Industrial Catalysts Market Trends

Global Industrial Catalysts Market Overview

The Industrial Catalysts Market Size was valued at USD 20.5 Billion in 2022. The Industrial Catalysts industry is projected to grow from USD 21 Billion in 2023 to USD 28.6 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.87% during the forecast period (2023 - 2030). Industrial catalysts are any chemical or non-chemical substances that increase the rate of a chemical reaction. They provide an alternative or effective pathway for the breaking and making of bonds and are mainly used to increase the overall yield of an industrial chemical process. For instance, the use of catalysts in an industrial process or chemical reaction can significantly lower the requirement of high temperature and pressure at which the process operates. This can save the overall requirement of external energy to drive the reaction. Additionally, it is possible to reduce the waste, residue, or unwanted by-products formed during the chemical process. Industrial catalysts have major applications in the oil & gas and chemicals industries.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Industrial Catalysts Market Trends

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  Increasing the overall yield of an industrial chemical process id boost the market growth.

  
  

The prominent factors driving the growth of the Industrial Catalysts Market are rapid industrialization in emerging economies across the globe, increasing demand for various commodity and specialty chemicals, and high consumption of crude oil-based products. The demand for industrial catalysts is predicted to witness significant growth during the assessment period owing to expanding petroleum and allied industries. Significant growth of crude oil production in major oil-producing countries is anticipated to be an important factor favoring the growth of the Industrial Catalysts Market during the review period. Additionally, owing to the rising need for sulfur-treated petroleum end products resulting in increasing demand for oil & gas industries. Increasing demand for basic chemicals & commodity chemicals to polymers & specialty chemicals is estimated to fuel the growth of the market. Furthermore, rapid industrialization coupled with the increasing gross domestic product (GDP) in emerging economies is predicted to propel the growth of the market during the assessment period. 

Additionally, In the manufacture of polymers, textiles, fertilizers, chemicals, detergents, and numerous other goods, catalysts are employed. Additionally, the creation of the preservatives used in fruits and vegetables as well as the quick ripening of fruits depends on catalysts. Catalysts are used in almost all sectors for at least one process. Catalysts are a crucial component in the manufacturing processes of many different industries, including those that generate food, clothing, medicine, and a variety of other goods. Catalysts enable lower-cost product production, making high-quality.

Clariant, a sustainability-focused specialty chemical company, announced today that Jiangsu Shenghong Petrochemical Co., Ltd has awarded it a major contract to use Clariant's SynDane 3142 LA catalyst in its new maleic anhydride (MA) production plant in Lianyungang, Jiangsu province, China. With a manufacturing capacity of 200,000 tons per year, the new plant, which is set to begin operations in 2025, will be one of MA's largest production facilities worldwide.

Cisco will introduce its industrial Catalyst switch in 2022. The IE9300 employs Cisco Cyber Vision to enhance visibility and security. The latest hardware expands Cisco's Catalyst hardware offering for industrial applications.

Industrial Catalysts Market Segment Insights

Industrial Catalysts Material Insights

The Industrial Catalysts market segmentation, based on Material, includes Chemicals, metals, zeolites, and organometallic materials. The greatest market share in 2021 belonged to chemicals, which is anticipated to expand at the highest CAGR of 4.59% over the forecast period. The second-largest market for zeolites in 2019 is expected to increase at a CAGR of 3.86% in the forecast period. 

Industrial Catalysts Type Insights

Based on Type, the Industrial Catalysts market segmentation includes a heterogeneous catalyst and a homogeneous catalyst. The market share held by heterogeneous catalysts in 2019 was the greatest, and during the forecast period, it is expected to increase at the highest CAGR of 4.24%. Numerous businesses, namely those in the chemical, agricultural, petrochemical, and pharmaceutical sectors, make substantial use of heterogeneous catalysts. However, for heterogeneous catalysts to be used effectively, the circumstances or precise requirements must be met inside the chemical reactor without degradation or attrition.

Industrial Catalysts Application Insights

Based on Application, the Industrial Catalysts market segmentation includes petrochemicals, chemical synthesis, petroleum refinery, and others based on application. With a predicted CAGR of 4.87% throughout the projection period, Petroleum Refinery is expected to continue to have the highest market share in 2020.

Figure 2:  Industrial Catalysts Market, by Type, 2023 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Industrial Catalysts Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is likely to account for the largest value share corresponding to 33.7% in 2019, supported by the dominance of the automobile, petrochemicals, polymer, and chemical industries in China. China had a significant chunk of chemical and polymer production companies and thus, emerged as a manufacturing destination for chemical and petrochemical products owing to growing domestic demand and low manufacturing costs compared to the U.S. and the European Union countries. The market growth in the Asia Pacific is further augmented by the increasing FDI investments and lucrative growth opportunities projected by developing nations such as India and Vietnam.

Figure 3:  INDUSTRIAL CATALYSTS MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North America is the second-largest market, owing to the evolving low sulfur and automotive mandates that necessitate the application of environmental catalysts in the region. The mounting consumption of gasoline in the U.S. is anticipated to escalate the demand for catalysts used for transforming heavy crude oil into light fractions such as kerosene, diesel, and gasoline. Further, the growth of the oil and gas and chemical sectors in Mexico is a key factor contributing to market growth in North America.

The Middle East and Africa which represented a market value share of 6.5% in 2019 are expected to project lucrative opportunities for petroleum refining catalysts on account of oil and gas industry dominance in Saudi Arabia, Oman, Kuwait, and Qatar, countries of the region. A surge in domestic demand in the automotive, construction, packaging, and pharmaceutical industries is expected to propel chemical manufacturers to boost their production output for polymers and petrochemicals in the Middle East.

Industrial Catalysts Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Industrial Catalysts market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Industrial Catalysts industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Industrial Catalysts. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Industrial Catalysts industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Industrial Catalysts industry to benefit customers and expand the market sector. The Industrial Catalysts market has recently given medicine some of the most important advantages. Major Industrial Catalysts market players, including Bayer AG (Germany), The Dow Chemical Company (US), Albemarle Corporation (US), BASF SE (Germany), and others, are attempting to increase market demand by funding R&D initiatives.

BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.

Also, Albemarle is a developer, manufacturer, and marketer of highly engineered specialty chemicals. It operates through three segments: Lithium, Bromine, and Catalysts. The company offers lithium and lithium derivatives; bromine specialties for fire safety, oilfield drilling, pharmaceutical manufacturing, high-tech cleaning, water treatment, and food safety; and catalysts for hydroprocessing, isomerization, and alkylation, fluidized

Key Companies in the Industrial Catalysts market include

• Bayer AG (Germany)


• The Dow Chemical Company (US)


• Albemarle Corporation (US)


• BASF SE (Germany)


• Exxon Mobil Corporation (US)


• Akzo Nobel N.V. (the Netherlands)


• Chevron Phillips Chemical Company LLC (US)


• Clariant (Switzerland)


• Haldor Topsøe A/S (Denmark)


• INEOS (UK)


• Honeywell International Inc. (US)

Industrial Catalysts Industry Developments

In Jul 2021, Scientists from Hokkaido University created a catalyst for the manufacture of propylene that is extremely stable even at 600°C. Their design idea and research results were published in the journal Angewandte Chemie International Edition.

Industrial Catalysts Market Segmentation

Industrial Catalysts Material Outlook

• Chemicals


• Metals

Industrial Catalysts Type Outlook

• Heterogeneous catalyst


• Homogeneous catalyst

Industrial Catalysts Application Outlook

• Petrochemicals


• Chemical Synthesis

Industrial Catalysts Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America