Industrial Catalysts Market Overview
Industrial Catalysts Market is projected to be worth USD 28.6 Billion by 2030, registering a CAGR of 4.11% during the forecast period (2021 - 2030).
The chief factor that can drive the industrial catalysts market is surge in industrialization across different economies. The rapid increase in need for different specialty chemicals and surge in the utility of crude oil-based products can impact the expansion of the industrial catalysts market size. The significant rise of the market can also be attributed to the expanding petroleum sector and allied industries. The increase in crude oil production in top oil-producing regions is anticipated to be crucial for the market, reveals MRFR. In addition, the increase in demand for sulphur treated petroleum solutions can work in favor of the market. Along with the demand for industrial catalyst in the oil & gas industries, the growing need for basic chemicals and commodity chemicals for polymers production can fuel the market rise. Industries contribute largely to the gross domestic product (GDP) of economies and increase in the requirement for industrial catalyst can benefit its market in the assessment period.
Segment Analysis
The segment assessment of the industrial catalyst global market are based on application, type, and material.
The type-based segments of the industrial catalyst market are homogenous and heterogeneous. The heterogeneous segment can provide long-term benefit to the market in the analysis period.
The material-based segments of the chemical processing catalysts market are organometallic, metals, chemical, and others. The chemical segment can gain considerable traction for industrial catalysts, which can support the expansion of the market.
The application-based segments of the industrial catalyst market are chemical manufacturing, petroleum refining, food processing, and environmental among others. The food processing sector can earn huge profit for the market in the near future.
Regional Analysis
The industrial catalysts market in the Asia Pacific region can acquire about 40% share of the world market due to the increase in the need for industrial catalysts across food processing and chemicals industries. In addition, the favorable government policies that promote management of environmental pollution can contribute significantly to the expansion of the regional industrial catalysts market. In North America, the industrial catalyst market can rise at a considerable CAGR in the assessment period as the demand for their processing applications increases. In Europe, the industrial catalyst market can be driven by the increase in demand for environmental friendly products. In Latin America and MEA, the chemicals industry can contribute extensively to the expansion of the industrial catalyst market. The growing petroleum and chemicals sector can improve the momentum of the market. Europe industrial catalysts market can contribute largely to the rise of the worldwide market as they region is expected to house several cash rich industries. APAC can earn high revenue for the industrial catalyst market at large.
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Market Players
Exxon Mobil Corporation (US), Akzo The Dow Chemical Company (US), Bayer AG (Germany), BASF SE (Germany), Albemarle Corporation (US), Nobel N.V. (the Netherlands), Clariant (Switzerland), Haldor Topsøe A/S (Denmark), INEOS (UK), Chevron Phillips Chemical Company LLC (US), and Honeywell International Inc. (US) are some reputed names in the industrial catalysts market that are enlisted by MRFR.
Industry News
August 2020
Argonne National Laboratory with Northern Illinois University discovered a new electrocatalyst that can aid in the highly effective production of ethanol from carbon dioxide and water to get desired final product at low cost.
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