New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Catalyst Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" - https://www.reportlinker.com/p06480200/?utm_source=GNW
Global Catalyst market is anticipated to grow appreciably in the forecast period 2028 due to growing people’s preference towards cleaner fuels.The petroleum, chemical, and pharmaceutical industries contribute almost USD 500 billion every year to the Gross National Product of the United States.
Most industries need catalysts to manufacture their products, such as fuels, drugs, paints, cosmetics, and others.
Catalysts are substances that increase the rate of a chemical reaction without being consumed in the process.They are used in a wide range of industries, including chemicals, petroleum refining, automotive, and pharmaceuticals, among others.
The global catalyst market has been growing progressively in recent years, driven by increasing demand for cleaner fuels, growing awareness about environmental sustainability, and the need for efficient chemical production processes.The development of new and improved catalysts is likely to play a key role in the growth of the market as companies compete to offer more efficient and effective products to their customers.
Hence, it is expected that the demand for catalysts is going to increase in the forecast year, thereby increasing the global catalyst market share.
Strict Environmental Regulations for Sustainable Growth is a Key Factor Propelling the Demand for the Catalyst
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.
Recent Developments
• In 2022, Clariant signed a contract with Wanhua Chemical Group to source catalysts for its new maleic anhydride plant. It will be in Yantai City, Shandong province, and is scheduled for commercial operation in 2023. It is one of the largest anhydride plants in the world that produces 200 kilotons of maleic anhydride annually. This plant will be highly dependent on Clariant’s SynDane catalyst for the production process.
• In 2022, Johnson Matthey PLC has started the construction of a new catalyst-products plant in Gliwice, Poland. With the investment of 50 million Euro, Johnson Matthey PLC will build new capacity in 18 months where various range of important catalyst products will be manufactured for the automotive industry to reduce harmful emissions.
• In 2020, BASF introduced Fourtune™ Fluidized Catalytic Cracking (FCC) catalyst to produce and deliver more butylene for refiners. It has been built to deliver superior quality of butylene over propylene selectivity along with maintaining catalyst activity and performance. The product is based on BASF’s Multiple Framework Topology (MFT) technology.
• In 2021, Honeywell signed an agreement to provide Oleflex™ Technology to Anchorage Investments Ltd., a company that develops and invests in industrial projects within the downstream oil and gas and mining, to produce polypropylene in Egypt. By using this technology, annually, almost 750000 metric tons of polymer-grade propylene will be made from its new Anchor Benitoite petrochemicals complex in Suez, Egypt, near the southern terminus of the Suez Canal.
Market Segmentation
Global Catalyst Market is segmented based on raw materials, product, application, and region.Based on raw materials, the market is segmented into chemical compounds, zeolites, and metals.
Based on the product, the market is categorized as heterogeneous and homogeneous.Based on application, the market is fragmented into petroleum refining, chemical synthesis, polymers, petrochemicals, environmental, and others.
Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.
Company Profiles
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, and The Dow Chemical Company are some of the key players of global catalyst Market.
Report Scope:
In this report, global Catalyst market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Catalyst Market, By Raw Materials:
o Chemical Compounds
o Zeolites
o Metals
• Catalyst Market, By Product:
o Heterogeneous
o Homogeneous
• Catalyst Market, By Application:
o Petroleum Refining
o Chemical Synthesis
o Polymers and Petrochemicals
o Environmental
o Others
• Catalyst Market, By Region:
o North America
United States
Mexico
Canada
o Europe
France
Germany
United Kingdom
Spain
Italy
o Asia-Pacific
China
India
South Korea
Japan
Australia
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
South Africa
Saudi Arabia
UAE
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global Catalyst market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06480200/?utm_source=GNW
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