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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global catalyst market attained a value of nearly USD 39.36 billion.
The market is projected to grow at a CAGR of 5% between 2024 and 2032.
The major market drivers include the growing usage of catalysts in various end-use sectors, the increasing demand for environmental catalysts, and growing urbanisation and industrialisation.
The growing R&D activities and the rising usage of renewable fuels are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various materials considered in the market report are chemical compounds, metals, and zeolites, among others.
Heterogeneous and homogeneous are the significant products available in the market.
The major applications of both heterogeneous and homogeneous catalysts are chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental.
The major players in the market are Albemarle Corporation, Evonik Industries AG, Honeywell International Inc., BASF SE, and The Dow Chemical Company, among others.
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