Global Industrial Catalyst Market - 2021-2028
The global industrial catalyst market size was worth US$ XX billion in 2020 and is expected to show significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% within the forecast period (2021-2028).
Catalysts refer to substances that alter the rate of a chemical reaction without being absorbed or altered during the process and without altering the system's overall thermodynamics. In addition, catalysts consist of many chemical materials that act on their active sites by adsorbing reactants and creating products that easily desorb the site's release for the next catalytic cycle. In environmental applications, industrial catalysts play a significant role in reducing emissions. They have been used in many applications to enhance air quality by regulating the emission of nitrogen oxides (NOx), reducing the usage of volatile organic compounds (VOCs) and improving catalytic technology to substitute chlorine-based chlorine chemical synthesis intermediates with the minimization of waste. Industrial catalysts help remove sulfur and nitrogen from petroleum products and provide solutions for advanced petroleum fractions for renewable fuels. Furthermore, intermediate chemicals in the manufacturing of pharmaceutical and food products use catalysts to produce edible products.
The global industrial catalyst market is driven by the growing consumption of fuels and other chemical products due to the petroleum industry's rapid growth. Increasing demand for eco-friendly fuels further boosts the growth of the market as industrial catalysts help meet the fuel standards, improve operational efficiency, and promote clean fuel trends.
Growing consumption of fuels and other chemical products owing to the rapid growth of the petroleum industry
In the petroleum industry, catalysts are used to increase oil yields, as most refineries are catalytic. The market is currently experiencing steady growth with the growing demand for petroleum-based products, especially from the industrial and power generation sectors. Different catalysts have been developed and commonly used in petroleum refining processes to obtain high-quality transportation fuel to enhance preparation technologies. Some zeolites are used to increase the yield of light olefins from large crude oil molecules, such as the USY, ZSM-5 and MCM series. Zeolites, which are known as catalysts, are among the compounds that can accelerate chemical reactions. The industrial development of gasoline from crude oil without zeolite is now inconceivable, typically applied in pellet form. Furthermore, increasing demand for basic chemicals & commodity chemicals to polymers & specialty chemicals is estimated to fuel the industrial catalyst market's growth in recent times.
Increasing demand for eco-friendly fuels further boosts the growth of the market as industrial catalysts help meet the fuel standards, improve operational efficiency, and promote clean fuel trends.
New catalytic compounds produced by researchers for use without the need for volatile organic solvents in industrially applicable chemical reactions are highly promising for using readily available substances in environmentally-friendly media. In addition to developing novel catalytic systems (homogeneous and heterogeneous catalysts), including nanomaterial and polymer grafting, there is still a tremendous scope in screening commercially available low-cost and less-toxic agents that can carry out an organic transformation of choice in an efficient manner under eco-friendly conditions. As one of the latest developments in green chemistry, synthetic chemists are engaged in exploring this field of interest. As a result, many such simple chemical entities have now emerged as potential catalysts to affect many organic reactions. Sodium formate, reported as a less-toxic material, is a low-cost, commercially available substance. Therefore, the growing development of eco-friendly fuels creates immense opportunities for an industrial catalyst to grow in the forecast period.
Increasing R&Dactivities to reduce costs and to improve the quality of catalysts is creating huge opportunities for the industrial catalyst market to grow in the coming tenure
In many industrial processes, catalysts are an invaluable instrument, helping to promote reactions between materials. In fact, they are so critical that some experts estimate that 85-90% of the products in the chemical industry are responsible for them. In addition to refining existing catalysts, manufacturers are actively looking to create new catalyst products with specific characteristics to meet a given application's exact needs. The catalyst industry is extremely diverse. As such, a flurry of research and development aimed at these targets is being seen by the catalyst industry. To generate a product that will be optimized for its intended use, various physical and chemical properties of catalysts can be modified and fine-tuned, creating hundreds of catalyst product possibilities. Research and development are essential to growth, with so many possibilities and future applications.
COVID-19 Impact Analysis
The global industrial catalyst has shown a slight decline due to the COVID-19 pandemic, as several manufacturing plants were shut for months. Further several countries have restricted production activities during the covid-19 pandemic. The major lockdown due to the COVID-19 outbreak leads to suddenly dropping down consumers' interest towards purchasing any goods, and halt in transportation sectors has severely hampered the business of industrial catalyst market due to disruption in the product's supply chain management.
There has been a major decrease in demand for oil with the unprecedented outbreak of COVID-19, which has led to the closing of factories and manufacturing sites, the first such example in a decade. Furthermore, the price war between Russia and the KSA has contributed to a major drop in oil prices.
The global industrial catalyst market is segmented based on material, type, raw material,application and region.
Superior characteristics and properties, such as promoting enantioselective processes, alkene and alkyne activation and greater stability, the application of catalysts in chemical synthesis is gaining dominance in recent times.
The global industrial catalyst market is bifurcated into petroleum refinery, petrochemicals, chemical synthesis, and others in terms of application. Among the mentioned applications, chemical synthesis is expected to build the forecast period's highest market share. Chemical synthesis requires raw materials and chemistry of raw materials in which the use of catalysts includes touch, haber, and ammonia conversion to nitric acid. The growth of the global chemical industry is therefore expected to increase catalyst demand during the forecast period due to their superior characteristics and properties, such as promoting enantioselective processes, alkene and alkyne activation and greater stability; the application of catalysts in chemical synthesis is popular. In addition, they have excellent functional group tolerance, are cost-competitive, and need no additional ligands. All the factors mentioned above are responsible for increasing the use of catalysts in chemical synthesis and drive segment growth.
The dominance of the automotive, petrochemical, polymer and chemical industries coupled with growing FDI investments in the Asia-Pacific region is building the market of the region
The Asia Pacific is dominating the industrial catalyst market in recent times. The dominance of the automotive, petrochemical, polymer and chemical industries in China is likely to account for the largest value share in 2019. Due to rising domestic demand and low manufacturing costs relative to the U.S. and European Union countries, China had a large chunk of chemical and polymer production companies and thus emerged as a manufacturing destination for chemical and petrochemical products. Growing FDI investments and lucrative growth opportunities expected by developing nations such as India and Vietnam further accelerate the Asia Pacific demand growth.
The industrial catalyst market is highly competitive with the presence of global players in the market. Some of the key players contributing to the market's growth include Albemarle Corporation, Evonik Industries, BASF SE, Akzo Nobel N.V, Exxon Mobil Corporation, NALCO India, LekonGermess Ltd, W. R. Grace & Co.-Conn, Chevron Phillips Chemical Company, Royal Dutch Shell and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the industrial catalyst market globally.
Overview: Albemarle Corporation is a Charlotte, North Carolina, focused fine chemical manufacturing enterprise. It exists in three divisions: lithium, bromine, and catalysts. The main source of lithium for electric car batteries is Albemarle. The company's products are used as additives or intermediates for a wide variety of products developed by pharmaceutical companies, water treatment companies, manufacturers of cleaning products, manufacturers of electronic products, agricultural companies, refineries, and paper and photographic companies.
EASYOX-1: EasyOx is a series of copper chloride promoted catalysts on an alumina carrier. They have a lot of activity, a lot of HCl conversion, a lot of by-product production, a lot of ethylene efficiency, and a lot of attrition. For OxyChem/Vinnolit licenced Units, EasyOx is used.
The global industrial catalyst market report would provide access to an approx: 69 market data table, 64 figures and 221 pages.
Target Audience 2022
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