Catalyst Market Overview
Major factors in the global catalyst market for the rising adoption of catalysts are growing consumption of fuels and other chemical products, and increasing investments in industries that employ catalysts. Further this increased adoption is supported by growing demand for producing more efficient products like high octane number gasoline, low carbon number products, and others in an effective manner.
Catalyst is a chemical compound, which is added in small amounts to increase the rate of a reaction by lowering the activation energy. During a chemical reaction, the catalyst does not undergo any type of chemical change and it remains in its initial stage for the entire reaction. The catalyst market is segmented into type, material, application, and geography.
On the basis of type, the catalyst market is bifurcated into homogeneous and heterogeneous catalysts. Mostly, heterogeneous catalysts are solids and can be added into solid or liquid reaction mixtures. The market for heterogeneous catalysts is projected to witness faster growth, during the forecast period. This is due to the traditional favorability of the compound, owing to its easily separable nature from reactants so that the recovery process becomes straightforward and purification steps are minimized.
Based on material, the catalyst market is categorized into zeolites, metals, chemicals, and organometallic materials. Metal-based catalysts are expected to hold the significant market share in the upcoming years, owing to their availability and increase in demand for industrial catalyst in refining, globally. Additionally, the market for organometallic material-based catalysts are expected to witness the fastest growth during the forecast period, owing to increasing demand in chemical synthesis industry.
On the basis of application, the catalyst market is classified into petroleum refining, chemical synthesis, and polymer formulation. Petroleum refining is expected to be the largest application category, both in terms of value and volume in the market in the coming years, due to increasing demand for catalysts in manufacturing of fuels and other petroleum products. The importance of using catalysts has increased primarily due to the increased demand for fuels and implementation of environmental norms in industries like automotive and polymers industries.
Based on region, the catalyst market is categorized into Asia-Pacific (APAC), North America, Latin America, Europe, and Middle East and Africa (MEA). APAC is one of the leading market for catalyst with its ever-growing consumer base for end products, creating demand for the compound in industrial sector mainly in petroleum refining and chemical synthesis.
Catalyst Market Dynamics
Key factors driving the growth of the catalyst market are growing demand for petroleum refined products, petrochemicals, and chemical synthesis; ability of a catalyst to reduce the amount of energy to produce an end product; and environmental regulations on emission control. Energy cost is also a major driver in the catalyst market as several industries are using catalysts to reduce their energy cost.
World environmental regulations also have a major impact on the catalyst market where industries have to maintain the quality of final products at certain benchmarks. For example, EURO VI norms have had a huge impact on petroleum industry where they have to reduce the contents of nitrogen oxides, total hydrocarbon, non-methane compounds, carbon monoxide, and particulate matter. For such regulations, industries have to use catalysts for a process like catalytic reforming, fluidized catalytic cracking, hydrocracking, and others.
Even though the global catalyst market has huge opportunities for its players, few factors like high level of complexity while producing catalysts and limited availability of raw materials are acting as bottlenecks for the growth of the market. Technological advancements in the major applications like chemical synthesis are also reducing the demand for catalysts, thereby negatively impacting the demand in the market.
Catalyst Market Competitive Landscape
Major players operating in the catalyst market are Albemarle Corporation, BASF SE, Chevron Phillips Chemical Company LLC, Clariant AG, DowDuPont Inc., Evonik Industries AG, ExxonMobil Chemicals Co., Johnson Matthey, INEOS AG, and WR Grace & Co.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Russia, Japan, China, India, Indonesia, Brazil, Saudi Arabia, and South Africa.