Increasing demand for petrochemicals from several end-use industries is expected to be a prime factor driving the market growth; The inclusion of high-grade polymers in producing commodities for domestic as well as the export-oriented sector is also expected to grow the market demand in the future.
Market Size – USD 18.03 Billion in 2018, Market Growth - CAGR of 4.4%, Market Trends
The increasing global demand for clean and green fuels is fuelling the market growth.
The global Catalyst Market is estimated to reach USD 25.60 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the increasing demand for refined petroleum products, chemical synthesis, and petrochemicals, the ability of a catalyst to reduce the amount of energy to produce an end product and enforced environmental laws on emission control. Energy cost is also a notable driver in the catalyst market as several industries are using catalysts to reduce their energy cost.
Moreover, the demand for clean and green fuels has changed the trend of energy generation from conventional to clean resources. Cobalt, nickel and iron catalysts are the essential components used for clean energy generation processes, such as the Fischer-Tropsch synthesis. Fast expanding polymer and chemical manufacturing sectors are also expected to play a crucial role in the growth of the market. Also, supportive regulations regarding the production and usage of catalysts are expected to expand market growth over the next few years. Emission regulations are the prominent drivers for a wide range of application sectors. Also, the usage of catalysts for environmental and chemical applications is assumed to have the highest market growth.
APAC accounts for the largest market share of 28.30% in 2018, with its ever-growing consumer base for end products, and creating demand for the compound in industrial sector mainly in petroleum refining and chemical synthesis. APAC is expected to register substantial growth, owing to the developing economies, such as China and India and the increase in demand for automotive from the countries. Also, the rise in living standards and rapid industrialization activities in the region also encourage the growth and development of the catalyst market. Moreover, the development of biochemicals through catalysis offers various opportunities for the growth in future. However, limited development and distribution of new catalysts restrain the market growth.
Further key findings from the report suggest
- Emission regulations are the prominent drivers for a wide range of application sectors. Also, the usage of catalysts for environmental and chemical applications is also expected to boost market growth.
- Significant factors in the global catalyst market for the rising adoption of catalysts are increasing consumption of fuels and other chemical products, and rising investments in industries. Further, growing demand for producing more efficient products like low carbon number products, high octane number gasoline, and others has effectively boosted the growth of the market.
- Swiftly expanding polymer and chemical manufacturing sectors are also expected to play a crucial role in the growth of the market. Also, supportive regulations regarding the production and usage of catalysts are expected to expand market growth over the next few years.
- Metal-based catalysts is valued at USD 5.81 billion in 2018 and is estimated to reach USD 8.32 billion by 2026 at a CAGR of 4.5% during the forecast period, due to their availability and rise in global demand for industrial catalysts in refining.
- The market for organometallic material-based catalysts is anticipated to have the highest CAGR of 4.5% during the forecast period, due to the growing demand from chemical synthesis industry.
- By application, the catalyst market can be segmented into chemical synthesis, petroleum refining, and polymer formulation. Petroleum refining market of the application category accounts for the largest market share of 39.30% in 2018, due to the growing demand for catalysts in the manufacturing of fuels and other petroleum products. The importance of using catalysts has increased mainly due to the increased demand for fuels and the implementation of environmental standards in industries like automotive and polymers.
- Heterogeneous market of the type segment has the largest market share on account of full product usage in the polymer industry. It is used in the form of vanadium oxide and also for the production of sulfuric acid, which is increasing due to growing demand of this acid in oil refining, chemical synthesis, and wastewater processing. This is also expected to fuel the need for heterogeneous catalyst soon.
- Heterogeneous catalysts are solids and can also be added into solid or liquid reaction mixtures. The demand for heterogeneous catalysts is expected to grow at a CAGR of 4.4% during the forecast period and accounts for the largest market share of 61.12% in 2018. The traditional favorability of the compound is mainly due to its easily separable nature from reactants which makes the recovery process straightforward and minimizes the purification steps.
- The market players are primarily focused on developing new technologies to meet the requirements of users. Various companies are also involved in numerous merger & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- The market for MEA is valued at USD 4.36 Billion in 2018 and is estimated to reach USD 6.22 Billion by 2026. It is expected to be the second fastest-growing regional market during the forecast years.
- Key participants include DowDuPont Inc., Albemarle Corporation, Chevron Phillips Chemical Company LLC, BASF SE, Clariant AG, Evonik Industries AG, Johnson Matthey, ExxonMobil Chemicals Co., INEOS AG, and WR Grace & Co.
For the purpose of this report, Reports and Data have segmented global Catalyst Market on the basis of Catalyst Type, Product, Application, and region:
Catalyst Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Homogeneous
Heterogeneous
Product Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Zeolites
Metals
Chemicals
Organometallic
Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Petroleum Refining
Chemical Synthesis
Polymer formulation
Others
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