Catalysts are substances used for accelerating a chemical reaction without undergoing any change themselves. They are used in various industries such as chemical, pharmaceutical, oil-refining, petrochemical, organic synthesis, etc. These industries use the catalysts extensively to enhance various chemical processes, thereby, reducing both the energy usage and cost. Industrial catalysts also help in removing sulfur and nitrogen from petroleum products. Due to a pressure to make industrial processes cleaner and greener, new catalysts are being developed. According to the latest report by IMARC Group, “Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global industrial catalyst market reached a value of US$ 18.8 Billion in 2018.
Rising demand for chemical products, fuels and petroleum refining capacities are some of the major factors which are increasing the usage of industrial catalysts. A demand for eco-friendly fuels further propels the growth of the market as industrial catalysts help in meeting the fuel standards, increases operational efficiency and promotes clean fuel trends. Growing consumption of fuels and other chemical products has resulted in the rapid growth of the petroleum industry, thereby boosting the demand for industrial catalysts. Technological developments, rising urbanization and growing automation are the other factors driving the market growth. Further, the market is expected to reach a value of US$ 23.9 Billion by 2024, exhibiting a CAGR of 3.9% during 2019-2024.
The report has segmented the global industrial catalyst market on the basis of type, covering heterogenous catalysts, homogenous catalysts and biocatalysts. On the basis of raw material used, mixed catalysts represent the largest segment followed by oxide, metallic, sulphide and organo-metallic catalysts. The market is further analysed on the basis of key applications, where petroleum refinery accounts for the majority of the total share. It is followed by chemical synthesis, petrochemical and others. Region-wise, Asia-Pacific is the major market followed by North America, Europe, Middle East and Africa, and Latin America. Some of the key players operating in the market include Albemarle Corporation, Arkema, BASF Corporation, Clariant, Evonik and Industries, Exxon Mobil Chemical Corporation, AkzoNobel N.V., Chevron Phillips Chemical Company, DOW Chemical Company and DuPont.
This report provides a deep insight into the global industrial catalyst market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the industrial catalyst industry in any manner.
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