Catalyst Market to be Dominated by Petroleum Refining Application Segment Through 2028
Stringent environmental policies, growing demand
for clean fuels, and growing R&D activities are expected to drive the global
Catalyst Market in the forecast period 2024-2028.
According to TechSci Research report, “Catalyst Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, Global Catalyst Market is
anticipated to upsurge at an impressive rate in forecast period 2028, due to
growing demand of green and cleaner fuels. The catalyst market is a rapidly
growing and highly competitive industry, with companies constantly striving to
develop new and innovative products that offer better performance and increased
efficiency. In recent years, several major players in the industry have
launched new products that are driving innovation and growth in the market.
The rising adoption of
nanotechnology and biocatalysts to enhance the performance and sustainability
of catalysts and growing focus on green chemistry and environmental regulations
to reduce emissions and waste generation from catalytic processes, the
emergence of new catalysts for renewable energy sources, such as hydrogen,
biofuels, and solar cells are the key trends propelling the market growth.
Apart from these, the
expansion of catalyst markets in emerging regions, such as Asia-Pacific and
Latin America, where the demand for energy and chemicals is high is going to
propel the demand of the catalyst in the forecasted period. These trends indicate that the catalyst
market will continue to evolve and offer new opportunities and challenges for
both producers and consumers of catalysts.
Though the catalyst market offers
numerous opportunities for growth and innovation, companies in this industry
must navigate through a range of challenges to succeed. Rising cost pressures
and technical challenges are the key restraint for the growth of the global
catalyst market. As the demand for cleaner and more efficient production
processes continues to grow, companies in the catalyst market are under
increasing pressure to offer cost-effective solutions. This can be a
significant challenge, particularly when it comes to developing new and
improved catalysts that offer better performance while also being more
affordable. Apart from these, developing new and improved catalysts can be a
complex and technically challenging process, requiring significant investments
in research and development. Companies in the catalyst market must navigate a
range of technical challenges, including developing new materials, optimizing
manufacturing processes, and testing the performance of new products. By
investing in research and development activities, building strong supply chain
relationships, and staying up to date with evolving environmental regulations,
companies can position themselves for success in this rapidly growing global
catalyst market.
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Global catalyst market is segmented based on raw materials, product,
application, and region.
Based on raw materials, the
market is segmented into chemical compounds, zeolites, and metals. Chemical compounds segment is expected to hold the largest market
share in the forecast period. Chemical compound catalyst can reduce harmful
by-products, speed up a reaction, create new products and substances, and gain
greater control over the outcome of the finished product.
Based on Product, the market
is categorized into heterogeneous, and homogeneous. The Heterogeneous segment is expected to hold the largest
market share in the forecast period, 2024-2028. Heterogeneous catalysts offer
several advantages over homogeneous catalysts, such as easy separation and
recovery, lower toxicity, higher stability, and lower cost. The heterogeneous
catalysts used in the industry are metal catalysts, metal oxide sulfide catalysts,
solid acid-base catalysts, and molecular sieve catalysts. These catalysts are
widely used for various reactions such as hydrogenation, oxidation, reforming,
alkylation, isomerization, and hydrocracking.
Based
on application, the market is fragmented into petroleum refining, chemical
synthesis, polymers and petrochemicals, environmental, and others. Petroleum refining segment is expected to hold highest
market share in its segment. This is due to rising demand for petroleum and petroleum-derived goods and
chemicals in the market.
Major companies operating
in the global catalyst market are:
- Evonik
Industries AG
- Albemarle
Corporation (Ketjen Corporation)
- Honeywell
International Inc. (UOP or Universal Oil Products LLC)
- BASF SE
- ExxonMobil
Chemical Co
- Haldor
Topsoe Inc
- Axens SA
- Johnson
Matthey PLC
- Clariant
International AG
- The Dow
Chemical Company
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“The
catalyst market is expected to experience significant growth in the approaching
years. The innovative product launches are an important factor for growth of the
catalyst market that enable companies to showcase their latest innovations.
With increasing demand for cleaner fuels, more efficient production processes,
and greater sustainability, companies that invest in research and development
activities to develop new and improved catalysts are likely to benefit from
this trend, creating huge prospects of market growth during the forecast period,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Catalyst
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028F Segmented By Raw Materials (Chemical Compounds, Zeolites, and
Metals), By Product (Heterogeneous, and
Homogeneous), By Application (Petroleum Refining, Chemical Synthesis, Polymers
and Petrochemicals, Environmental, and Others), By Region, and Competition,
has evaluated the future growth potential of global catalyst market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global catalyst market.”
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