Global Catalysts Market is expected to foresee significant growth owing to growing chemical production and increasing focus on reducing environmental pollution
- Himanshu Patni
- November 23, 2021
- CHEMICAL, NEWS
- Catalysts Market, Catalysts Market growth, Catalysts Market share, Catalysts Market size, Catalysts Market trends
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The global Catalysts Market was stood around $33 billion in 2020 and is expected to demonstrate the growth of ~4% during the forecast period (2021-2027). Increasing synthesis of chemical products owing to rising population and improving disposable power couple with growing focus on reducing the toxic substances from environment are some of the key attributable factors for the growth of the market.
Growing industrialization and increasing reliance on petroleum and chemical products has resulted in the increase in the production activity from these industries. However, to meet the increasing requirement, industry started using catalyst to increase the reaction time and improve yield. For instance, catalysts are used in catalytic hydrotreating process in petroleum refining for removing over 99% of contaminants such as nitrogen, sulfur, oxygen, and metals from liquid petroleum fractions. Further, increasing dependency on petroleum products has resulted in emission of hazardous substances which has a severe impact on environment and human health. Transportation industry is among the largest contributor of Co2 emission. In 2018, transportation was responsible for 25% of direct CO2 emissions from fuel combustion. Therefore, to reduce the hazardous emission from automobiles, governments across the globe mandated catalytic converter in the automobiles to reduce emission of toxic substances. Studies reveal that these devices can decrease hydrocarbon emissions by about almost 87%, carbon monoxide by 85%, and nitrous oxide by 62% during the expected life of a vehicle.
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COVID-19 impacted the Catalysts market in a negative way. Decline in industrial production owing to stringent measures taken by the governments across the globe such as lockdown and border closure to curtail the spread of disease. Further, unavailability of workers, has further affected the industrial production. For instance, production of oil declined to 88,391 thousand barrels per day in 2020 from 94,961 thousand barrels per day in 2019.
- Based on application, the market is categorized into chemical synthesis, petroleum refining, polymers and petrochemicals, environmental, and others. Among these, environmental capture the considerable market share owing to increasing environment protection activities. For instance, it is mandatory to install catalytic convertor in all types of cars. Further, it is modified and used on trucks, buses, forklifts, mining equipment, generator sets, locomotives, motorcycles, airplanes, and other engine-fitted devices
- Based on type, the market is categorized into heterogenous catalyst and homogenous catalyst. Of both, heterogenous catalyst held the significant share in the market in 2020 and is likely to showcase robust growth during the forecast period. Due to its easy separation of product and recovery of catalysts properties this is widely used in the major industrial processes. For instance, it is used in the Haber-Bosch process for the synthesis of ammonia and Fischer-Tropsch process to produce a variety of hydrocarbons.
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For a better understanding of the market adoption of catalysts, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific held the significant market share in the global market owing to large and growing base of chemical, petroleum, and petrochemical industries and its associated sectors along with large automotive market in the market which requires catalytic convertors. Further, increasing focus on environmental protection has opened new areas of environmental catalyst in the region. This is further likely to boost the regional catalyst market.
Global Catalysts Market Segmentation
Market Insight, by Material
- Base Metals
- Precious Metals
Market Insight, by Type
- Heterogenous Catalyst
- Homogenous Catalyst
Market Insight, by Application
- Chemical Synthesis
- Petroleum Refining
- Polymers and Petrochemicals
Market Insight, by Region
- North America Catalysts Market
- United States
- Rest of North America
- Europe Catalysts Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Catalysts Market
- Rest of Asia-Pacific
- Rest of World Catalysts Market
Top Company Profiles
- Albemarle Corporation
- Haldor Topsoe A/S
- BASF SE
- Evonik Industries AG
- LyondellBasell Industries Holdings B.V.
- The Dow Chemical Company
- Exxon Mobil Corporation
- Clariant AG
- Chevron Phillips Chemical Company LLC
- Arkema S.A.