Product ID: SQMIG15E2342
Report ID: SQMIG15E2342 | Region: Global | Published Date: September, 2022 | Pages: 265 | Tables: 92 | Figures: 76
Catalyst Market size was valued at USD 30.45 billion in 2021 and is poised to grow from USD 32.4 billion in 2022 to USD 48.9 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
Catalyst is a chemical compound that is used in small amounts to speed up a reaction by lowering the activation energy. The catalyst does not undergo any chemical change during a chemical reaction and remains in its initial state throughout the reaction.
Catalysts are widely utilized in various type of technologies and are essential for regulation of industrial emissions, and in the production of energy. Due to their extensive use in manufacturing methods, they can have a bad impact on environment. Hence, quest for novel materials, such as Environment Friendly Catalysts, are likely to drive the market growth substantially.
Increased number of newly developed catalytic technologies across the globe have either hit the market or are currently being tested in fully functional pilot plants are expected to drive the market growth in the coming years. For instance, ExxonMobil is utilizing High Throughput Experimentation (HTE) to identify and apply novel catalyst technologies which are crucial for future advancements to quicker the speed of catalyst innovation.
US Catalyst Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global catalyst market is segmented on the basis of type, application, and region. By type, the market is segmented into heterogeneous catalysts and homogeneous catalysts. By application, the Catalyst Market is categorized into petroleum refining, chemical synthesis, polymer catalysis & petrochemicals, and others. By region, the Catalyst Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Catalyst Market Analysis by Type
By type, the heterogenous catalysts segment accounted for the largest market share in 2021 owing to the properties like recyclable, ecologically friendly, and easily recoverable. Due to their exceptional performance, heterogenous catalysts are being heavily used in the production of biodiesel from non-edible oil across the globe. Furthermore, there is a rising demand for heterogenous catalysts to produce biodiesel from microalgal oil as a reliable feedstock in comparison to others, which is significantly expected to contribute in the growth of this segment during the forecast period.
Moreover, the homogeneous catalysts segment is accounted for a significant market share in 2021. Homogeneous catalysts are more preferable as compared to heterogeneous catalysts because they can easily carry out the reaction at softer conditions, have higher selectivity, and are simpler to spectroscopically monitor. All these factors of homogeneous catalysts are projected to drive the growth of the segment throughout the forecast period.
Catalyst Market Analysis by Application
By application, the chemical synthesis segment dominated the market with 28.3% share in 2021, and is expected to maintain its dominance throughout the forecast period owing to their properties such as alkyne activation, high stability, and enantioselective process promotion. Furthermore, they posses exceptional functional group tolerance, cost-effective, and do not require additional ligands. All of these factors are responsible for the extensive growth in the usage of chemical synthesis and are expected to boost the market in the near future.
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Globally, Asia Pacific dominated the catalyst market with a contribution of more than 40% of market share in 2021, owing to rise in demand for automotive from developing economies, such as India and China, Furthermore, rapid industrialization activities, stringent automotive legislation, and increase number of applications in end-user industries are some other factors that are expected to foster the market growth in the region over the forecast period. For instance, in February 2022, BASF and Heraeus have agreed to create and launch a joint venture (BASF 50% and Heraeus 50%) to recover valuable metals from wasted catalysts of automobiles. The newly formed business will be based in Pinghu, China and known as BASF HERAEUS (China) Metal Resource Co., Ltd.
North America holds the second largest market share and anticipated to have a significant boost during the forecast period. Shifting energy demands for alternative fuels, rising demand for Platinum-Group-Metals Catalysts (PGM), and presence of large pharmaceutical companies are the major factors expected to drive the market growth and demand in the coming years. According to a data, in 2021, U.S. were the top exporter of petroleum with a total export of about 8.63 million barrel per day. Also, in 2021, the United States produced about 18.66 million b/d of petroleum and consumed about 19.78 million b/d.
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Catalyst Market Drivers
Catalyst Market Restraint
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The global catalyst market is fairly fragmented with the presence of many large and medium-sized players accounting a majority of market share across the globe such as BASF SE, Dow Chemical Company, and Clariant AG. Key players are impending various strategies, mergers & acquisitions, testing, and launching more attractive catalyst solution. For instance, In March 2020, BASF announced that they have created and successfully tested a novel tri-metal catalyst technology, supported by Sibanye-Stillwater and Impala Platinum.
Top Players in the Global Catalyst Market
Catalyst Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global catalyst market is expected to grow at a healthy rate during the forecast period owing to rising demand for various catalysts, high adoption of automobiles, and increased penetration for refined petroleum across the globe. In addition, mergers & collaborations, partnerships amongst key market players, and various government initiatives to control emission across the globe are further expected to fuel the growth of the market throughout the forecast period. However, shortage of raw materials to produce large quantity of catalysts and environmental concerns associated with the production activities might hinder the growth of the market in the near future.
|Market size value in 2021||USD 30.45 billion|
|Market size value in 2030||USD 48.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Catalyst Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Catalyst Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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