Catalyst Market: Valued at USD 30.32 Billion (2022) & Record 4.1% CAGR During 2023-28
A catalyst refers to any substance that amps up the speed of a chemical reaction by altering the path of the reaction. When it comes to chemical processes, catalysts aid in moderating waste, curtailing the time of production, reducing operational costs, and enhancing air quality. Catalysts are used across multiple industrial processes, such as petroleum refining, chemical synthesis, polymer catalysis, environmental applications, and many more. According to a recent report published by MarkNtel Advisors, the Global Catalyst Market size was valued at USD 30.32 billion in 2022 and is estimated to grow at a CAGR of about 4.1% during the forecast period, i.e., 2023-28.
The swift industrialization, strict and inflexible environmental norms, the increasing focus on sustainability for curbing emissions, and effective waste management along with the increasing demand for cleaner & more effective fuels are likely to propel the market growth significantly. Moreover, other factors such as the in-progress research & development activities for the growth, the expansion of more proficient & selective catalysts, the thriving petrochemical industry, and the promptly developing automotive sector will likely boost the Global Catalyst Market considerably in the coming years.
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Evaluating the Global Catalyst Market Segmentation
- By Type (Zeolites, Metals, Chemical Compounds, Enzymes, and Organometallic Materials)
- By Process (Recycling, Regeneration, and Rejuvenation)
- By Application (Petroleum Refining, Chemical Synthesis, Polymer Catalysis, and Environmental)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
Petroleum Refining dominating the Global Catalyst Market since the past few years. The burgeoning demand for catalysts for the production of fuels and additional petroleum products coupled with the enactment of environmental standards and norms in the automotive & polymers industries is boosting the growth of the petroleum refining segment in the Global Catalyst Market. The utilization of numerous catalysts in several petroleum refining processes such as in FCC (Fluid Catalytic Cracking) & hydroprocessing units for optimization of the procedure, cost-efficiency, and energy savings is fueling the market growth. The Global Catalyst Market is further driven by the escalating trends of alternative fuels, such as biodiesel, shale gas, etc.
Asia-Pacific led the Catalyst Market in the past years (2022). Countries like India and China have a robust industrial sector and the demand for catalysts is very high in these countries owing to their massive usage in numerous industries such as petrochemicals, chemicals, refining, and environmental applications, etc. Moreover, another major aspect that led Asia-Pacific to witness decent growth in the catalyst market is the substantial industrial developments and swift economic growth in the region resulting in amplified production & consumption of chemicals, fuels, & other commodities. Furthermore, the thriving petrochemical industry in China and the flourishing automotive sector in both India and China are other major factors leading to the growth in the Asia-Pacific Catalyst Market.
Who are the Leading Companies in the Global Catalyst Market?
Albemarle Corporation, Haldor Topsoe A/S, BASF SE, Evonik Industries AG, LyondellBasell Industries Holdings B.V., Arkema, The Dow Chemical Company, Clariant AG, W. R. Grace & Co.-Conn., Johnson Matthey, Axens, Honeywell UOP, Zeolyst International, Exxon Mobil Corporation, and Umicore, are some of the companies holding a substantial share in the market.
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