Global Industrial Catalyst Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Global Industrial Catalyst Market Outlook

The global industrial catalyst market size was nearly USD 22.30 billion in 2023. The industry is further expected to grow at a CAGR of 3.9% over the forecast period of 2024-2032 to attain a value of USD 31.51 billion by 2032. The global market is being driven by the large-scale production of catalytic converters and increased demand for catalysts in the industrial sector.

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The mixed catalysts segment, among other raw materials, dominates the market, accounting for most of the global share. Mixed catalyst is followed by oxide, metallic, sulphide and organo-metallic catalysts. Further, the petroleum refinery segment, among other applications, accounts for the majority of the total share followed by chemical synthesis, petrochemical, and others.

The Asia Pacific is the leading regional market, accounting for a significant share. Within the Asia Pacific, rapid urbanisation, and growing industrialisation, coupled with growing per capita energy demand and increased fuel consumption, particularly in emerging nations like China and India, is further propelling the market growth.

Market Segmentation

Catalysts are substances used to speed up or accelerate a chemical reaction without themselves undergoing any transition. They are used in various industries, including chemical, pharmaceutical, oil and gas refining, petrochemical, and organic synthesis, among others. These industries make extensive use of the catalysts to enhance various chemical processes, thus, reducing both energy consumption and production cost.

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On the basis of type, the industry has been divided into:

• Heterogenous Catalysts
• Homogeneous Catalysts
• Biocatalysts

On the basis of raw material, the industry is segmented into:

• Mixed Catalysts
• Oxide Catalysts
• Metallic Catalysts
• Sulphide Catalysts
• Organometallic Catalysts

Industrial catalysts find applications in sectors like:

• Petroleum Refinery
• Chemical Synthesis
• Petrochemicals
• Others 

The report also covers the major regions of the global industrial catalyst market like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The global industrial catalyst market is supported by the growing demand for chemical products and fuels coupled with large scale production of catalytic converters. The increased development of petroleum refining capacities across the globe is expected to provide a further boost to the market. The growing demand for eco-friendly fuels owing to the rising environmental concern is further aiding the market growth as these catalysts promote clean fuel trends while improving operational efficiency and meeting fuel standards. Increased urbanisation and industrialisation and growing automation, particularly in emerging nations, are also contributing to the market expansion. 

With the growing expenditure in research and development activities and rapid advancement in technology, manufacturing process at various end-use industries is expected to witness increased adoption of such catalysts, aiming to enhance efficiency and reduce the operational cost of the production process, which will substantially aid the market. The increasing product demand from the Asia Pacific region is expected to create new growth opportunities for the market in the forecast period. For instance, Zhejiang Petrochemical Corporation, a Chinese firm, announced its plan to adopt process technologies for a new integrated refining and petrochemical complex in February 2017. This complex is expected to have one of the world's largest refineries, with a total capacity of 40 MMTPA, which in turn, will drive the demand for industrial catalysts.

Competitive Landscape

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

• BASF SE
• Albemarle Corporation
• Evonik Industries AG
• Arkema
• Clariant
• 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