29th November 2019 – Global Catalyst
Market is estimated to reach USD 34.3 billion by 2024 owing to the
increasing use of catalysts for reducing the cost of manufacturing chemicals,
polymers and petrochemicals. A catalyst is a material that speeds up chemical
reactions at a usually faster rate or under different conditions like lower
temperature or any other. Catalysts control the rate of chemical reaction by
raising or lowering the activation energy of the processes. The different
catalysts available in the market include zeolites, chemical compounds,
enzymes, and metals that are used in the industries like industrial reaction,
automotive, oil & gas, construction, and others.
Growth in macroeconomics trends like
ever-growing population along with surging economic progress in developing
economic, strict environmental regulations about automotive emissions and rise
in number of applications in end use industries are few factors driving
catalyst market. Asia Pacific is predicted to register substantial growth in
the coming years due to increase in demand for automotive from developing
countries like China and India. Additionally, rise in standards of living and
speedy industrialization activities in these regions support the growth of
market.
Moreover, development of biochemical
through catalysis is predicted to introduce new opportunities for future growth
in near future. However, controlled development and distribution of new
catalysts hamper the growth of catalyst market. Biocompatibility of enzyme
catalysts has made catalysts perfect for manufacturing wide range of life
science and food products like ointments, packaged foods, cosmetics, and
processed dairy products.
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The demand for polymerization catalyst
is expected to rise considerably with respect to accelerating global polymer
production. Nevertheless, the commodity nature of several polymers and the
related raw materials prices will stimulate focus on product differentiation
that will boost a shift in polymer catalyst product mix, especially in the
developed nations. Polymer catalyst demand is expected to be strong in Middle
East and Asia where low price commodity polymer is predicted to expand at a
steady rate. In some parts of Europe and North America, polymer production is
expected to be uncertain, but manufacturers in those areas will focus more on
specialized products to sustain in the catalyst market on the global scale.
Such a focus will result in increased demand for Ziegler-Natta and single-site
catalysts.
The increase in demand for fuels is one
of the major driving factors for the catalyst market in refineries. In
addition, the growth of end user industries like polymer and chemical
industries has also increased the demand for catalyst in the recent years. The
rising demand from emerging economies due to the increasing number of
automobiles, high spending power and speedy expansion of oil refineries is
predicted to boost the market in the years to come. The development of
innovative product portfolio in catalyst market is one of the major trends in
the industry. However, the unstable prices of raw material are still
obstructing the growth of the market.
The market is categorized on the basis
of product type, material type, application, and geography. On the basis of
type, catalyst market is divided into homogeneous catalyst and heterogeneous
catalyst. Based on material type, the market is segmented as zeolites, metals,
and chemical compound.
In terms of application, the market is
divided into chemical synthesis, refinery, polymer and environment. Chemical
compound has been the largest segment in the past years and is expected to
witness considerable growth in the forecast period due to its cost-effective
working capacity, as compared to other type of catalysts.
Geographically, the market is segmented
as North America, Latin America, Europe, Asia Pacific, and Middle East &
Africa. Owing to the availability of labor, raw material, and low cost for
setting up manufacturing units for industrial catalyst, Asia Pacific is
anticipated to hold larger share of catalyst market.
The key players in catalyst market
comprise Arkema SA, Bayer AG, Borealis AG, Dow Chemical Company, Chevron
Corporation, Chevron Phillips Chemical Company LLC, DuPont (EI) de Nemours,
Evonik Industries AG, Mitsubishi Gas Chemical Company Incorporated, Eastman
Chemical Company, Criterion Catalysts & Technologies, Exxon Mobil Corporation,
Fábrica Carioca de Catalisadores, Haldor Topsøe A/S, Johnson Matthey plc, BASF
SE, Akzo Nobel NV, China Petroleum & Chemical Corporation, Akzo Nobel NV,
and Febex, FMC Corporation.
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