Global Catalyst Market to Grow at a CAGR of 5% During 2024-2032, Aided by the Increasing Demand in Various Application Sectors

The increasing focus of manufacturers on process optimisation, yield enhancement, cost-reduction, and energy-saving is significantly driving the demand for catalyst in various industries, which is aiding the growth of the overall market. In addition to this, there has been a rise in demand for environmental catalysts as they help manufacturers comply with NOx, SOx, and carbon dioxide emission regulations, thus, contributing to the demand. Based on material, chemical compounds represent one of the significant segments in the industry. The growth of the segment can be attributed to the increasing demand for compounds like sulphuric acid, calcium carbonate, and others for a wide range of applications in industries like chemical, petrochemical, and polymers. These compounds are used as catalyst raw materials to prepare various end use products.

The firms are expanding their production capacities through mergers and acquisitions in order to broaden their market reach and enhance their position in a highly competitive environment. W.R. Grace Co., for example, announced the purchase of Albemarle Corporation's (NYSE: ALB) catalyst company in 2018. The company's polyolefin catalysts and components business has benefited from this acquisition. Such developments are expected to aid the market growth in the forecast period.

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Market Analysis by Material, Product, Application, and Region:

• By material, the market is divided into chemical compounds, metals, and zeolites, among others.
• On the basis of product, the market is divided into heterogeneous and homogeneous.
• Based on application, the industry can be segmented into heterogeneous catalyst and homogeneous catalyst.
• The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing demand for environmental catalysts is expected to drive the market.
• The changing energy trend pertaining to renewable fuels is expected to boost the industry’s growth. 
• The growing product demand in chemical and petrochemical applications is likely to propel the market growth.
• The growing FDI investments in developing countries are expected to augment the growth of the industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for catalyst for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the materials, products, applications, and regions of catalyst.
• The market report also analyses the trade data by covering the major importing and exporting countries.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global catalyst market are Albemarle Corporation, Evonik Industries AG, Honeywell International Inc., BASF SE, The Dow Chemical Company, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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