroleum refining to boost the production of high-quality products by breaking feedstock components. The use of a catalyst aids in the optimization of hydrocracking processes while also providing cost and energy savings. This has aided the expansion of the petroleum refining sector.
Furthermore, research and developments and increasing investment by leading players in the target industry are expected to propel the worldwide catalysts market forward throughout the forecast period. Increased end-use applications are another important aspect driving the target industry's growth.
The global Catalysts industry is very competitive and is anticipated to become even more so in the future years. However, the growing number of competitors is expected to boost overall market growth over the projection period. The DOW Chemicals Company, E. I. du Pont de Nemours and Company, Borealis AG, Zeolyst International, Inc, Chevron Philips Chemical Company, W.R. Grace and Co, Sinopec Corp., Johnson Matthey Process Technologies, ExxonMobil Chemical Co., Honeywell International Incorporated, Dorf Ketal Chemicals Llc, Albemarle Corporation, Royal Dutch Shell PLC, Clariant AG, Total SA, Evonik Industries AG, BASF SE, CRI Catalyst Company are some of the key competitors operating in the global Catalyst market.
Latest Innovations in the Global Catalyst Market: a Snapshot
- In 2018, W.R. Grace announced the purchase of Albemarle Corporation's catalyst business. The company's polyolefin catalysts and components business has benefited from this purchase.
- Borealis and Novolen announced today that they have entered into a license agreement allowing Novolen's metallocene single-site polypropylene (PP) technology rights to be available to Borealis. This agreement grants Borealis access to Novolen's metallocene PP patent rights to manufacture single-site polymerization catalysts to produce Borealis metallocene PP solutions.
This market research study was created by compiling data from primary and secondary sources. Secondary research was conducted using a variety of sources, including (but not limited to) SEC filings, company websites, technical journals, paid data sources, financial reports, and other industry publications. In addition, to acquire first-hand data, the research methodologies perform comprehensive primary research with important industry players. Industry specialists then examine and validate the data.
Catalyst Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 48.2 billion|
|Growth Rate||CAGR of 4.5 during 2021-2028|
|Segment Covered||Material, Application, Region|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||The DOW Chemicals Company, E. I. du Pont de Nemours and Company, Borealis AG, Zeolyst International, Inc, Chevron Philips Chemical Company, W.R. Grace and Co, Sinopec Corp., Johnson Matthey Process Technologies, ExxonMobil Chemical Co., Honeywell International Incorporated, Dorf Ketal Chemicals Llc, Albemarle Corporation, Royal Dutch Shell PLC, Clariant AG, Total SA, Evonik Industries AG, BASF SE, CRI Catalyst|
Key Segments of the Global Catalyst Market
Material Overview, 2018-2028 (USD Billion)
- Organometallic Materials
Application Overview, 2018-2028 (USD Billion)
- Petroleum Refining
- Chemical Synthesis
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa