Report Overview

The Catalyst Market size is expected to be worth around USD 55540.83 million by 2032 from USD 36,807.40 million in 2022, growing at a CAGR of 4.20% during the forecast period 2022 to 2032.

Global Catalyst Market

Raw Material Analysis

With the market’s largest share of 38.3%, chemical compounds emerged as the most dominant raw material segment in 2021. The most common chemical compounds used in catalyst raw materials are sulfuric and calcium carbonate.

These metals are the noble metals platinum and palladium. Other non-noble metals (tungsten or molybdenum), as well as others like nickel and cobalt, can be used as key catalysts raw materials. These precious metals can accelerate the process of breaking down aromatics, and olefins, and producing fractions such as alkanes/naphthalenes.

Zeolites are an additional type of material used in catalysts. They are used primarily in catalyzing, adsorbent, and other applications due to their porosity. The porous structure of zeolites allows for a wide range of ions to be accommodated. These can be found naturally or manufactured through crystallization reactions.

Product Analysis

Heterogeneous catalysis emerged as a dominant product segment with the largest market share of 72.1% in 2021 In order to reduce their toxicity, heterogeneous catalysts can be made from homogeneous materials using solid supports. Sulfated zirconia is a common example of a heterogeneous catalyst.

This segment will be driven by the benefits of heterogeneous catalytic applications such as their ease of use, cost-effectiveness, separation of products, and application. It is also expected that heterogeneous catalysts will be more accepted than their homogenous counterparts in biodiesel production over the forecast period.

The homogeneous catalysts are products like boric acid, Hydrochloric Acid, phosphoric Acid, and p-toluene sulfonic acids. These catalysts perform better than their heterogeneous counterparts in industrial and raw materials reactions. These procedures can create large quantities of toxic waste and pose environmental dangers. These environmental-friendly catalysts are needed. The availability of biodegradable, homogenous catalysts such as Methane Sulfonic Acids (MSA) has been a great help in meeting these demands.

Application Analysis

With a 26.3% market share for heterogeneous chemicals in 2021, chemical synthesis was the most important application segment. Chemical synthesis covers raw material and chemical chemistry. This means that processes like Contact, Haber, or converting ammonia to nitric acid require the use and maintenance of catalysts. The global chemical industry is expected to grow over the forecast period, increasing catalyst market share and demand.

The popularity of catalysts in chemical synthesizing is due to their superior properties. They have exceptional functional group tolerance and are inexpensive. All of the above key factors contribute to increasing the use of catalysts in chemical syntheses and driving the segment growth.

In addition to chemical synthesis, catalysts can also be used in cracking feedstock in petroleum refining in order to increase the yield of high-quality products. The use of catalysts promotes the optimization of hydrocracking processes and offers cost-savings as well as energy demands saving benefits. This has contributed to the growth rate of the petroleum refining market.

Key Market Segments

Raw Material

• Chemical compounds
• Metals
• Zeolites
• Others

Product

• Heterogeneous
• Homogeneous

Application

• Petroleum refining
• Chemical synthesis
• Environmental
• Polymers and petrochemicals

Market Dynamics

There is a growing demand for catalysts in many ease of application, including chemical synthesis, petroleum refinery, polymers, petrochemicals, and environmental. This drives demand for process optimization, yield improvement, and cost savings. Furthermore, environmental catalysts can help manufacturers comply with all mandates regarding NOx and Sox as well as carbon dioxide emissions. There has been a shift in energy key trends to alternative renewable fuels such as biodiesel, shale gas, and diesel fuel, which has prompted the demand for catalysts. Manufacturers looking to improve their feedstock, or refine by producing value-added chemical petrochemicals, such as polyolefin or methane have sparked the demand for this product in petrochemicals, the chemical sectors, and chemical applications.

The unprecedented COVID-19 epidemic has caused a dramatic drop in oil demand. This is the first such case in a decade. The oil prices have declined significantly due to the Russian-KSA price war.

Global fuel demand is likely to fall by 15-10% in Q2, 2020, due to a halt in air travel. Numerous plants have been closed and others are operating at reduced rates. This may impact market demand, particularly in Iran, China, and India. France, Italy, and the U.K. are some of the most severely affected economies.

Regional Market Analysis

Asia Pacific accounted for the largest value share, 33.7%, in 2021, due to China’s dominance in the automotive, petrochemicals, and polymer industries. China had a substantial share of chemical and plastics production companies. It has become a leading manufacturing destination for chemical products and petrochemicals due to rising domestic demand and low manufacturing costs compared to the U.S.A. and European Union countries. The increasing FDI investments in the Asia Pacific and the lucrative growth strategies and opportunities that are being projected by developing nations like India and Vietnam will further boost the market growth.

North America is second in terms of market size, due to evolving low-sulfur and automotive mandates that require the use of environmental catalysts. The rising demand for catalysts to transform heavy crude oil into lighter fractions like gasoline, diesel, and kerosene is expected to increase. Market growth in North America is also influenced by the growth of Mexico’s oil and gas and chemical industries.

With the country’s 6.5% market share, in Africa and the Middle East, there are lucrative opportunities for petroleum refining catalysts due to their dominance in Oman and Kuwait, as well as Saudi Arabia, Oman, and Qatar. The expected rise in domestic demand for polymers in the Middle East from the construction, pharmaceutical, and packaging industries will drive chemical manufacturers to produce more petrochemicals and polymers.

Key Regions and Countries Covered іn thе Rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

Johnson Matthey Plc and Albemarle Corporation hold significant market trends in terms of segmental revenue forecast. These players are well-known for their global operations and wide product ranges. Market players have prominent strategies for operating in countries with high growth factors focusing on India or Vietnam. These include acquisitions, alliances investments, and building fully optimized supply chain chains. In-house R&D is a key focus area for product development. Major Factors with technology licensing and customized product offerings are also important. Manufacturers have been able to maintain a competitive landscape and their ability to grow production in response to changing automotive demands. They also keep long-term supply contracts with refineries, petrochemical plants, and other suppliers.

Key Market Players

These are the major players in the catalyst market:

• Albemarle Corporation
• Apache Corporation
• BASF SE
• Clariant AG
• Clariant International Ltd.
• Cue Energy Resources Ltd
• Chevron Phillips Chemical Company LP
• Exxon Mobil Corporation
• Nippon Chemical Industrial CO.
• Haldor Topsoe A/S
• Johnson Matthey
• INTERCAT
• Solvay S.A
• Tokyo Chemical
• Solvionic SA
• Sinopec
• Axens S.A
• Engelhard
• LyondellBasell Industries Holdings B.V.
• Evonik Industries AG
• Royal Dutch Shell PLC
• Dow Chemical Company
• Akzo Nobel N.V.
• Honeywell
• Other Key Players

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For the Catalyst Market research study, the following years have been considered to estimate the market size: