IMARC Group, a leading market research company, has recently releases report titled “Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the global industrial catalyst market share. The global market size reached US$ 23.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
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Factors Affecting the Growth of the Industrial Catalyst Industry:
- Advancements in Catalytic Technology:
Innovations are leading to more effective, selective, and durable catalysts. These advancements not only improve the economic efficiency of industrial processes by reducing reaction times and increasing yields but also enhance the environmental sustainability of these processes. The ability to catalyze reactions at lower temperatures and pressures or to facilitate entirely new pathways for chemical synthesis opens vast opportunities for industries to optimize existing operations and develop new products. The increasing development of advanced electrocatalysts for energy conversion is bolstering the market growth.
- Environmental Regulations:
Governing agencies of various countries are imposing stringent limits on emissions and waste production, which is impelling the growth of the market. These strict guidelines encourage companies to adopt cleaner technologies. In addition, catalysts play a pivotal role in this transition by enabling chemical reactions to occur under milder conditions and reducing energy consumption while minimizing hazardous emissions. Besides this, the rising focus on greener processes across industries, such as automotive, manufacturing, and energy production, is contributing to the market growth.
- Increasing Demand for Petroleum Refineries:
The growing demand for petroleum refineries on account of the rising energy consumption is offering a positive market outlook. Industrial catalysts enhance the efficiency and selectivity of the refining process, allowing for the production of cleaner fuels and chemicals with higher yields. The increasing focus on maximizing output while minimizing environmental impact is supporting the market growth. Industrial catalysts are becoming valuable in meeting these challenges. Apart from this, innovations in catalyst technologies offer solutions for more sustainable and efficient refining processes, which is strengthening the market growth.
Leading Companies Operating in the Global Industrial Catalyst Industry:
- Albemarle Corporation
- Arkema S.A.
- BASF SE
- Clariant AG
- Evonik Industries AG
- Exxon Mobil Chemical Co
- Akzo Nobel N.V.
- Chevron Phillips Chemical Company, LLC
- The DOW Chemical Company
Industrial Catalyst Market Report Segmentation:
By Type:
- Heterogeneous Catalysts
- Homogeneous Catalysts
- Biocatalysts
Heterogenous catalysts represent the largest segment as they are easy to separate from the reaction mixture.
By Raw Material:
- Mixed
- Oxide
- Metallic
- Sulfide
- Organometallic
Mixed catalysts hold the biggest market share on account of their enhanced efficiency, selectivity, and versatility.
By Application:
- Petroleum Refinery
- Chemical Synthesis
- Petrochemicals
- Others
Petroleum refinery accounts for the largest market share due to the rising need for fuel and chemical feedstocks.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the industrial catalyst market, which can be attributed to the thriving chemical sector.
Global Industrial Catalyst Market Trends:
The increasing demand for industrial catalysts due to the burgeoning chemical industry is propelling the market growth. There is a rise in the need for chemicals for a wide range of applications, including agriculture, pharmaceuticals, and manufacturing. Catalysts are essential in enabling efficient chemical reactions, higher product yields, and the production of specialty chemicals.
Innovations and improvements in petrochemical processes necessitate the use of new and more efficient catalysts. The increasing demand for innovative catalyst solutions, as companies are seeking to optimize production and reduce costs, is supporting the market growth.
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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