Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Catalyst Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Raw Materials, By Product, By Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The global catalyst market is poised for substantial growth in the forecast period of 2028. The preference for cleaner fuels among consumers has been a significant driving factor behind this anticipated growth.
Industries such as petroleum, chemicals, and pharmaceuticals contribute nearly USD 500 billion annually to the Gross National Product of the United States, relying heavily on catalysts to produce a wide range of products, including fuels, drugs, paints, and cosmetics. Catalysts play a crucial role in increasing the rate of chemical reactions without being consumed in the process, making them essential in various industries like chemicals, petroleum refining, automotive, and pharmaceuticals.
The market's progressive growth can be attributed to the increasing demand for cleaner fuels, rising awareness about environmental sustainability, and the need for efficient chemical production processes.
As companies compete to offer more efficient and effective catalysts, the development of new and improved catalysts is expected to play a key role in driving market growth, leading to an increase in the global catalyst market share in the coming years.
Strict Environmental Regulations for Sustainable Growth is a Key Factor Propelling the Demand for Catalysts
Environmental regulations have become increasingly strict in recent years, leading to a greater focus on reducing emissions from industrial processes. As a result, the use of catalysts has become increasingly important in meeting these regulations.
Catalysts are used in a wide range of applications to reduce emissions of harmful pollutants. One of its uses is seen in the automotive industry, where catalytic converters are used to convert harmful gases from engine exhausts into less harmful substances before they are released into the atmosphere.
In the chemical industry, catalysts are used to reduce emissions from manufacturing processes by increasing the efficiency of reactions and reducing the energy required to produce chemicals. In addition to reducing emissions, catalysts can also be used to remove pollutants from water and air. For example, catalytic converters can be used in industrial settings to remove harmful pollutants from wastewater, while catalytic air filters can be used to remove pollutants from the air.
To fulfill the demand for sustainable products, environmental regulations are expected to become more stringent in the future, which is likely to drive further growth in the catalyst market. In response to these regulations, companies are investing in research and development activities to develop new and improved catalysts that are more efficient and effective.
These catalysts are designed to meet the specific requirements of different applications and to comply with increasingly strict environmental regulations. Hence, the catalyst market is closely tied to environmental regulations, with catalysts playing a key role in reducing emissions from industrial processes.
As environmental regulations become more stringent, the demand for catalysts is expected to continue growing, driving further innovation in the industry. Therefore, the demand for catalysts is going to increase in the forecast period, fueling the growth of the global catalyst market.
Growing Demand for Cleaner Fuels is Propelling the Global Catalyst Market Demand
The demand for cleaner fuels has been growing significantly in recent years, driven by concerns about climate change and air pollution. Cleaner fuels, such as biodiesel, ethanol, and hydrogen, are seen as less harmful to the environment than traditional fossil fuels.
Catalysts play a key role in the production of these cleaner fuels by converting raw materials into usable fuel products. For example, catalysts are used in the production of biodiesel from vegetable oils by converting the oils into esters. Catalysts are also used in the production of hydrogen by converting natural gas or other feedstocks into hydrogen gas.
The demand for cleaner fuels is expected to continue growing in the coming years as governments around the world implement policies to reduce greenhouse gas emissions and improve air quality. For example, the European Union has set a target of reducing greenhouse gas emissions by at least 55% by 2030, while the United States has announced plans to achieve net-zero emissions by 2050.
As the demand for cleaner fuel grows, it will directly propel /the demand for catalysts in the forecasted period. Moreover, companies are investing in research and development activities to develop new and improved catalysts that are more efficient and effective in the production of cleaner fuels. For example, researchers are developing new catalysts to improve the efficiency of the water-splitting process used to produce hydrogen from renewable energy sources.
Catalysts are also used in the combustion and production of cleaner fuels such as natural gas. Catalysts can be used to improve the efficiency of combustion, leading to lower emissions and improved air quality. Hence, the growing demand for cleaner fuels is driving innovation and growth in the catalyst market.
As governments around the world implement policies to reduce greenhouse gas emissions and improve air quality, the demand for catalysts is expected to continue growing in the upcoming years. Companies that invest in research and development activities to develop new and improved catalysts are likely to benefit from this trend.
Increasing Demand for Efficient Chemical Production Processes Driving the Market Growth
The chemical industry plays a critical role in the global economy, producing a wide range of products that are used in everything from pharmaceuticals and electronics to agriculture and construction.
As the demand for chemical products continues to grow, there is a corresponding need for more efficient chemical production processes that can meet this demand in a sustainable and cost-effective way. Catalysts are an essential component of many chemical production processes, enabling reactions to occur more efficiently and with less waste. Catalysts can help to increase reaction rates, lower reaction temperatures, and reduce the amount of energy required to produce chemicals.
The increasing demand for efficient chemical production processes is being driven by several factors. First, there is a growing awareness of the environmental impact of chemical production, with concerns about the emission of greenhouse gases and the production of hazardous waste.
As a result, companies are seeking to reduce their environmental footprint by adopting more efficient production processes that minimize waste and reduce energy consumption. Second, there is a need for more cost-effective production processes that can meet the growing demand for chemical products while keeping prices competitive. Catalysts can help to reduce the cost of chemical production by enabling reactions to occur more efficiently, reducing the amount of raw materials needed, coupled with lower energy consumption.
Finally, there is a need for more flexible production processes that can adapt to changing market demands and product specifications. Catalysts can enable the production of a wider range of chemicals with greater flexibility and precision, enabling companies to respond more quickly to changing market conditions and customer needs. Hence, companies are investing in research and development activities to develop new and improved catalysts, through which they are expected to benefit from this trend.
By enabling more sustainable, cost-effective, and flexible chemical production processes, catalysts are playing an important role in shaping the future of the chemical industry. Therefore, these trends are going to increase the demand for the global catalyst market in the upcoming years.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global Catalyst market.
- Evonik Industries AG
- Albemarle Corporation (Ketjen Corporation)
- Honeywell International Inc. (UOP or Universal Oil Products LLC)
- BASF SE
- ExxonMobil Chemical Co
- Haldor Topsoe Inc
- Axens SA
- Johnson Matthey PLC
- Clariant International AG
- The Dow Chemical Company
Report Scope:
Catalyst Market, By Raw Materials:
- Chemical Compounds
- Zeolites
- Metals
Catalyst Market, By Product:
- Heterogeneous
- Homogeneous
Catalyst Market, By Application:
- Petroleum Refining
- Chemical Synthesis
- Polymers and Petrochemicals
- Environmental
- Others
Catalyst Market, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- France
- Germany
- United Kingdom
- Spain
- Italy
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/arczr1
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