The industrial catalyst market is one of the fastest-growing markets in the world, as it plays a crucial role in various industries such as petroleum refining, chemical synthesis and petrochemicals!
Drivers of the Industrial Catalyst Market
The drivers of the Industrial Catalyst Market are:
1. Increasing demand for industrial catalysts in the production of bulk chemicals: The increasing demand for industrial catalysts for the production of bulk chemicals such as ethylene, propylene and other petrochemicals is a major driver for the market.
2. Rising investments from emerging economies: Emerging economies are investing increasingly in the industrial catalyst market due to their growing demand for energy and chemical products. Such investments create more opportunities for growth in this sector.
3. Growing demand from end-use industries: The growing demand from end-use industries such as automotive, pharmaceuticals and others are driving growth in the industrial catalyst market as these industries require specialized catalysts to produce quality products with increased efficiency and at reduced costs.
4. Technological advancements: Technological advancements have enabled producers to develop new and improved catalysts with higher performance levels, better efficiency, higher selectivity and lower toxicity which are driving the growth of this market.
5. Government regulations: Governments across different countries are putting stringent regulations on emissions thus increasing the need for clean technologies which makes use of industrial catalysts that can reduce harmful emissions thus providing impetus to the growth of this market.
Advantages of the Industrial Catalyst Market
Some of the advantages of the Industrial Catalyst Market are as follows:
1. Increased Efficiency: Industrial catalysts can help improve the efficiency of industrial processes, resulting in decreased energy use and cost savings.
2. Reduced Emissions: Industrial catalysts can help reduce emissions generated by industrial processes, helping to meet environmental regulations.
3. Improved Quality: Industrial catalysts can also help improve the quality of products produced by these processes, resulting in better customer satisfaction.
4. Cost Savings: By reducing energy use and improving efficiency, industrial catalysts can provide cost savings for businesses.
Market Value and CAGR of the Industrial Catalyst Market (2021-2031)
The market value and CAGR is expected to reach over $20 billion by 2031, with a CAGR of 5.8%.
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This growth is mainly due to the increasing demand for industrial catalysts in industries such as petrochemicals, chemicals, pharmaceuticals and automotive. Increasing investments in new technologies and research and development will also drive market growth. Rising environmental concerns are likely to drive the implementation of green catalysts, thereby propelling the market over the forecast period.
Challenges of the Industrial Catalyst Market
Some of the challenges of the Industrial Catalyst Market are as follows:
1. Cost: Industrial catalysts can be expensive due to their complexity and the need for proprietary formulations. This limits the potential applications of these products and makes them difficult to scale up for commercial production.
2. Regulatory Compliance: Industrial catalysts are subject to stringent regulatory requirements, which can drive up costs and limit availability.
3. High Capital Investment: Developing a new industrial catalyst requires significant investment in research and development, as well as specialized equipment for processing and testing the product. This adds to the cost of producing the catalyst and may discourage potential buyers from investing in the product.
4. Limited Availability of Raw Materials: Developing an industrial catalyst often requires rare materials that can be difficult or expensive to source, which can further increase production costs and add complexity to the process.
Key players in the Industrial Catalyst Market
Some of the key players in the Industrial Catalyst Market are BASF SE (Germany), Johnson Matthey Plc (UK), W.R. Grace & Co. (US), Clariant AG (Switzerland), Albemarle Corporation (US), Evonik Industries AG (Germany), Zeolite International (US), Halder TopSEOs A/S (Denmark), Criterion Catalyst Company LLC (Singapore).
Segment Analysis by type, application, end user and region of Industrial Catalyst Market
The most demanded product of the Industrial Catalyst Market is expected to be the heterogeneous catalysts. This is due to the fact that they are more economical as compared to homogeneous catalysts. Heterogeneous catalysts can also be used in various industries such as petrochemicals, chemicals, pharmaceuticals, and others. The application of heterogeneous catalysts is expected to increase in the near future owing to its cost effectiveness and easy availability.
The industrial catalyst market is segmented based on end user into chemical, petrochemical, pharmaceutical, oil & gas and others. Chemical industry is expected to dominate the Industrial Catalyst Market during the forecast period owing to increasing demand for specialty chemicals and renewable fuels from this sector. Petrochemical industry is expected to witness significant growth during the forecast period due to increasing production of petrochemicals products such as polymers, plasticizers and elastomers. Pharmaceutical industry is also likely to witness high growth rate in Industrial Catalyst Market due to increasing demand for active pharmaceutical ingredients (APIs).
By region, Asia Pacific region is expected to dominate the Industrial Catalyst Market during the forecast period owing to presence of major producers of industrial catalyst in the region such as China and India. Increase in population coupled with rising disposable income of consumers has led to rise in demand for specialty chemicals
Impact of Covid-19 on the Industrial Catalyst Market
The Covid-19 pandemic has had a significant impact on the global industrial catalyst market. The demand for industrial catalysts has decreased due to the slowdown in economic activity and the decrease in oil prices. The production of major end-use industries such as petroleum refining and chemical synthesis has been affected due to the lockdown measures implemented by governments around the world. This has led to a decline in the demand for industrial catalysts.
However, the market is expected to recover from the impact of Covid-19 in 2021 as the global economy is projected to rebound. The demand for petroleum products is expected to increase as transportation sector activity picks up. This will lead to an increase in the use of refinery catalysts. The petrochemical industry is also expected to grow due to the increasing demand for plastics and other chemicals used in various industries. This will drive the demand for chemical synthesis catalysts.
Key developments in the Industrial Catalyst Market
In January, 2021, SINOPEC Catalyst Co., Ltd. (SCC) announced that it had developed the world's first industrial catalyst for the production of propylene carbonate. The catalyst is designed to reduce the energy consumption and cost of propylene carbonate production by up to 30%.
In June, 2021, Albemarle Corporation launched its new range of industrial catalysts and fine chemicals. The new range includes a variety of catalysts such as hydroformylation, hydrogenation, and dewaxing catalysts which are used in a variety of industries including pharmaceuticals, petrochemicals, and food processing.
In October, 2021, Honeywell UOP announced that it has developed an industrial catalyst for refining crude oil into cleaner burning fuels. The new catalyst is designed to improve the efficiency of refining process and reduce emissions from fuel combustion by up to 70%.
Industrial Catalyst Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 20 billion |
| Growth Rate | CAGR of 5.8 % during 2021-2031 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | BASF SE (Germany), Johnson Matthey Plc (UK), W.R. Grace & Co. (US), Clariant AG (Switzerland), Albemarle Corporation (US), Evonik Industries AG (Germany), Zeolite International (US), Halder TopSEOs A/S (Denmark), Criterion Catalyst Company LLC (Singapore). |
Key Segments of the Industrial Catalyst Market
Type Overview, (USD Billion)
• Polyolefin Catalyst
• Supported Metal Catalyst
• Zeolite Catalyst
• Others
Application Overview, (USD Billion)
• Petroleum Refining
• Chemical Synthesis
• Petrochemicals
• Others
Regional Overview, (USD Billion)
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
• Middle East and South Africa
Frequently Asked Questions (FAQ) :
The global Industrial Catalyst market size projected to reach USD 20 billion and CAGR of 5.8 % during 2021-2031