Hydrogenation Catalyst Market: Current Analysis and Forecast (2024-2032)

Report Description

Hydrogenation Catalyst Market Size & Forecast 

The hydrogenation catalyst market was valued at USD 3,449.30 million in 2023 and is expected to grow at a robust CAGR of around 3.41% during the forecast period (2024-2032) driven by increasing demand from various industries such as petrochemicals, food, oil & gas, and others.

Hydrogenation Catalyst Market Analysis

Catalysts for hydrogen, which spur hydrogen-related reactions without undergoing permanent change, have emerged as a popular commodity in the last few years because of their use in generating clean energy electricity, refining processes, and conforming to the strict environmental standards set down in industries. The market is driven by the current developments and trends in renewable energy sources, the water electrolysis process, and the establishment of efficient catalysts needed in the production process. For instance, newly developed nickel-based nanocatalysts were launched in the BASF for food hydrogenation. Honeywell UOP advanced desulfurization catalysts for cleaner fuel production are such current trends. Furthermore, the market continues to expand due to the adoption of increased governmental policies toward green technologies, the constant development of more efficient catalyst designs, and the growing incorporation of hydrogen into the perspectives toward achieving net-zero emissions.

Hydrogenation Catalyst Market Trends

Increased Focus on Hybrid and Multifunctional Catalysts

One of the major trends existing in the hydrogenation catalyst market is the growing tendency to develop and use catalysts that have both single and multiple functions. These catalysts interconnect various materials and catalytic activities in a way that helps make the vehicle perform better, last longer, and be more efficient. The synthesis of these types of catalysts is prompted by the ability to produce steady solutions in various and harsh working conditions within the industry and with high catalytic turnover. The concept of hybrid catalysts is based on a fuller understanding of the positive interactions between catalytic materials. This can lead to better stability, enhanced catalytic action, and a lengthened catalyst lifespan. For instance, Linde released a hybrid ruthenium nickel catalyst in January 2024, which showed how metals can be mixed to lower energy usage and emissions in ammonia production methods. Further, the multifunctional catalyst in a singular system means that a particular catalyst can enable more than one type of reaction, whether concurrently or progressively, making it ideal for diverse usage in the industrial process. This versatility is vital in significant member transformations in which several sub-steps can be optimized with one catalyst system. Also, superior material synthesis technologies like atomic layer deposition and three-dimensional printing allow for the accurate construction and design of hybrid and multifunctional catalytic processes. Such techniques enable the accurate optimization of the catalysts to fit particular industries’ needs, thus promoting the uptake of these sophisticated catalysts. 

North America Dominated the Hydrogenation Catalyst Market

The North America hydrogenation catalyst market is expected to dominate in the forecast period due to several factors, including technological advancements, substantial investments in research and development, and stringent environmental regulations driving demand for more efficient and sustainable industrial processes. North America has been at the forefront of technological innovation in the hydrogenation catalyst market. Companies in the region are investing heavily in developing advanced catalysts that offer improved performance and sustainability. BASF has introduced new nickel-based nanocatalysts tailored for the North American market. These catalysts enhance hydrogenation efficiency and reduce energy consumption, making them ideal for applications in the petrochemical and pharmaceutical industries. Moreover, the region’s significant research and development investments drive the advancement of hydrogenation catalyst technologies, foster innovation, and ensure competitive superiority. For instance, in July 2022, Johnson Matthey (JM), a global leader in sustainable technologies, announced that it is building an approximately (USD 85 MILLION) £80 million gigafactory at its existing site in Royston, UK, to scale up the manufacture of hydrogen fuel cell components. Therefore, this has created a demand for hydrogenation catalysts in various industries.

Hydrogenation Catalyst Industry Overview

The hydrogenation catalyst market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are BASF SE, Evonik, China Petrochemical Corporation (Sinopec), CLARIANT, Johnson Matthey, Axens, Honeywell International Inc., Topsoe, Solvias, Albemarle Corporation.

Hydrogenation Catalyst Market News

In 2024, Toyota and Sumitomo developed a new PGM-free hydrogenation catalyst for fuel cells. This catalyst utilizes abundant and inexpensive materials, significantly reducing costs while maintaining high performance. This advancement is expected to accelerate the adoption of hydrogen fuel cells in the automotive industry

In October 2022, BASF launched a new line of selective hydrogenation catalysts, the E 15x series, with two innovative products. The new sulfur-resistant E 15x S catalyst family aims to facilitate the processing of contaminated feedstocks, enable reliable process operation, and increase producers’ flexibility in using low-quality feedstocks containing higher amounts of impurities. E 153 S ECU 1/8” is now installed in a world-scale PyGas 1st stage unit, proving its outstanding activity and outperforming the competitor’s incumbent catalyst.

In December 2022, Clariant AG announced a collaboration with a leading academic institution to develop next-generation hydrogenation catalysts based on advanced metal-organic frameworks (MOFs) to enhance catalyst efficiency and sustainability.

Hydrogenation Catalyst Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global hydrogenation catalyst market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Hydrogenation Catalyst Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global hydrogenation catalyst market were the three major steps undertaken to create and analyze the adoption of hydrogenation catalyst in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hydrogenation catalyst market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the hydrogenation catalyst market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hydrogenation catalyst market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as type, form, and end use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hydrogenation catalyst market. Further, we conducted factor analysis using dependent and independent variables such as type, form, and end use of the hydrogenation catalyst market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hydrogenation catalyst market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hydrogenation catalyst market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the hydrogenation catalyst market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global hydrogenation catalyst market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hydrogenation catalyst market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, form, and end use in the global hydrogenation catalyst market.

The main objective of the Global Hydrogenation Catalyst Market Study

The current & future market trends of the global hydrogenation catalyst market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the hydrogenation catalyst market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type, form, and end use.
• Define and analysis of the regulatory framework for the hydrogenation catalyst
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the hydrogenation catalyst market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the hydrogenation catalyst market and the growth strategies adopted by the market players to sustain the fast-growing market.
• Deep dive regional level analysis of the industry

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