Global catalyst market was valued at USD 33,9 billion in 2019. It is projected to grow at a compound annual rate (CAGR), of 4.4% between 2020 and 2027. Global manufacturers are looking for ways to optimize their processes, improve yields, save money and reduce energy. Environmental catalysts are also required to meet strict regulations regarding NOx, SOx, and carbon dioxide emissions. The demand for catalysts has increased due to shifting energy trends, such as biodiesel or shale gas fuel. Manufacturers looking to increase the value of their feedstocks or refine by producing value-added chemicals like methanol and polyolefins have fueled the demand for catalysts in petrochemicals applications.
Due to the unprecedented COVID-19 outbreak, which led to the closures of many factories and manufacturing facilities, there has been a substantial decline in oil demand, the first such situation in a decade. Oil prices have also fallen due to the ongoing price war between Russia, Saudi Arabia and Kazakhstan.
Due to national lockdowns and a halt to air travel, global fuel demand will drop by 15%-10% in Q2, 2020. A lot of plants were shut down, while some are still running, which could impact market demand, especially in Iran, the U.S. and other countries that have suffered the most.
With a 38.3% market share in 2019, chemical compounds were the dominant segment of the raw material market. Many applications of chemical compounds, including sulfuric acid and hydrofluoric acids, are made possible by catalyst raw materials.
The noble metals that are used in dehydrogenation or hydrogenation include gold and copper, as well as non-noble (tungsten, molybdenum) and other key catalyst raw materials such as nickel, cobalt, and palladium. These metals speed up the process of breaking down and rearranging aromatics and other olefins in order to make fractions like alkanes or naphthenes.
Zeolites, which are a type of raw material that is used in catalysts in addition to metals and chemical compound, are also used in catalyzing or adsorbent applications. This is due to their porosity as well as large surface areas. Because of their porous structure, zeolites can support a variety of ions. These ions can be obtained from nature, but they can also be made commercially through crystallization reactions.
Heterogeneous catalysts were the most prominent product segment in the market, accounting for 72.1% of the total market value in 2019. To reduce their toxicity, homogeneous catalysts can be converted to heterogeneous ones using solid supports. Examples of heterogeneous catalysts are sulfated zirconia and sulfonated CO materials, sulfonated silicon materials, and the sulfonated MOFs material.
Heterogeneous catalyst applications offer many benefits, including ease of use, economical separation of catalyst and products, as well as easy application. These are all factors that will drive the market. The market is expected to grow faster if heterogeneous catalysts are accepted over homogenous ones for biodiesel production.
These homogeneous catalysts can be used to produce boric acid and phosphoric acids, hydrochloric, p-toluenesulfonic, sulfuric, and hydrochloric acids. These catalysts have been shown to perform better in industrial and raw material reaction than their heterogeneous counterparts. These processes can produce large amounts of toxic waste that poses a threat to the environment. This has led to the demand for eco-friendly catalysts. Biodegradable homogenous catalysts like methanesulfonic (MSA), have helped meet these needs.
The market's most prominent application segment was chemical synthesis, which had a 26.3% value share for heterogeneous catalytic in 2019. Chemical synthesis encompasses raw material and in material chemistry. Processes such as Contact, Haber and converting ammonia to nitric acid all require the use of catalysts. Global chemical industry growth will increase catalyst demand during the forecast period.
Chemical synthesis catalysts are well-known for their superior properties and properties, such as the promotion and activation of alkyne activation and enantioselective process, and alkene activation. They are also cost-competitive and do not require any additional ligands. These factors all contribute to the increase in the use of catalysts for chemical synthesis and the drive for segment growth.
Catalysts are used for chemical synthesis and in cracking feedstock components in petroleum refinery to increase the quality of high-quality products. A catalyst is a tool that optimizes hydrocracking processes and provides cost-saving and energy-saving advantages. This has helped to boost the market for petroleum refining applications.
Asia Pacific will likely account for 33.7% of global value in 2019, thanks to the dominance by China's automobile, petrochemicals and polymer industries. China was home to a large number of chemical and polymer production firms. This helped China to become a major manufacturing destination for chemical, petrochemical and other products. The growing FDI investment and lucrative growth opportunities offered by developing countries like India and Vietnam further enhance the market growth in Asia Pacific.
North America is the second largest market. This is due to evolving automotive mandates and low sulfur standards. There will be an increase in gasoline consumption in the U.S., which will lead to a greater demand for catalysts that can transform heavy crude oil into lighter fractions like kerosene and diesel. The growth of the oil and gas, and chemical industries in Mexico are key factors in North American market growth.
Due to the dominance of the oil and gas industries in Oman, Kuwait and Qatar, as well as their market share of 6.5% in 2019, the Middle East and Africa is expected to offer lucrative opportunities for petroleum refining catalysts. Chemical manufacturers are expected to increase their production of polymers and other petrochemicals in Middle East due to a surge in demand from the automotive, construction, packaging and pharmaceutical industries.
Albemarle Corporation, Johnson Matthey Plc and Johnson Matthey Plc have significant market share in terms segmental revenue. They have global operations and a diverse product portfolio. The market leaders have prominent operational strategies, including positioning in high-growth markets like India and Vietnam, acquisitions and alliances, investments and the building and operation of fully optimized supply chains. Manufacturers are focusing on product development in the areas of in-house R&D and sustainable production, as well as technology licensing and custom product offerings. The manufacturers have been able to expand production in accordance with changing automotive mandates, maintain long-term supply agreements with refineries and other petrochemical plants, and integrate their businesses and license technology. This has helped them remain competitive and maintain steady sales. The following are some of the most prominent players in this catalyst market:
Albemarle Corporation
Haldor Topsoe A/S
BASF SE
Evonik Industries AG
LyondellBasell Industries Holdings B.V.
Up Market Research published a new report titled “Catalyst Market research report which is segmented by Product (Heterogeneous, Homogeneous), by Raw Material (Chemical Compounds, Zeolites, Metals), By Players/Companies BASF SE, Haldor Topsoe A/S, Evonik Industries AG, LyondellBasell Industries Holdings BV, Albemarle Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Catalyst Market Research Report |
By Product | Heterogeneous, Homogeneous |
By Raw Material | Chemical Compounds, Zeolites, Metals |
By Companies | BASF SE, Haldor Topsoe A/S, Evonik Industries AG, LyondellBasell Industries Holdings BV, Albemarle Corporation |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 214 |
Number of Tables & Figures | 150 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Heterogeneous, Homogeneous), by Raw Material (Chemical Compounds, Zeolites, Metals).
Catalyst Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Catalyst Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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