A recent report published by Infinium Global Research on the catalyst market provides in-depth analysis of segments and sub-segments in the global as well as regional catalyst market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional catalyst market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global catalyst market. According to the report, the global catalyst market was sized over USD 30 billion in 2020 and is expected to reach USD 40 Billion by 2026, growing with a CAGR of 4% over the forecast period of 2020-2026.
Catalysts are used in various production facilities around the world in the manufacturing of drugs, plastics, and others. They are playing an important role in the process industry by raising or lowering the activation energy of the process which results in saving time and curtailing down the overall cost. Catalysts also play an important role in processing coal and petroleum into liquid fuel. They are also used in making of hydrogen fuel cells which will be used extensively in powering heavy machinery, automobiles, and other equipment.
The market for catalyst is driven by many factors. The increasing demand from the petroleum refining industry is one of them. The rapid increase in the manufacturing of automotive with increased use of heavy machinery and vehicles in mining, logistics, infrastructure, and others have created a surge in the consumption of conventional fuels such as petrol. Therefore refining of petroleum is done at a faster rate. As catalyst plays an important role in petroleum refining, the demand for catalyst has thus boosted. The Platinum catalyst is being majorly used in the refining petroleum for several past years. Cat cracking is a primary petroleum refining catalytic process. The catalytic refining of petroleum gives quality fuel as compared to the fractional distillation of crude oil. The demand for catalysts is also increasing from the chemical manufacturing industry. The chemical manufacturing industry is growing rapidly therefore the demand for catalysts is also increasing. The chemicals are used widely across the world for numerous applications, manufacturing activities, and others. The companies in the pharmaceutical industry are undertaking research and development activities at a huge scale for developing drugs to combat prevalent and emerging diseases, epidemics, and pandemics. Catalyst is very crucial in the manufacturing of drugs therefore the demand for catalysts is increasing from the pharmaceutical industry. The only retrain the market faces is the volatility of the prices of raw materials. This affects the manufacturing operations of catalysts. The companies in the catalyst market are conducting R&D activities of catalyst extensively which is expected to present new opportunities in the market
Asia-Pacific is expected to dominate the market. The region is experiencing an economic boom and the manufacturing base is rapidly increasing in this region. Also, the chemical industry is expected to grow at the fastest rate. The demand for catalysts is expected to increase from emerging economies such as China and India. The pharmaceutical industry and its supporting ecosystem are highly advanced in Asia-Pacific. Most of the oil in the world is produced in this region. Therefore their refining is done at a huge scale which is leading to increase in demand for catalysts.
The report on global catalyst market covers segments such as type, material, and application. On the basis of material, the sub-markets include zeolites, and chemicals. On the basis of application, the sub-markets include chemical synthesis, petroleum refining, pharmaceutical, and others.
The report provides profiles of the companies in the market such as BASF SE, The Dow Chemical Company, Honeywell UOP, Zeolyst International, W.R. Grace and Co, E. I. du Pont de Nemours and Company, ExxonMobil Chemicals Co, Johnson Matthey PLC, and Chevron Phillips Chemical Company LP.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of catalyst market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.