ID: MRFR/CnM/3628-HCR | February 2021 | Region: Global | 140 pages
Industrial catalysts are any chemical or non-chemical substances that increase the rate of a chemical reaction. They provide an alternative or effective pathway for the breaking and making of bonds and are mainly used to increase the overall yield of an industrial chemical process. For instance, the use of catalysts in an industrial process or chemicals reaction can significantly lower the requirement of high temperature and pressure at which the process operates. This can save the overall requirement of external energy to drive the reaction. Additionally, it is possible to reduce the waste, residue or unwanted by-products formed during the chemical process. Industrial catalysts have major applications in the oil & gas and chemicals industries.
The prominent factors driving the growth of the Industrial Catalysts Market are rapid industrialization in emerging economies across the globe, increasing demand for various commodity and specialty chemicals, and high consumption of crude oil-based products. The global demand for industrial catalysts is predicted to witness significant growth during the assessment period owing to expanding petroleum and allied industries. Significant growth of crude oil production in major oil-producing countries is anticipated to be an important factor favoring growth of the Industrial Catalysts Market during the review period. Additionally, owing to the rising need for sulfur treated petroleum end products resulting in increasing demand for oil & gas industries. Increasing demand for basic chemicals & commodity chemicals to polymers & specialty chemicals is estimated to fuel the growth of the market. Furthermore, rapid industrialization coupled with increasing gross domestic product (GDP) in emerging economies is predicted to propel the growth of the market during the assessment period, 2017–2025.
The Industrial Catalysts Market has been segmented into five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The market in Asia-Pacific accounted for the largest market share of more than 40% in 2018. This is primarily attributed to the high demand for the industrial catalysts in the rapidly growing chemicals and food processing industry. Additionally, the favorable government policies towards environmental pollution are likely to pave the way for significant use of the industrial catalysts in environmental protection, which is expected to drive market growth of the region. North American market held substantial share in 2018 and is expected grow at a healthy CAGR during the assessment period owing to increasing demand from the environmental and processing applications. Europe is another substantial regional market wherein the growth of the market is primarily driven by rising demand for the product in environmental applications, along with chemicals industry. The market for industrial catalyst in Latin America and the Middle East & Africa is anticipated to witness considerable growth owing to vast growth potential of the petroleum and chemicals industry.
The Industrial Catalysts Market is segmented based on Type, Material, Application, and Region.
By Type, the global market is divided into homogenous and heterogenous.
Based on Material, the global market is segmented into metals, chemical, organometallic, and others.
Based on Application, the global market is segmented into petroleum refining, chemical manufacturing, environmental, food processing, and others.
The Industrial Catalysts Market had been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The prominent players in the Industrial Catalysts Market are Bayer AG (Germany), The Dow Chemical Company (US), Albemarle Corporation (US), BASF SE (Germany), Exxon Mobil Corporation (US), Akzo Nobel N.V. (the Netherlands), Chevron Phillips Chemical Company LLC (US), Clariant (Switzerland), Haldor Topsøe A/S (Denmark), INEOS (UK), and Honeywell International Inc. (US),.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Material, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bayer AG (Germany), The Dow Chemical Company (US), Albemarle Corporation (US), BASF SE (Germany), Exxon Mobil Corporation (US), Akzo Nobel N.V. (the Netherlands), Chevron Phillips Chemical Company LLC (US), Clariant (Switzerland), Haldor Topsøe A/S (Denmark), INEOS (UK), and Honeywell International Inc. (US),.|
|Key Market Opportunities||Increasing demand for various commodity and specialty chemicals, and high consumption of crude oil-based products.|
|Key Market Drivers||Increase the overall yield of an industrial chemical process.|
Frequently Asked Questions (FAQ) :
The industrial catalysts market is predicted to grow at a 5% CAGR between 2019-2025.
The global industrial catalysts market is predicted to touch USD 25 billion by 2025.
Asia Pacific is predicted to dominate the industrial catalysts market.
Key competitors in the industrial catalysts market include Honeywell International Inc. (US), INEOS (UK), Haldor Topsøe A/S (Denmark), Clariant (Switzerland), Chevron Phillips Chemical Company LLC (US), Akzo Nobel N.V. (the Netherlands), Exxon Mobil Corporation (US), BASF SE (Germany), Albemarle Corporation (US), The Dow Chemical Company (US), and Bayer AG (Germany).
Increasing use of crude oil-based products and growing demand for different specialty and commodity chemicals is boosting market growth.