Industrial Catalyst Market Share 2024 | Growth, Size, Demand and Forecast by 2032
IMARC Group’s report titled “Industrial Catalyst Market Report by Type (Heterogeneous Catalysts, Homogeneous Catalysts, Biocatalysts), Raw Material (Mixed, Oxide, Metallic, Sulfide, Organometallic), Application (Petroleum Refinery, Chemical Synthesis, Petrochemicals, and Others), and Region 2024–2032“. The global industrial catalyst market size reached US$ 23.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024–2032.
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Factors Affecting the Growth of the Industrial Catalyst Industry:
● Environmental Regulations:
Stringent environmental regulations play a crucial role in driving the industrial catalyst market. Regulations aimed at reducing emissions and controlling pollution necessitate the use of catalysts in various applications. Automotive catalysts are vital for reducing harmful emissions from vehicle exhausts to comply with stringent emission standards. Similarly, catalysts are used in industrial processes to minimize pollutant release and improve overall environmental performance. Compliance with these regulations not only promotes cleaner production but also supports sustainability goals, making catalysts indispensable in industries striving to meet regulatory requirements and reduce their environmental footprint.
● Technological Advancements:
Innovations, such as the development of more efficient, durable, and specialized catalysts, aid in enhancing process efficiency and performance. Advancements in nanotechnology and materials science are leading to the creation of catalysts with improved activity, selectivity, and stability. The development of high-precision catalysts for fine chemicals and pharmaceuticals is opening new market opportunities. These technological advancements enable industries to achieve higher yields, reduce energy consumption, and lower operational costs, thus accelerating the adoption of advanced catalysts and fostering market expansion.
● Rising Demand for Clean Energy:
The increasing demand for clean energy sources, such as hydrogen fuel cells and biofuels, is contributing to the market growth. Catalysts play a critical role in the production and optimization of these clean energy technologies. In hydrogen fuel cells, catalysts facilitate the electrochemical reactions that generate electricity from hydrogen and oxygen. Similarly, catalysts are used in the production of biofuels from renewable resources, enhancing the efficiency of conversion processes. The rising focus on reducing carbon emissions is bolstering the market growth.
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Leading Companies Operating in the Global Industrial Catalyst Industry:
- Albemarle Corporation
- Arkema S.A.
- BASF SE
- Clariant AG
- Evonik Industries AG
- Exxon Mobil Chemical Co
- Akzo Nobel N.V.
- Chevron Phillips Chemical Company
- LLC
- The DOW Chemical Company
Industrial Catalyst Market Report Segmentation:
By Type:
- Heterogeneous Catalysts
- Homogeneous Catalysts
- Biocatalysts
Heterogenous catalysts represent the largest segment, driven by their ability to easily separate from the reaction mixture.
By Raw Material:
- Mixed
- Oxide
- Metallic
- Sulfide
- Organometallic
Mixed catalysts hold the biggest market share on account of the rising need for enhanced efficiency and selectivity.
By Application:
- Petroleum Refinery
- Chemical Synthesis
- Petrochemicals
- Others
Petroleum refinery accounts for the largest market share due to the increasing demand for fuel and chemical feedstocks.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the industrial catalyst market, which can be accredited to the thriving chemical sector.
Global Industrial Catalyst Market Trends:
Catalysts are essential for controlling vehicle emissions by facilitating chemical reactions that convert harmful pollutants into less harmful substances. As vehicle production increases and emission standards become more stringent globally, the demand for automotive catalysts grows. Additionally, advancements in catalyst technology, such as those improving the efficiency of emissions reduction, are impelling the market growth. The automotive industry’s push towards more sustainable and cleaner vehicle technologies, including electric and hybrid vehicles, also influences the development and application of advanced catalytic solutions.
Industrial catalysts are essential for optimizing production processes, improving efficiency, and enhancing the quality of end products. As industries expand and evolve, they seek advanced catalysts to meet increasing production demands and operational complexities.
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