Wellesley, Mass, April 18, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research reveals that rapid industrialization and expansion of refining and polymer manufacturing companies in the Asia-Pacific region is expected to propel growth of catalysts in the industry. The global catalyst market, valued at $6.8 billion in 2015, is expected to total more than $8.0 billion by 2021, growing at a CAGR of 2.8% from 2016 to 2021.
BCC Research's Refinery Catalysts reports that the global demand (volume) for refinery catalysts, which totaled 2,019 metric kilotons in 2016, should reach 2,234.3 metric kilotons by 2021, growing at a CAGR of 2.0% from 2016 to 2021.
Research Highlights
- Low labor costs and rising manufacturing investment in Asia-Pacific is expected to attract more market players.
- Increasing oil and gas exploration activities are expected to increase demand in the Middle East and Latin America.
- Among precious metals, palladium is expected to achieve the fastest growth.
"Synthetic zeolites are the most commonly used catalyst material, owing to its affordable cost," says Kevin Fitzgerald, BCC Research editorial director. "However, increasing demand for natural zeolite due to its environmental benefits and decreasing product cost is likely to promote market growth over the next few years."
Increasing Demand for Polymers
Polymer manufacturing is the third-largest end-user industry for refinery catalysts. Polymerization catalyst components are an essential part of the catalyst system used as activator to accelerate the reaction, which produces a polymer. Asia-Pacific is the major market for polymerization catalysts, followed by North America and Europe.
"Rapid industrialization and expansion of refining and polymer manufacturing companies in the region is expected to propel growth of catalysts in the industry," notes Fitzgerald. "Refinery catalysts are an integral part of the polymerization process of a monomer with a carbon-carbon double bond. In chain reaction polymerization, a catalyst used is generally a free radical from organic peroxide. The segment is expected to witness significant growth, owing to increasing demand for high-quality plastics."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.