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Catalysts Market Size, Share, and Analysis, By Product (Homogeneous Catalyst, Heterogeneous Catalyst), By Process (Regeneration, Recycling, Rejuvenation), By Raw Material (Chemical Compounds {Acid, Peroxide, Amines, Others}, Zeolites {Mobil Five, Faujasite (FAU), Linde Type A (LTA), Others}, Metals {Precious Metal, Base Metal, Organic Material, Enzymes, Other}), By Application (Heterogeneous Catalyst {Chemical synthesis, Polymers and petrochemicals, Petroleum refining, Environmental}, Homogeneous Catalyst {Chemical synthesis, Polymers and petrochemicals, Petroleum refining, Environmental}) and Regional Forecasts, 2022-2032
Catalysts Market size was USD 35.58 billion in 2021 and projected to grow from USD 39.4 billion in 2023 to USD 62.9 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period.
Catalysts are the substances which alter rate of reaction without changing, during the chemical reaction and without influencing the systems general thermodynamics. Catalysts enhance the chemical processes and reduce the energy and cost utilization. Industrial catalysts play vital role in minimising the degradation in substantial applications in catalyst market. Catalysts aid in generating enhanced oil fractions for clean fuels, like ethanol, biodiesel, propane, and gas. As the increase in the transportation sector, increasing growth in the chemical and pharmaceutical industries in the Catalyst Market.
Catalysts Market is expected to reach USD 62.9 billion, growing at a CAGR of 6.2% during forecast period as they improve the air quality by controlling NO emissions, and minimising use of volatile organic compounds and developing catalytic technology with waste minimization. Chemical reactions are selective and efficient using the catalysts & aid in eliminating waste compounds. Catalysts also help in boosting the chemical reactions without experiencing chemical or physical changes themselves.
Catalysts Market is classified based on the Product into Homogeneous Catalyst, Heterogeneous Catalyst. Heterogeneous Catalyst segment dominated the market in 2021 as the acceptance of these had increased and they aid in easy partition of catalysts, cost-effective and are easy to use. The acceptance of the heterogeneous catalyst is growing for producing biodiesel which resulted in market growth. Homogeneous catalyst segment is expected to dominate the market in the forecast period owing to the better performance in the industrial and raw material reactions.
Catalysts Market is classified based on the Raw Material into Chemical Compounds {Acid, Peroxide, Amines, Others}, Zeolites {Mobil Five, Faujasite (FAU), Linde Type A (LTA), Others}, Metals {Precious Metal, Base Metal, Organic Material, Enzymes, Other}. Chemical Compounds segment is expected to dominate the market in the forecast period as the materials like sulfuric acid, calcium carbonate, and hydrofluoric acid are widely utilized as catalyst raw materials in chemical, polymer, petrochemical industries.
Increasing Necessity for Energy Saving is Expected to Boost the Market Growth
The necessity and demand for catalysts is increasing due to the rising applications in petrochemicals and polymers, chemical synthesis and petroleum refining. Catalysts is widely used in different operations and it aids in yield improvement, cost-saving, energy saving and process optimization in the manufacturing field. The demand for environmental catalysts is increasing as it assists the manufacturers to meet strict regulatory norms set for emissions. The increasing concerns on carbon emission and climatic changes is resulting in increased focus on renewable energy sources and is expected to boost the demand for the growth of catalyst market in the forecast period.
Growing Industrialization is Expected to Boost the Growth of the Market
The rapid industrialization along with urbanization globally due to the increasing demand for energy is fostering the demand for catalyst market growth during the forecast period. Several manufacturers are looking for adding value to their feedstock by producing the chemicals of high value utilizing polyolefins and methanol which are expected to create a demand for the growth of the catalysts in the industrial applications. The utilization of chemicals industrially results in reducing the cost. The focus of accepting cheaper and huge base metal catalysts is increasing by neglecting the rare metals usage in metal reclaiming process which is anticipated to uplift the catalyst market growth.
High Production Cost May Restrain the Growth of the Market
Including the catalysts in chemical processes involves major complexities during production and the limited availability of raw materials needed in production of catalyst may restrain the growth of the market. These factors may result in high cost of production and wastage of time with low product reliability which may hamper the catalysts market growth.
Catalysts Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region dominated market in 2021 due to the presence of various petrochemical, chemicals, and automotive industries in this region. The increasing usage of gasoline is also expected to drive the market growth in the forecast period. The presence of polymer and chemical producing companies, along with several manufacturing companies is expected to drive the demand for the growth of Catalysts market in this region during the forecast period.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed strict travel restrictions and lockdown norms to protect the spread of virus. The supply of raw materials, production and transportation of catalysts had been delayed. Several industries were temporary shutdown which impacted the demand for catalysts Covi-19 had a negative impact on the growth of the Catalysts market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.3% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product |
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Process |
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Raw Material |
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Application |
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By Region |
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Catalysts Market size was estimated at USD 35.58 billion in 2021 and is expected to reach USD 62.9 billion in 2032.
Homogeneous Catalyst and Chemical Compounds segment accounted for the highest growth rate in the Catalysts market.
. Leading players: Evonik Industries AG, Albemarle Corporation, Clariant AG, Axens, BASF SE, Dow Chemical Company, Topsoe A/S, Solvay S.A., LyondellBasell Industries N.V., Honeywell International Inc., Johnson Matthey PLC, Zeolyst International Inc., Shell Global Solutions International B.V., ExxonMobil Chemical Company, Sumitomo Chemical Co., Ltd., W.R. Grace & Co. and Other Prominent Players are the leading players in the Catalysts Market.
Increasing Necessity for Energy Saving and Growing Industrialization are the factors driving the Catalysts market.
The complexities during production and limited availability of raw materials needed for production of catalyst are the challenges associated with the Catalysts Market.
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