The global demand for Catalyst Market is presumed to reach the valuation of nearlyUSD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period of 2022-2028.
Catalyst increases the rate of chemical reactions; however, it is not consumed during the process, therefore it can be reused after the treatment. Enzymes, zeolites, chemical compounds and metals are some of the catalysts used in industries such as automotive, construction, oil & gas and others. Catalysts allow the chemical reaction to work at lower temperatures thereby lowering the energy consumed in it. Hence, a catalyst helps in reducing the manufacturing costs for industrial sectors such as oil & gas and also diminishes harmful environmental emissions. The biocompatibility property of the enzyme catalyst made it ideal for its use in production of various life science and food products including ointments, packaged foods, cosmetics and modified dairy products.
Growing demand for polymers from end user industries such as automotive and electric & electronics is boosting the market growth. Catalysts are extensively used in the electrics and electronics industry as a major component for the synthesis process. Escalating demand for electric and electronic appliances positively influences the global catalyst market growth. Furthermore, global chemical industry is expected to grow rapidly in the forecasted period owing to the rising demand from end user industries such as plastics, rubber and automotive sectors. According to the research study by European Chemical Industry, global chemical turnover accounted for 3,323 billion Euros in 2016, and it grew by 4.6% and reached 3,475 billion Euros in 2017. Moreover, heightening demand for diesel engine vehicles is anticipated to propel the shift in refinery catalyst product mix as refiners will increase the consumption of pumping systems. In addition to this, increasing demand for advanced polymer composites from various industries including military and aerospace also drives the market progression.
Escalating growth of the end user industries increases the polymer application, further leading to the catalyst market growth. However, high level of production complexities in the manufacture of catalysts coupled with limited availability of raw materials inhibits the growth of the market. In contrast, world environmental regulations positively impacted the catalyst market as industries are forced to maintain certain benchmarks to maintain the quality of final products. For instance, EURO VI norms significantly impacted the petroleum industry as they are obligated to reduce the contents of hydrocarbon, nitrogen oxides, carbon monoxide, non-methane compounds and particulate matter. Therefore, industries exploit catalysts for various processes such as fluidized catalytic cracking, catalytic reforming, hydrocracking and others. This is envisaged to create lucrative opportunities for the market in the forecast timeline.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of catalyst.
The entire catalyst market has been sub-categorized into raw material, product and application. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Raw Material
- Chemical Compounds [Acids, Peroxides, Amines, And Others]
- Metals [Precious Metals And Base Metals]
- Chemical Synthesis
- Petroleum Refining
- Polymers & Petrochemicals
This section covers regional segmentation which accentuates on current and future demand for catalyst market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Catalyst Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the catalyst market include Chevron Corporation., BASF SE, W.R. Grace, Albemarle Corporation., Beach Energy Limited, Johnson Matthey, Evonik Industries AG, DuPont, Australian Worldwide Exploration Ltd., Bass Strait Oil Company Ltd. and Cue Energy Resources Ltd. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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