The latest report by IMARC Group, titled “Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The global industrial catalyst market size reached US$ 22.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
An industrial catalyst is a substance that speeds up chemical reactions without itself being consumed in the process, playing a crucial role in various industrial applications. Its function lies in its ability to significantly reduce energy requirements and improve the efficiency of chemical processes, thereby facilitating cost-effective and environmentally responsible operations. Industrial catalysts are a cornerstone in industries such as petrochemicals, pharmaceuticals, food processing, and automotive, where they are utilized in reactions to produce fuels, plastics, medicines, and other essential products. With the utilization of specific metals, chemicals, and compounds, catalysts can be tailored to suit particular reactions, optimizing the process according to the desired outcome. By transforming raw materials into valuable products with reduced waste, emissions, and energy consumption, industrial catalysts have gained immense traction as an indispensable tool in modern manufacturing. As a result, industrial catalysts find extensive applications across various sectors, representing their vital role in fostering industrial efficiency and sustainability.
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Industrial Catalyst Market Trends and Drivers:
The global industrial catalyst market is primarily driven by the growing demand for energy-efficient processes in manufacturing industries as catalysts enable a reduction in energy consumption, thereby aligning with global sustainability goals. The escalating need for cleaner fuels and the expansion of refining capacities have catalyzed the demand for catalysts in the petrochemical sector. Moreover, the rise in pharmaceutical manufacturing, with its inherent complexity of chemical reactions, has further fueled the need for specialized catalysts. Technological advancements and innovations in catalyst formulations have paved the way for more effective and environment-friendly solutions. This, coupled with stringent environmental regulations that necessitate reduced emissions and waste for pollution control, is propelling market growth. In addition, the emergence of bio-based and recyclable catalysts represents another major growth-inducing factor. Furthermore, the augmenting demand for specialty chemicals in diverse applications, such as cosmetics, adhesives, and electronic materials, has spurred the need for specialized catalysts to facilitate complex chemical reactions efficiently. Along with this, hefty investments in research and development (R&D) activities by key players are fostering innovation in catalyst technology. For instance, the development of novel catalysts that are more efficient, selective, and durable is contributing to market growth. Besides this, the expanding automotive industry, particularly the push toward cleaner and more efficient fuels, leads to a higher demand for catalysts in fuel processing and emissions control, thus propelling market growth. Other factors, including the heightening focus on sustainability and circular economy that emphasizes recycling and reusing materials, shifting inclination toward cleaner energy like natural gas, the emerging trend of customizing catalysts for specific applications and industries, and fluctuating prices of raw materials, are also anticipated to stimulate market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Heterogeneous Catalysts
- Homogeneous Catalysts
- Biocatalysts
Breakup by Raw Material:
- Mixed
- Oxide
- Metallic
- Sulfide
- Organometallic
Breakup by Application:
- Petroleum Refinery
- Chemical Synthesis
- Petrochemicals
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Albemarle Corporation
- Arkema S.A.
- BASF Corporation
- Clariant Ag
- Evonik Industries Ag
- Exxon Mobil Chemical Corporation
- AkzoNobel N.V.
- Chevron Phillips Chemical Company
- The DOW Chemical Company
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