Industrial Catalyst Market to Grow at a CAGR of 3.7% during the Forecast Period 2023-2031 | TMR Study
Transparency Market Research
6 min read
Transparency Market Research
Bio-based processes and the adoption of digitization is expected to drive demand for industrial catalyst in the market.
Wilmington, Delaware, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The industrial catalyst market generated US$ 21.7 billion in 2022. TMR estimates the Industrial Catalyst market to reach US$ 30.1 billion by 2031. A CAGR of 3.7% is predicted for the market between 2023 and 2031.
Greener and more sustainable processes are becoming increasingly important to industries. As part of the global push towards circular economies, catalysts help create sustainable materials, such as biofuels and environmentally friendly chemicals.
As specialty chemicals become more widely used in pharmaceuticals, electronic devices, and agriculture, there is a growing demand for specialized catalysts. Using these catalysts, specific chemicals can be produced efficiently and cost-effectively.
Several processes in refining depend on catalysts, including catalytic cracking and hydroprocessing. In addition to increasing energy consumption and demand for petrochemical products, expanding the refining and petrochemical sectors also contributes to the demand for catalysts.
Industrial activity is increasing in developing markets and emerging economies, which is why catalysts are in demand. As these countries industrialize more rapidly, catalysts are more frequently needed in various manufacturing processes.
Recycling catalysts reduces costs and has a positive impact on the environment. Sustainable and resource-efficient practices are emphasized in industries using regenerative or recyclable catalysts.
Industrial processes are becoming increasingly aware of their environmental impact, leading to a transition to greener chemistry practices. Cleaner and more sustainable production processes are made possible by catalysts, which play an important role in green chemistry initiatives.
Chemical processes will become cleaner and more sustainable as green chemistry gains traction, and catalysts will be developed and adopted to facilitate this. The demand for catalysts that reduce environmental impact and produce fewer byproducts could increase.
Petrochemical industries, for instance, may experience a decline in catalyst demand as the world shifts towards renewable energy sources. As a result of a clean energy transition, catalysts play an increasingly important role in processes such as hydrogen production.
Global Industrial Catalyst Market: Key Players
According to an industry report on industrial catalysts, leading companies worldwide are putting much effort into research and development. Several major players are developing strategic alliances to increase their market shares.
Albemarle Corporation
BASF SE
Chevron Phillips Chemical Company LLC
Clariant AG
Dorf Ketal Chemicals (I) Pvt. Ltd.
Dow Chemical Company
Evonik Industries AG
Exxonmobil Corporation
Johnson Matthey
W.R. Grace and Co
Key Findings of Market Report
Heterogeneous catalysts are expected to dominate the global market throughout the forecast period.
A growing trend towards alternative fuels, such as shale gas and biodiesel, will increase catalyst demand.
Based on application, the market for industrial catalysts is expected to be driven by petroleum refineries.
Metallic sulfide is expected to drive demand for industrial catalysts demand in the market.
With the growth of industrialization worldwide, the demand for industrial catalysts is rising across sectors such as the petrochemical, chemical, and manufacturing sectors. Industry must have catalysts because they improve efficiency, encourage product production, and reduce environmental impact.
Industries are adopting cleaner and more efficient technologies due to environmental regulations. As a result of catalysts' role in many processes, such as manufacturing automobile catalytic converters and controlling industrial emissions, harmful pollutants are reduced.
Catalytic processes are becoming increasingly important in industries, including oil and gas production, refining, and energy production, as global demand for energy increases. The role of catalysts in improving energy efficiency and optimizing energy production is vital.
Continuous research and development efforts contribute to developing more efficient and novel catalysts. Developing advanced materials and nanotechnology has improved performance, durability, and selectivity.
As manufacturing processes are integrated with digital technologies, catalytic reactions can be precisely controlled and optimized. The demand for catalysts aligned with these technological trends could increase due to increased efficiency and productivity. The demand for catalysts enabling renewable feedstocks to be converted into valuable chemicals may increase due to the growing interest in bio-based and sustainable processes.
Global Industrial Catalyst Market: Regional Landscape
The demand for industrial catalysts is growing significantly in the Asia Pacific region. In Asia-Pacific, industrialization is accelerating rapidly, particularly in China and India. Petrochemicals, refining, and the production of chemicals are some of the processes where catalysts are used in this surge in industrial activity.
Catalysts that enable cleaner and more efficient industrial processes are in high demand with an increasing focus on environmental sustainability. Governments in this region place strict environmental standards on catalysts to reduce emissions.
Key Developments
In January 2023, Evonik Industries AG announced the integration of its alkoxides business into its Catalysts Business Line to expand its product and service portfolio
In January 2023, Cisco announced the release of its Catalyst IE9300 Rugged Series Switches. Oil pipelines and substations are typical environments for these industrial catalyst switches.
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