Production of industrial catalysts and increasing consumption of crude oil and lubricant manufacturing are driving the industrial catalysts market growth :

The global industrial catalysts market is categorized into five regions based on geography, namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among them, the Middle East & Africa accounted for around 28% market share as of 2016 and is predicted to grow at a healthy CAGR over the assessment period. The Middle Eastern & African market is categorized into Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. Aforementioned nations are predicted to drive the demand for industrial catalysts in the upcoming years due to the presence of matured oil reserves, resulting in the higher consumption of industrial catalysts. Moreover, rising demand for energy and increasing crude oil production in the Middle East & African countries is predicted to fuel the growth of the market. In North America, the industrial catalysts market is predicted to grow with the highest CAGR during the assessment period, 2017-2023. Crude oil is the main area for industrial catalysts consumption in the region, a majority of crude oil produced in North America is from oil sands, offshore oilfields, and shale formations & tight oil. Relatively, crude oil production from oil sands and offshore oilfield result in increased consumption of industrial catalysts, which, in turn, lead to high demand for industrial catalysts in this region.

Manufacturers are shifting their focus to developing and producing more environment-friendly industrial catalysts products, which reduce the harmful emissions from industries. Rising demand for green industrial catalysts along with technological advancement is predicted to fuel the market growth over the forecast period. European industrial catalysts market is classified into Russia, Germany, the U.K, Spain, Italy, and France. Comparatively, Russia and Germany are expected to dominate the region owing to increasing oil & gas exploration activities coupled with increasing innovation. Moreover, the robust presence of basic chemicals manufacturers along with the increasing consumption is predicted to fuel the demand for industrial catalysts over the assessment period. In Latin America, countries such as Brazil and Mexico are expected to witness a significant market growth on account of increasing crude oil production combined with the expansion of petroleum refining units. The Asia Pacific is predicted to be a healthy growing market due to emerging crude oil processing as well as the proliferation of petroleum refineries in India and China.

Global industrial catalysts market share, by region (2016) (%)

Global industrial catalysts market share, by region (2016) (%)

Segmentation

The global industrial catalysts market is categorized on the basis of type, application, and region. On the basis of the type, the market is bifurcated into homogeneous and heterogeneous. On the basis of the substance, the industrial catalysts market is categorized into metallic, chemical, zeolite, organometallic, and others. On the basis of the application, the market is segmented into petroleum refining, chemical manufacturing, environmental, food processing and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Key Players

Some of the prominent players operating in the global industrial catalysts market are BASF SE (Germany), Bayer AG (Germany), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the Netherlands), Clariant (Switzerland), Chevron Phillips Chemical Company LLC (U.S.), Exxon Mobil Corporation (U.S.), Haldor Topsøe A/S (Denmark), INEOS (U.K), and Honeywell International Inc. (U.S.), among others.