Industrial Catalysts Market Sales to Top USD 35.05 Bn in Revenues by 2032
Updated · Feb 20, 2023
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Published Via 11Press: The global industrial catalyst market is expected to witness tremendous growth over the next decade, driven by increasing demand from industries such as oil & gas and chemicals. Industrial catalysts are substances that increase the rate of a chemical reaction without themselves undergoing any permanent change. They are widely used in manufacturing processes and are essential for producing a wide range of products.
Looking forward, Market.us expects the market will reach USD 35.05 Bn in 2032, from USD 22.57 Bn in 2022, according to a new Market.us study.
The growing demand for industrial catalysts can be attributed to their ability to reduce energy input while increasing reaction speed, thereby improving product yield and quality. Additionally, the development of advanced materials and technologies has enabled manufacturers to develop more efficient catalysts with better performance and longer lifespans. This is likely to drive further adoption of industrial catalysts in various industries such as refining, petrochemical production, pharmaceuticals, etc., further fuelling the growth of this market.
A rise in industrial catalysts’ use as raw materials in various applications is one of the key factors driving the Industrial Catalyst market demand. Food producers, breweries, and food manufacturers all use catalysts in their food businesses. The catalysts were responsible for almost all of the products we use every day. They are used in glass production, carbonated drinks and the manufacture of vehicles, among others.
Catalysts can be used in many industries, including to transform oil into various end products, make yogurt, or to break down pulp for toilet paper.
- The global industrial catalyst market size reached USD 22.57 Billion in 2022, exhibiting a CAGR of 4.5% during 2022-2032.
- The global industrial catalyst market is projected to experience significant growth in the coming years, driven by factors such as increasing demand for cleaner fuels, growth in the chemical industry, and advancements in the refining industry.
- The Asia Pacific region is expected to dominate the market, followed by North America and Europe, due to the high demand for industrial catalysts from countries such as China and India.
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- Asia Pacific is expected to dominate the industrial catalyst market, owing to high demand from countries such as China and India. The region is also expected to witness the highest growth rate during the forecast period.
- North America and Europe are also major markets for industrial catalysts, due to the presence of established chemical and refining industries in these regions.
- China’s dominance in the automotive, chemical, polymer and petrochemical sectors is helping to boost market growth. China is a major manufacturing destination for chemical products and petrochemicals due to its high local demand and low production costs.
- The Asia-Pacific market is expanding due to a rise in foreign direct investments and the lucrative growth prospects for developing countries like India and Vietnam.
- The increasing demand for cleaner fuels, such as hydrogen, is expected to drive the demand for industrial catalysts in the refining industry.
- Growth in the chemical industry, particularly in emerging economies, is expected to drive the demand for industrial catalysts.
- Advancements in the refining industry, such as the development of new and improved catalysts, are also expected to contribute to the growth of the industrial catalyst market.
- Stringent environmental regulations regarding the use and disposal of industrial catalysts may limit the growth of the market.
- Volatility in the prices of raw materials used in the production of industrial catalysts may also pose a challenge to the market.
- Increasing investments in research and development activities aimed at developing new and improved industrial catalysts present significant opportunities for market growth.
- The growing demand for specialty catalysts, such as those used in pharmaceutical and biotechnology applications, presents significant opportunities for market players.
- The high cost of industrial catalysts may limit their adoption, particularly in emerging economies.
- The market is highly competitive, with numerous players vying for market share, which may pose a challenge for new entrants.
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- In 2020, Clariant, a Swiss specialty chemical company, launched a new series of hydrotreating catalysts designed to help refiners reduce their carbon footprint.
- In 2021, W.R. Grace & Co., a leading supplier of catalysts and other specialty chemicals, announced that it had completed the acquisition of the fine chemicals business of Albemarle Corporation, which includes a range of catalysts and related products.
- In May 2023: AZO Materials created an improved single-atomic cobalt-based catalyst by using an industrial humidifier.
- In January 2023: To support industries in harsh environments, as well as supporting critical infrastructure such as roads and oil and gas pipelines, Cisco announced that it would expand its Cisco Catalyst portfolio of 9000 ASICs based on powerful silicon UADP (Unified Access Data Plane).
- In January 2023: Cisco launched Catalyst IE9300 industrial catalyst switch. This ruggedized series switch is ideal for industrial applications such as oil pipelines and electrical substations.
- In December 2022: Scientists from NUST MISIS created a new “solar” catalyst to quickly treat industrial waste water.
- Heterogeneous catalyst
- Homogeneous catalyst
- Enzymes and biocatalysts
- Chemical synthesis
- Petroleum refinery
- Petrochemicals and polymers
Top Market Players
- Albemarle Corporation
- Chevron Phillips Chemical Company
|The market size value in 2023||USD 22.57 Bn|
|Revenue forecast by 2032||USD 35.05 Bn|
|Growth Rate||CAGR Of 4.5%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
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An industrial catalyst is a substance that accelerates or slows down a chemical reaction without undergoing any permanent change itself.
Industrial catalysts have a wide range of applications in various industries such as petrochemicals, chemicals, pharmaceuticals, food and beverage, and environmental sectors.
There are various types of industrial catalysts, including heterogeneous catalysts, homogeneous catalysts, biocatalysts, and enzyme catalysts.
The key drivers for the growth of the industrial catalyst market include increasing demand for petrochemicals, growing environmental concerns, and the increasing demand for clean fuels.
The major challenges faced by the industrial catalyst market include the high cost of catalysts, stringent regulations, and the limited availability of raw materials.
The major regions driving the growth of the industrial catalyst market include North America, Europe, Asia Pacific, and the Middle East and Africa.
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