Chemical catalysts are at the heart of many chemical processes, helping speed up reactions and optimize their performance. In this article, we explore the different types of chemical catalysts available in the market and analyse the various applications they can be used in. Find out what makes them so essential to the chemical industry and why they will continue to play an important role in innovation.
Drivers of the Chemical Catalyst Market
1. Increasing Demand for Chemical Catalyst in Asia Pacific: The increasing demand for chemical catalysts from the Asia Pacific region is a major driver of the market as the region is home to some of the world’s leading developing countries such as India, China, South Korea, Japan, and others. These countries are witnessing rapid industrialization and thus have increased their consumption of chemical catalysts for various manufacturing processes.
2. Growing Usage in Refinery Processes: Chemical catalysts are widely used in refinery processes due to their ability to increase reaction rates while consuming less energy. This has led to an increased demand for chemical catalysts from the oil & gas industry, further driving the growth of the market.
3. Technological Advancements: Technological advancements have played an important role in improving production efficiency by providing efficient ways to produce chemicals at a lower cost and with greater speed. This has also led to an increase in demand for chemical catalysts as they can reduce production costs significantly by speeding up processes and reducing energy consumption.
Advantages of the Chemical Catalyst Market
Some of the advantages of the Chemical Catalyst Market are as follows:
1. Cost Effective: Chemical catalysts are cost effective and require minimal investments for production and installation. This makes them attractive to businesses who cannot afford high costs associated with traditional catalysts.
2. High Activity: Chemical catalysts have high activity and are able to speed up the rate of reactions, thus reducing the time required for completion of processes.
3. Eco-Friendly: Chemical catalysts are more eco-friendly than traditional catalysts as they involve fewer hazardous materials that can be dangerous to human health and the environment.
4. Versatility: Chemical catalysts offer a wide range of possibilities through their versatile nature, allowing them to be used in a variety of applications.
5. Safety: The use of chemical catalysts eliminates the risk of contact with toxic chemicals during production, making them safer to handle than other types of catalysts.
Market value and CAGR of the Chemical Catalyst Market (2021-2032)
The market value and CAGR is expected to reach $42.2 billion by 2032 with a CAGR of 4.3% from 2021 to 2032.
The growth rate is expected to be driven by the increasing demand for industrial catalysts, as well as the development of more efficient and cost-effective processes. Furthermore, increasing investments in research and development activities for new product advancement and technological advancements are expected to further propel the growth of this market during the forecast period.
Some of the challenges of the Chemical Catalyst Market are as follows:
1. Increasing prices of raw materials: The rising cost of raw materials is a major challenge faced by the chemical catalyst market, primarily due to increasing demand and limited supply. This has resulted in an increase in the costs of production and therefore higher prices for chemical catalysts.
2. Regulatory framework: The stringent regulations imposed by governments across the world pose another challenge to the market growth. The regulatory framework affects how companies can operate in different countries, thereby making it difficult for them to expand their operations on a global scale.
3. Technological advancements: Technological advancement such as nanotechnology is revolutionizing the way catalysts are used in industrial applications. This can create entry barriers for small players who cannot afford to invest heavily in research and development activities for technological advancements or utilize advanced production processes.
Key Players in the Chemical Catalyst Market
The key players in the Chemical Catalyst Market are Albemarle Corporation (U.S.), BASF SE (Germany), Clariant AG (Switzerland), AkzoNobel N.V. (Netherlands), Evonik Industries AG (Germany), Johnson Matthey plc (U.K.), W. R. Grace & Co.-Conn. (U.S.), The Dow Chemical Company (U.S.), Honeywell International, Inc. (U.S.), and Chevron Phillips Chemical Company LLC (U.S.)
Market analysis into type, application, end user and region of Chemical Catalyst Market
By Type, the product generating most revenue generating product in the Chemical Catalyst Market is expected to be Heterogeneous Catalyst.
By Application, the product generating most revenue generating product in the Chemical Catalyst Market is expected to be Petrochemicals & Refinery as its demand will be the most among all available alternatives.
By End User, the product generating most revenue generating product in the Chemical Catalyst Market is expected to be Automotive due to rising need and need of the market
By Region, Asia Pacific is expected to grow at highest CAGR in the Chemical Catalyst Market over forecasted period as it comprises of the countries with most of the population.
Impact of Covid-19 on the Chemical Catalyst Market
The impact of Covid-19 on the chemical catalyst market can be attributed to the decrease in demand for chemicals used in various industries, such as the automotive, construction, and electronics industries. The outbreak of Covid-19 has led to a slowdown in economic activity globally, which has impacted the demand for chemicals used as catalysts. In addition, the closure of factories and supply chain disruptions have also contributed to the decline in demand for chemical catalysts.
Despite the challenging market conditions, some companies are investing in research and development (R&D) activities to develop new catalysts that can be used in various applications. For instance, BASF SE has developed a new class of polyolefin catalysts that can be used for the production of high-performance plastics. This new product is expected to help BASF regain its lost market share due to the Covid-19 pandemic.
Key developments in the Chemical Catalyst Market
In January 2020, BASF SE announced the launch of its new Zeolite Performance Catalyst Series for synthesis gas applications. This series is designed to optimize the performance of Fischer-Tropic synthesis and conversion of syngas into fuels and chemicals.
In April, 2020, Chevron Phillips Chemical Company LP (CChem) announced that it had started construction on a new resin catalyst production facility in Cedar Bayou, Texas. The production facility will produce polyethylene homogeneous catalysts with an increased capacity to meet the growing demand from customers around the world.
In October, 2020, Clariant AG announced a partnership with Neste Corporation to develop renewable chemical catalysts for biodiesel production. The collaboration aims to make biodiesel production more efficient and reduce carbon emissions associated with fossil fuel-based diesel production.
Chemical Catalyst Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 42.2 billion|
|Growth Rate||CAGR of 4.3 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Albemarle Corporation (U.S.), BASF SE (Germany), Clariant AG (Switzerland), AkzoNobel N.V. (Netherlands), Evonik Industries AG (Germany), Johnson Matthey plc (U.K.), W. R. Grace & Co.-Conn. (U.S.), The Dow Chemical Company (U.S.), Honeywell International, Inc. (U.S.), and Chevron Phillips Chemical Company LLC (U.S.)|
Key Segments of the Chemical Catalyst Market
Type Overview, 2021-2031 (USD Billion)
• Polyolefin Catalyst
• Supported Metal Catalyst
• Zeolite Catalyst
Application Overview, 2021-2031 (USD Billion)
• Petrochemical Catalyst
• Polymerization Catalyst
• Fine Chemical Catalyst
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa