Global Industrial Catalyst Market Overview
The key driver impacting the industrial catalyst market is the growing refinery industry globally. For instance, As per the American Petroleum Institute, Since 2010, U.S. refinery capacity has expanded by 6.8% over the same period, to 18.8 million barrels per day (mb/d) 2019 year from 17.6 mb/d in 2010. As a result, the capacity utilization rate of U.S. refineries has surpassed 90% for five consecutive years. In addition, the Oil & Gas Journal shows that around 23 expansion projects and unit additions will put in almost 0.7 mb/d of U.S. refining capacity by the year 2022. Moreover, the rising demand for eco-friendly fuels contributes to industrial catalyst market demand in the coming years. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global Industrial Catalyst market size was valued at around USD 21500 million in 2020 and is estimated to grow at a CAGR of about 4% during the forecast period 2021 to 2027.
The growth in demand for industrial catalysts in the chemical industries is likely to augment the demand in the forecast period. It is due to various factors as it saves energy and leads to sustainable development, speeds up the reaction, helps in attaining process optimization, yield improvement, cost-saving, and energy-saving. It also allows manufacturers to meet all the strict regulations related to NOx, Sox, and carbon dioxide emissions. However, the advancement in chemical synthesis reduces catalyst consumption may hamper the market in the long run. Also, the high production costs of industrial catalysts are negatively impacted market growth. Nevertheless, the current industry trends, such as increasing R&D Activities to decrease costs and to advance the quality of catalysts, are expected to offer several beneficial market opportunities to the key players.
The Industrial catalyst market is vast, with many local and global players. The Industrial catalyst market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include ExxonMobil Chemical Co., Evonik Industries AG, E.I DU Pont de Nemours & Company, Arkema SA, and Chevron Philips Chemical Company.
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In this research report, the Industrial catalyst market is segmented by application and region.
Analysis by Application:
By application, the report is categorized into petroleum refinery, chemical synthesis, petrochemicals, and others. The petroleum refinery segment dominates the application segment with over 30% in the forecast period. It is due to its vast adoption in petroleum refineries to augment the yield of high-quality products. Also, the application of a catalyst advances the optimization of hydrocracking reactions and provides energy-saving and cost-saving benefits that contribute to the growth of the petroleum refinery segment in the coming years.
Analysis by Region:
In the regional outlook of the global Industrial Catalyst market, the Asia Pacific region dominates globally with a 30% market share in the forecast period. It is due to the rising demand for industrial catalysts across various application sectors, such as chemical synthesis, petroleum refining, and petrochemicals. Also, China had a noteworthy portion of chemical and polymer production companies. Thus it appears as a manufacturing destination for petrochemical and chemical products due to rising domestic demand and lower manufacturing cost than U.S. and the European Union nations. Moreover, the expanding petroleum refining industry, the rise in foreign direct investment, and low labor cost contribute to tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Application
- Petroleum Refinery
- Chemical Synthesis
- Petrochemicals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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