Overview and Scope
Industrial catalysts refer to substances used in the chemical industry to speed up, start, or facilitate chemical reactions. It helps reduce energy consumption, waste, and the production of unwanted by-products, making chemical processes more efficient and environmentally friendly.
Sizing and Forecast
The industrial catalyst market size has grown strongly in recent years. It will grow from $24.05 billion in 2023 to $25.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrialization and manufacturing growth, advancements in chemical processes, increasing environmental regulations, expansion of petrochemical and refining industries, demand for cleaner and more efficient production processes.
The industrial catalyst market size is expected to see steady growth in the next few years. It will grow to $30.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to growing demand for sustainable and green chemistry solutions, expansion of the pharmaceutical and biotechnology industries, development of renewable energy technologies, increasing focus on hydrogen economy and fuel cell technology, emergence of new applications in emerging markets. Major trends in the forecast period include adoption of catalytic converters for emissions control in automotive and industrial sectors, development of catalysts for carbon capture and utilization, utilization of catalysts for bio-based plastics production,integration of nanotechnology in catalyst design and development, emphasis on circular economy principles in catalyst recycling and reusability.
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Segmentation & Regional Insights
The industrial catalyst market covered in this report is segmented –
1) By Type: Heterogeneous Catalysts, Homogeneous Catalysts, Biocatalysts
2) By Material: Metal, Chemical, Zeolites, Organometallic
3) By Application: Petroleum Refinery, Chemical Manufacturing, Petrochemicals, Food Processing, Automotive and Transportation, Other applications
Asia-Pacific was the largest region in the industrial catalyst market in 2023. The regions covered in the industrial catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing expansion of the petroleum industry is expected to propel the growth of the industrial catalyst market going forward. The petroleum industry, or the oil and gas industry, encompasses the exploration, extraction, refining, and marketing of petroleum products. Catalysts are essential in hydroprocessing units, involving hydrotreating to remove sulfur and nitrogen impurities from crude oil fractions for improved, refined product quality and hydrocracking, breaking down heavy hydrocarbons into lighter ones to increase the yield of valuable products. For instance, in August 2023, according to a report published by the International Energy Agency, a France-based intergovernmental organization, between 2022 and 2028, global oil demand was projected to increase by 6%, reaching 105.7 million barrels per day, driven by strong demand from the petrochemical and aviation sectors. Further, the upstream investments in oil and gas exploration, extraction, and production are expected to reach their peak in 2023, with a year-on-year growth of 11% to USD 528 billion. Therefore, the growing expansion of the petroleum industry is driving the growth of the industrial catalyst market.
Key Industry Players
Major companies operating in the industrial catalyst market report are Sinopec, BASF SE, The DOW Chemicals Company, Lyondellbasell Industries Holdings B.V., Honeywell International Inc., Ineos Group Limited, Johnson Matthey Plc, Evonik Industries AG, Chevron Philips Chemical Company, Arkema S.A., Albemarle Corporation, Dorf Ketal Chemicals India Pvt. Ltd., Clariant AG, Umicore N.V., ExxonMobil Chemical, W. R. Grace and Co., Axens SA, Topsoe A/S, Akzo Nobel N.V, Criterion Catalysts & Technologies, KNT Group, Zeolyst International, Anten Chemical Co. Ltd. , JGC Catalysts and Chemicals Ltd., Univation Technologies LLC
The industrial catalyst market report table of contents includes:
1. Executive Summary
2. Industrial Catalyst Market Characteristics
3. Industrial Catalyst Market Trends And Strategies
4. Industrial Catalyst Market – Macro Economic Scenario
5. Global Industrial Catalyst Market Size and Growth
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32. Global Industrial Catalyst Market Competitive Benchmarking
33. Global Industrial Catalyst Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Catalyst Market
35. Industrial Catalyst Market Future Outlook and Potential Analysis
36. Appendix
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