The global industrial catalyst market reached a value of US$ 21.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 27.9 Billion by 2027, exhibiting a CAGR of 4.5% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industrial catalysts facilitate the rate of a chemical reaction without being consumed or changed during the process or affecting the overall thermodynamics of the system. They consist of chemical materials that absorb reactants on their active sites and produce the products on the catalytic cycle. They also improve air quality by emission control of nitrogen oxides (NOx), reduce volatile organic compound (VOCs) use, and develop catalytic technology to replace chlorine-based intermediate in chemical synthesis with waste minimization. As a result, they find application in petrochemical production, petroleum refining, polymer processing, environmental protection reaction, and synthesis of bulk chemicals.
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Global Industrial Catalyst Market Trends:
The market is primarily driven by the increasing demand for various commodities, specialty chemicals, and crude oil-based products. The significant growth of the petroleum and allied industries is also propelling the demand for industrial catalysts across the globe. In addition, zeolite, a catalyst, supports a broad range of processes, which has increased the interest in catalytic application in the petroleum refining sector, such as hydrocracking, FCC, reforming, isomerization and alkylation. Besides this, the rising production of crude oil coupled with the need for sulfur-treated petroleum end products are positively influencing the growth of the market.
Furthermore, growing environmental concerns and the implementation of stringent regulations to minimize toxic emissions are also fueling the market growth. This has increased the adoption of catalytic converters in emission control systems of automobiles to minimize harmful emissions. Other factors, such as rapid industrialization and the increasing demand for nano-catalysts that help improve the catalytic process in the pharmaceuticals and food processing industries, are expected to create a positive impact on the market growth
List of Major Key Players:
The major players in the market are Albemarle Corporation (ALB), ARKEMA (AKE.PA), BASF SE (BASFY), CLARIANT AG (CLZNY), EVONIK INDUSTRIES NA O.N. (EVK.DE), Exxon Mobil Corporation (XOM), AkzoNobel N.V., Chevron Phillips Chemical Company, The DOW Chemical Company, and DuPont.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
