Market Definition
Catalysts are substances that increase the rate of chemical reactions without being consumed. In a chemical process, catalysts help reduce waste, minimize production time, energy consumption, & operational costs, and improve air quality by controlling emissions & reducing VOCs (Volatile Organic Compounds). They are utilized extensively in numerous industrial processes, including but not limited to petroleum refining, chemical synthesis, polymer catalysis, & environmental applications.
Market Insights & Analysis: Global Catalyst Market (2023-28)
The Global Catalyst Market size was valued at USD 30.32 billion in 2022 and is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28. The market growth would be propelled mainly by rapid industrialization, stringent environmental regulations, as well as the ever-increasing emphasis on sustainability for emission control and effective waste management, coupled with the mounting demand for cleaner & more efficient fuels.
Besides, ongoing R&D for the development of more efficient & selective catalysts, the flourishing petrochemical industry owing to ever-increased demand for plastics & polymers, and the rapidly growing automotive sector are other prominent aspects poised to boost the catalyst market growth in the forecast period. The shift towards renewable energy sources like biofuels and hydrogen has opened a gateway of promising prospects for the industry. Various ongoing & upcoming infrastructure development projects are also creating the demand for catalysts used in construction materials & other industrial processes.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 4.1% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | 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, Umicore |
| Market Value (2022) | USD 30.32 Billion |
Several organizations operating in different end-user industries are embracing sustainability and CSR (corporate social responsibility) as integral components of their business strategies, consequently adopting eco-friendly catalysts and, in turn, spurring growth in the market. The booming consumer goods industry, fueled by increasing urbanization & rising population levels, is another contributor to the increased demand for catalysts in chemical production and other manufacturing processes. Furthermore, massive R&D investments, as well as favorable government policies, such as reduced custom duty, tax & other incentives, and relaxed FDI norms, for end-users to adopt sustainable practices are other crucial aspects creating new avenues for the leading players operating in the catalyst market.
Global Catalyst Market Driver:
Strong Demand for Clean & Sustainable Industrial Processes: The implementation of stringent environmental regulations & emission standards worldwide has compelled industries to switch to cleaner & greener production processes in order to reduce harmful emissions. Since catalysts play a vital role in emission reduction, waste treatment, & pollution control, it makes them crucial components in abiding by these regulations. In addition, the mounting focus on renewable energy sources like biofuels, hydrogen, & other sustainable alternatives has created a demand for catalysts used in renewable energy production processes, fuel cells, biomass conversion, etc. Moreover, the mounting demand for cleaner fuels for sustainable transportation owing to rapidly rising environmental concerns is another prominent aspect amplifying the demand for catalysts and, in turn, driving the Global Catalyst Market.
Global Catalyst Market Possible Restraint:
High Costs Associated with the Production of Efficient Catalysts: The production of highly efficient catalysts involves significant research and testing, resulting in higher costs. Some catalyst materials & formulations may also require rare or expensive raw materials, which further adds to the overall cost, becoming a restraining factor, especially for end-users with tight profit margins or those functioning in price-sensitive markets. Hence, the high cost of advanced & efficient catalysts is a major growth restraint for the Global Catalyst Market during 2023-28.
Global Catalyst Market (2023-28): Segmentation Analysis
The Global Catalyst Market study from MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:
Based on Type:
Among all, chemical compounds dominate the global catalyst market, which owes to their versatility, adaptability, & effectiveness in catalyzing a wide array of chemical reactions crucial for modern industrial processes. Chemical compounds can be designed & engineered to possess a wide range of reactivity & selectivity, which allows them to be tailored for specific reactions & applications across various end-user industries, such as including petrochemicals, refining, pharmaceuticals, polymer manufacturing, & environmental protection, among others. They can be synthesized with specific active sites & structures that target particular reactions, resulting in higher efficiency & reduced byproduct formation. Moreover, most chemical compounds remain stable under the reaction conditions and can be reused multiple times, which contributes to their cost-effectiveness & sustainability. Hence, these aspects indicate their dominance in the global catalyst industry.
On the other hand, zeolites hold a notable market share, which owes to their abundant availability and unique catalytic properties. They have a large surface area & specific pore sizes that can accommodate different reactant molecules and facilitate selective reactions, owing to which they are used extensively in various chemical & petrochemical processes, such as cracking, isomerization, alkylation, & dehydration. Moreover, they are effective adsorbents for numerous gases & volatile organic compounds (VOCs), owing to which they are being used increasingly in environmental applications like air & water purification, emission control, and removal of harmful substances from industrial effluents, creating growth prospects for the global catalyst market.
Based on Application:
Here, petroleum refining is the largest application in the global catalyst market, owing to the ever-increasing demand for catalysts for the production of fuels & other petroleum products, coupled with the implementation of environmental norms in automotive & polymers industries. Several catalysts are being utilized in many petroleum refining processes, especially in FCC (Fluid Catalytic Cracking) & hydroprocessing units, where they help maximize the output of high-value products from crude oil and improve the quality of petroleum fuel to meet environmental protection standards. Several catalysts are being used in petroleum refineries for process optimization, cost-effectiveness, and energy savings, driving the market. Moreover, the rising trends of alternative fuels, such as biodiesel, shale gas, etc., are also accelerating the growth of the catalyst market.
Global Catalyst Market Regional Projection:
Geographically, the Global Catalyst Market expands across:
Of all regions globally, Asia-Pacific dominated the Catalyst Market in 2022, which was backed mainly by India & China, owing to their significant industrial sectors and the massive demand for catalysts in various end-user verticals like petrochemicals, chemicals, refining, and environmental applications, among others. In the previous few years, rapid economic growth & industrial developments in Asia-Pacific have resulted in an increased production & consumption of chemicals, fuels, & other commodities, i.e., infusing a substantial demand for catalysts to stimulate these processes.
Additionally, the flourishing petrochemical industry, especially in China, is another prominent contributor to the regional market growth, owing to its heavy dependence on catalysts for refineries & chemical plants. The mounting need for clean & more efficient processes due to rising concerns over environmental protection also creates the demand for catalysts to reduce emission & pollution levels.
Furthermore, the booming automotive sector in China & India is another significant demand generator for catalysts to reduce harmful emissions from vehicles. Additionally, low labor & manufacturing costs, a sizable number of chemical & polymer production plants in China, the implementation of stringent policies by governments for reducing environmental pollution, and the easy availability of raw materials at efficient prices will continue to contribute to the dominance of Asia-Pacific in the Catalyst Market during 2023-28.
Global Catalyst Industry Recent Developments:
Gain a Competitive Edge with Our Global Catalyst Market Report
Frequently Asked Questions
A. The Catalyst Market is projected to grow at a CAGR of around 4.1% during 2023-28.
A. The Catalyst Market size was estimated at USD 30.32 billion in 2022.
A. The strong demand for clean & sustainable industrial processes is the prime aspect projected to drive the Catalyst Market through 2028.
A. During 2023-28, the Catalyst Market share is projected to be majorly held by chemical compounds.
A. The Catalyst Market leaders include 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.
A. Globally, Asia-Pacific would provide lucrative prospects to the Catalyst Market in the years ahead.
A. The high cost associated with the production of efficient catalysts is the major growth restraint for the Catalyst Market.
Global Catalyst Market Research Report (2023-2028) - Table of Contents
