The latest research study “Global Industrial Catalyst Market Analysis: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global industrial catalyst market reached a value of US$ 21.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 27.9 Billion by 2027, exhibiting a CAGR of 4.5% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industrial catalysts facilitate the rate of a chemical reaction without being consumed or changed during the process or affecting the overall thermodynamics of the system. They consist of chemical materials that absorb reactants on their active sites and produce the products on the catalytic cycle. They also improve air quality by emission control of nitrogen oxides (NOx), reduce volatile organic compound (VOCs) use, and develop catalytic technology to replace chlorine-based intermediate in chemical synthesis with waste minimization. As a result, they find application in petrochemical production, petroleum refining, polymer processing, environmental protection reaction, and synthesis of bulk chemicals.
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Global Industrial Catalyst Market Trends:
The market is primarily driven by the increasing demand for various commodities, specialty chemicals, and crude oil-based products. The significant growth of the petroleum and allied industries is also propelling the demand for industrial catalysts across the globe. In addition, zeolite, a catalyst, supports a broad range of processes, which has increased the interest in catalytic application in the petroleum refining sector, such as hydrocracking, FCC, reforming, isomerization and alkylation. Besides this, the rising production of crude oil coupled with the need for sulfur-treated petroleum end products are positively influencing the growth of the market.
Furthermore, growing environmental concerns and the implementation of stringent regulations to minimize toxic emissions are also fueling the market growth. This has increased the adoption of catalytic converters in emission control systems of automobiles to minimize harmful emissions. Other factors, such as rapid industrialization and the increasing demand for nano-catalysts that help improve the catalytic process in the pharmaceuticals and food processing industries, are expected to create a positive impact on the market growth
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial catalyst market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on type, raw material, and application.
Breakup by Type:
- Heterogeneous Catalysts
- Homogeneous Catalysts
Heterogeneous catalysts exhibit a clear dominance in the market due to their robustness and lower operational cost.
Breakup by Raw Material:
Mixed catalysts account for the majority of the global industrial catalyst market share as they are extensively used in the production of selective oxidation catalysts, hydrogen, and electrocatalysis for solid oxide fuel cells.
Breakup by Application:
- Petroleum Refinery
- Chemical Synthesis
Petroleum refineries presently hold the largest market share due to the increasing demand for petroleum products across the globe.
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
The Asia Pacific currently enjoys the leading position in the market due to the significant rise in petroleum refining and the increasing use of catalysts in various industries.
Browse full report with TOC’s: https://www.imarcgroup.com/industrial-catalyst-market
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 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, and The DOW Chemical Company.
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