Global Catalyst Market Report and Forecast 2024-2032

Global Catalyst Market Outlook

The global catalyst market reached a value of about USD 39.36 billion in 2023. The market is further expected to grow at a CAGR of 5% in the forecast period of 2024-2032.

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Increasing Demand for Metals to Augment the Catalyst Industry Growth

Based on material, the metals segment accounts for a significant share in the catalyst industry. Noble metals (platinum, palladium, ruthenium, rhodium, gold, and copper) and non-noble metals (tungsten and molybdenum) are used for dehydrogenation and hydrogenation, while nickel and cobalt are also used as catalyst raw materials. The process of breaking and rearranging aromatics and olefins to create fractions like alkanes and naphthenes is accelerated by these metals, which is driving its demand.

The Asia Pacific to Provide Enhanced Growth Opportunities to the Catalyst Industry

Region-wise, the Asia Pacific is expected to witness a robust growth over the forecast period. This can be attributed to the growth of the automotive, petrochemicals, polymer, and chemical industries in emerging nations like China. China has a large number of chemical and polymer manufacturing firms, and as a result, the country has become a manufacturing hub for various chemical and petrochemical products. The market in China is being aided by the high domestic demand and low manufacturing costs as compared to the United States and the European Union countries. Furthermore, the growing FDI investments and lucrative growth opportunities are expected to positively influence the market growth in the Asia Pacific.

Catalyst: Market Segmentation

A catalyst is a material that speeds up the rate at which a chemical reaction occurs.

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By material, the market is divided into:

• Chemical Compounds
• Metals
• Zeolites
• Others

The chemical compounds segment can be further categorised into peroxides, acids, amines, and others. Moreover, the metals segment is further classified into precious metals and base metals.

Based on product, the industry can be segmented into:

• Heterogeneous
• Homogeneous

On the basis of application, the industry can be divided into:

• Heterogeneous Catalyst
• Homogeneous Catalyst

Both the heterogeneous catalyst and homogeneous catalyst segments can be further divided into chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental.

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Utilisation in Various Industries and the Rising Demand for Environmental Catalysts to Bolster the Growth of the Catalyst Industry

The increasing utilisation of catalysts in various sectors like chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental applications for process optimisation, yield improvement, cost-cutting, and energy-saving is the major factor driving the growth of the industry. Furthermore, environmental catalysts assist producers in meeting all of the strict NOx, SOx, and carbon dioxide emission regulations. Thus, the catalyst demand has also risen in response to changing energy trends pertaining to renewable fuels such as biodiesel and shale gas fuel.

Over the forecast period, the demand for the product in petrochemical and chemical applications is expected to be boosted by manufacturers seeking to add value to their feedstock or refining by processing value-added petrochemicals and chemicals such as methanol and polyolefins.

Key Industry Players in the Global Catalyst Market

The report gives a detailed analysis of the following key players in the global catalyst market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Albemarle Corporation
• Evonik Industries AG
• Honeywell International Inc.
• BASF SE
• The Dow Chemical Company 
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Catalyst Market Report Snapshots

Catalyst Market Size

Catalyst Market Growth

Catalyst Companies