A report by Brandessence Market Research titled ‘Industrial Catalyst Market’ predicts the global industrial catalyst market to be valued at 24.44 billion dollars by 2025. The report highlights that the Asia Pacific region will dominate the overall market across the globe.
London/UK –The industrial catalyst market was valued at 18.2 billion dollars in 2018 and expected to reach 24.44 billion dollars by 2025 with a CAGR of 4.3 % over the forecast period.
Catalysts are used to speed up the reactions by providing an alternative pathway for the making and breaking of bonds. Key to this alternative pathway is lower activation energy than that is required for the uncatalysed reaction. Catalysts are definite for one particular reaction and this is mostly so for enzymes which catalyze biological reactions. The success of the chemical industry is in large part merit of the discovery and development of catalysts, and industrial catalysis is essential for most modern, energy efficient and cost means for the production of a broad range of pharmaceuticals, petroleum refining, chemical products and for environmental protection.
The Global Industrial Catalyst Market is segmented on the basis of type, application and region & country level. Based on type, the industrial catalyst market is divided into polyolefin catalyst, supported metal catalyst, zeolite catalyst and others. Based on application, the industrial catalyst market is segmented into petroleum refining, chemical synthesis, petrochemicals and others.
The regions covered in the ‘Industrial Catalyst Market’ report by Brandessence Market Research are North America, Europe, Asia-Pacific and rest of the world. On the basis of country level, the market of industrial catalyst market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Top key players
Key players of the industrial catalyst market are BASF, Johnson Matthey, Clariant, UOP (Honeywell), Grace, Evonik Industries, CRI, Sinopec, Lyondell Basell Industries, Albemarle Corporation, Ineos, JGC Catalysts and Chemicals, Univation Technologies, CNPC, Axens and others.
Increasing demand in various industries such as chemical, pharmaceutical, petrochemical, organic synthesis and oil-refining is driving the market growth.
Industrial catalysts such as nickel, iron complexes and metallocenes, are able to modify the microstructure and new properties are obtained of the polymer chain. Combination of metallocenes and methylalumoxane or perfluorinated borates as cocatalyst forms extremely active catalysts for polymerisation of olefins and production of polymers including coatings, foams, textile, industrial fibers and adhesives. Increasing use of catalyst in petroleum, energy production and automotive sector is driving the growth of the market.
The production of clean energy from renewable energy sources, such as transportation fuels from non-edible biomass and hydrogen for fuel cells are also catalysts. To reduce emissions of CO2, NOx and hydrocarbons from automotive vehicles, catalysts are used. Nearly more than 90 % of industrial processes actually use catalysts in one form or the other to produce products and to reduce the emission. However, fluctuating price of raw material is projected to hinder the growth of the industrial catalyst market. In spite of that, technological advancement and development of biochemicals through catalysis presents an increasing use of enzymes in petroleum refining, petrochemical industries and chemical production which may offer a lucrative opportunity for the industrial catalyst market growth within the forecast period.
Asia Pacific is expected to dominate the global industrial catalyst market
The Asian region holds the largest market share in the industrial catalyst market due to the speedy development of chemical industry in emerging economies like China and India. In addition, increasing use of industrial catalysts for manufacturing of petrochemical products is also trending in this region. Developing economies can be an opportunity for market players to strengthen their presence and improve their product portfolio in the Asia Pacific region.
For the full report, log onto: https://brandessenceresearch.com/chemical-and-materials/industrial-catalyst-market-industry