The global industrial catalyst market reached a value of US$ 19.5 Billion in 2019. Catalysts are substances that are utilized in large quantities for accelerating chemical reactions between two substances without undergoing physical or chemical changes themselves. They enhance chemical processes and minimize cost and energy usage. Apart from this, they assist in the production of improved oil fractions for clean fuels, such as biodiesel, ethanol, natural gas and propane. As a result, they find a wide range of applications, including petrochemical production, petroleum refining, polymer processing, environment protection reactions, and synthesis of bulk chemicals.
Catalysts are employed in the petroleum industry for improving product yields as most of the processes undertaken in refineries are catalytic in nature. With the escalating demand for petroleum-based products, especially from the industrial and power generation sectors, the market is currently experiencing steady growth. Apart from this, there is an increase in the manufacturing of catalytic converters that are utilized in the emission control system of automobiles to minimize toxic emissions. This can be accredited to the growing environmental concerns, in confluence with the implementation of stringent regulations by governing agencies of numerous countries. Furthermore, the burgeoning automotive industry is also fueling the growth of the industrial catalyst market growth. Moreover, there has been a rise in the demand for nano-catalysts that help in improving the catalytic process in the pharmaceuticals and food processing industries across the globe. Looking forward, IMARC Group expects the market value to reach US$ 24.3 Billion by 2025, growing at a CAGR of 3.7% during 2020-2025.
Breakup by Product Type:
Heterogeneous catalysts exhibit a clear dominance in the market.
Breakup by Raw Material:
Mixed catalysts account for the majority of the total market share.
Breakup by Application:
At present, petroleum refineries hold the largest market share.
Asia Pacific currently enjoys the leading position in the market.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Albemarle Corporation, Arkema S.A., BASF Corporation, Clariant AG, Evonik Industries AG, Exxon Mobil Chemical Corporation, Akzo Nobel N.V., Chevron Phillips Chemical Company, The DOW Chemical Company, and DuPont de Nemours, Inc.
Key Questions Answered in This Report:
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