10-December-2018: According to a report published by Grand View Research, Inc.; catalyst market is expected to reach a valuation of around USD 34.3 billion by 2024.
High demand for catalysts in chemicals and oil and gas industries due to its usage in improving reaction time and reducing lead time can propel the market over the forecast period (2013 to 2025).
High demand for catalysts in chemicals and oil and gas industries due to its usage in improving reaction time and reducing lead time can propel the market over the forecast period (2013 to 2025).
Increasing demand for the catalytic reforming process in the downstream oil and gas industries to improve yield of light cut oils such as high-speed diesel, gasoline, and superior kerosene oil is expected to increase the product demand in the coming years. In addition, increasing investments for producing petroleum derivatives through syngas is also expected to promote the use of the product in the years to come.
Increasing utilization of amine catalyst to produce polyurethane foam for improving the rate of reaction between polyurethane and polyols is projected to create positive outlook for the market. In addition, growing demand for polyurethane (PU) foams is likely to drive the product demand over the forecast period. The development of biocatalysts as a result of high R&D investments in the healthcare sector is likely to create more avenues in the market during the forecast period.
However, instable raw material prices, specifically zeolite and precious metals due to their increasing demand in other applications such as chemicals, construction, and automotive may lead to inadequate supply of material to manufacturers. This is expected to hinder the market growth.
Worldwide catalyst market can be segmented on the basis of raw material, product, application, and region.
Based on raw material, the market can be classified into zeolites, metals, and chemical compounds.
In terms of revenue, the zeolites segment is likely to expand at a CAGR of 4.9% from 2016 to 2024 due to its better adjustable acidity and high porosity. Increasing demand for fluid catalytic cracking (FCC) to convert high molecular weight hydrocarbons into light cuts like diesel and gasoline in the U.S. is likely to boost the segment during the forecast period.
On the basis of product, the market can be classified into heterogeneous and homogenous. In 2015, Heterogeneous segment estimated for 73.6% of total volume. The homogeneous segment is anticipated to grow swiftly at a CAGR of 4.4% from 2016 to 2024.
As per application, the market can be bifurcated into petroleum refining, chemical synthesis, polymer, and environmental.
The environmental segment is expected to grow at a CAGR of 4.4% during 2016 to 2024 due to growing use of the product in environmental remediation processes.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Rise in implementation of strict regulations such as National Ambient Air Quality Standards (NAAQS) in the U.S. is likely to encourage the use of the product as an environmental protection material.
In 2015, Asia Pacific accounted for the largest market share of 34.0% of overall volume. The region is likely to grow at a CAGR of 5.3% during 2016 to 2024. Development of emerging countries such as China and India as a manufacturing destination for chemicals and petroleum derivatives due to supportive government policies and availability of low cost labors can drive the market in this region. Rise in pharmaceutical ingredients (API) manufacturers in China is also expected to increase the usage of the product in the coming years.
Middle East and Africa is likely to expand at a CAGR of 4.9% during 2016 to 2024. This growth can be attributed to expansion of refining volumes in the Middle East, mainly in countries such as Qatar, Oman, and Saudi Arabia. Favorable government policies and escalating demand for petrochemicals are encouraging the refining projects in this region.
In 2015, Latin America market was reported at USD 1.53 billion. In 2015, Columbia-based company called Ecopetrol declared its plan about expansion of refining capacity at its Barrancabermeja plant. This expansion is expected to complete by the end of 2018. This is likely to create more opportunities in this region.
Prominent companies operating in the market include Johnson Matthey, DuPont, Evonik Industries AG, BASF, and Albemarle Corporation.
In-Depth Research Report On Catalyst Market:
https://www.grandviewresearch.com/industry-analysis/catalyst-market
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