The global catalyst market size is expected to reach USD 34.06 billion by 2025, ascending at a CAGR of 4.5%, according to a report by Grand View Research, Inc. Rising demand for petrochemicals from various end-use industries is expected to be a prime factor driving the market growth. Inclusion of high-grade polymers in manufacturing commodities for domestic as well as export oriented industry is anticipated to surge the product demand in future.
Moreover, demand for clean and green fuels has shifted the trend of energy generation from conventional to clean resources. Cobalt, iron, and nickel catalysts are the key components used for clean energy generation processes, such as the Fischer-Tropsch synthesis. Rapidly expanding polymer and chemical manufacturing sectors is also anticipated to play an important role in the growth of the catalysts market. In addition, supportive regulations regarding the production and usage of catalysts are expected to augment market growth over the next eight years.
Emission regulations are the biggest drivers for a wide range of application sectors and the usage of catalysts for environmental and chemical applications are anticipated to have the highest market growth. Heterogeneous product segment led the market on account of wide product usage in the polymer industry. It is also used in the form of vanadium oxide for the production of sulfuric acid, which is growing on account of increasing demand of this acid in oil refining, wastewater processing, and chemical synthesis. This is also expected to fuel the demand for heterogeneous catalyst in the near future.
Further Key findings from the study suggest:
- Environmental was the largest application segment in the catalyst market and accounted for 29.6% of the overall volume share in 2016
- In terms of raw materials chemical compounds segment is expected to attain the highest market share over the forecast period
- The petroleum refining application segment is expected to register a CAGR of 3.4% over the forecast period
- This application includes the use of catalyst in cracking of feedstock components that increase the yield of high-quality products
- MEA is expected to be the second fastest-growing regional market during the forecast years
- Key industry participants include BASF SE; Akzo Nobel N.V.; Clariant International Ltd.; Zeolyst International, Inc.; and Chevron Corporation
- Key competitive strategies adopted by these companies include capacity expansion, geographical expansion, technology licensing, and mergers & acquisitions
- For instance, recently, BASF started a new chemical catalysts manufacturing plant in Caojing, China to cater to growing demand in Asia Pacific