Catalysts refer to substances that are utilized to accelerate chemical reactions without undergoing physical or chemical changes themselves. They aid in accelerating the rate of both the forward and reverse reactions so that the equilibrium constant remains the same. They are used in numerous industries to enhance chemical processes and reduce both the cost as well as energy usage. Owing to these attributes, the demand for industrial catalysts is increasing across the globe. As per the global industrial catalyst market report by IMARC Group, the market reached a value of US$ 18.8 Billion in 2018.
Catalysis plays a vital role in the petroleum industry as most of the processes undertaken in refineries are catalytic in nature. Petroleum fractions produced through fractional distillation of crude oil do not meet the quality standards for being used as fuels. Therefore, the catalytic processes, such as alkylation, isomerization, hydroprocessing and catalytic cracking, are utilized to improve product yields. With the rising demand for chemical and petroleum products, the industrial catalyst market is experiencing steady growth at a global level. Apart from this, the emerging requirement of eco-friendly fuels is strengthening the growth of the market as catalysts are used for increasing the operational efficiency of fuels. Looking forward, the global industrial catalyst market is anticipated to reach a value of US$ 23.9 Billion by 2024, exhibiting a CAGR of 3.9% during 2019-2024.
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Heterogeneous Catalysts Exhibit Dominance
Based on the type, the market has been divided into heterogeneous, homogenous and bio-catalysts. At present, heterogeneous catalysts exhibit dominance in the market owing to their cost-effectiveness and easy separation from the manufactured products. These catalysts are extensively used in petroleum refining, petrochemical manufacturing and hydrogenation of vegetable oils.
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Mixed Catalysts Represents the Most Popular Segment
On the basis of the raw material, the market has been classified into mixed, oxide, metallic, sulfide and organometallic catalysts. Amongst these, mixed catalysts represent the most popular raw material in the industry as they are widely used in the production of hydrogen, selective oxidation catalysts, and electrocatalysis for solid oxide fuel cells. Moreover, the majority of the cracking, isomerization, and dehydration reactions require catalysts that comprise mixed metal oxides with a differently charged cation such as amorphous aluminosilicates and zeolites, sulfates, phosphates, and heteropoly acids.
Petroleum Refinery Accounts for the Majority of the Market Share
The market has been analyzed on the basis of the application which includes petroleum refinery, chemical synthesis, petrochemicals and others. Currently, petroleum refineries account for the majority of the total market share due to the rising demand for high-performance transportation fuels around the world. Industrial catalysts are employed in the fluid catalytic cracking (FCC) process for converting the high boiling and high molecular weight hydrocarbon fractions of crude petroleum oil into gasoline, olefinic gases and other products.
Asia Pacific Enjoys the Leading Position
On the geographical front, Asia Pacific enjoys the leading position in the market due to the rising demand for fuel in numerous applications. Moreover, as several countries in the region have favorable governmental policies and offer low-labor costs, they have emerged as the production hub for the chemical and petrochemical industries in the region. Additionally, the rising demand for automobiles is strengthening the growth of the industrial catalyst industry in the region. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
Moderately Fragmented Market Structure
The market is moderately fragmented in nature due to the presence of several small, medium and big manufacturers in the industry. Some of these manufacturers are Albemarle Corporation, Arkema, BASF Corporation, Clariant Ag, Evonik Industries Ag, Exxon Mobil Chemical Corporation, AkzoNobel N.V., Chevron Phillips Chemical Company, The DOW Chemical Company and DuPont.
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