Catalyst Market to Surpass 48.9 Billion by 2030 Drives Due to the Increasing Demand from the Automobile Industry
SkyQuest projects that the catalyst market will attain a value of USD 48.9 billion by 2030, with a CAGR of 5.6% over the forecast period (2023-2030). The catalyst market is experiencing revenue growth driven by various factors. One significant factor is the increasing demand from the automobile industry, primarily due to shifting energy demands towards alternative fuels such as biodiesel. The global push for cleaner and more sustainable energy sources has led to a surge in demand for catalysts that efficiently convert renewable feedstocks into biofuels.
Westford,USA, Aug. 23, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, there is a growing demand for catalysts that enable the conversion of bio-derived feedstock into industrially relevant chemicals in the catalyst market. The economy is gaining traction with an emphasis on sustainable and environmentally friendly practices. Catalysts that can efficiently convert renewable resources, such as biomass and bio-based feedstocks, into value-added chemicals are essential for the development of the bioeconomy.
Browse in-depth TOC on “Catalyst Market”
- Pages – 265
- Tables – 92
- Figures – 76
Catalysts play a crucial role in the polymerization process of monomers with carbon-carbon double bonds in the catalyst market. In chain reaction polymerization, organic peroxides are commonly used as free radical catalysts.
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Prominent Players in Catalyst Market
- Albemarle Corporation
- Axens
- BASF SE
- Clariant AG
- Dow Chemical Company
- Evonik Industries AG
- ExxonMobil Chemical Company
- Haldor Topsoe A/S
- Honeywell International Inc.
- Johnson Matthey PLC
- LyondellBasell Industries N.V.
- Mitsui Chemicals, Inc.
- SABIC
- Shell Global Solutions International B.V.
- Solvay S.A.
- Sumitomo Chemical Co., Ltd.
- Umicore Group
- W.R. Grace & Co.
- Zeolyst International Inc.
- Zeochem AG.
Heterogeneous Catalysts Segment is Expected to Grow the Market Due to their Exceptional Performance
Heterogeneous catalysts segment held the largest market share in the catalyst market. This segment’s dominance can be attributed to its properties, such as recyclability, eco-friendliness, and easy recoverability. Heterogeneous catalysts have garnered significant attention due to their exceptional performance in various applications.
The markets in North America emerged as the second-largest region in the catalyst market. The market growth is primarily driven by evolving automobile mandates that require environmental catalysts. These regulations aim to reduce emissions and promote cleaner and more sustainable transportation.
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Homogeneous Catalysts Segment is Expected to Dominate the Market Due to the Favorable Characteristics
Homogeneous catalysts segment held a significant market share in the catalyst market. This segment’s prominence can be attributed to the favorable characteristics and advantages offered by homogeneous catalysts compared to heterogeneous catalysts.
Regional markets inthe Asia Pacific emerged as the dominant region in the catalyst market, capturing a revenue share of 34.5%. This growth can be primarily attributed to the strong presence of China’s chemical, polymer, petrochemical, and automobile sectors in the region. China has played a significant role in driving the market’s expansion.
A comprehensive analysis of the major players in the catalyst market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Catalyst Market
- Recently, BASF SE announced its acquisition of Zodiac Enterprises LLC in Caldwell, Texas. This strategic move aims to enhance BASF’s capability and capacity for chemical catalyst recycling. The newly acquired facility will complement BASF’s existing operations in Seneca, South Carolina, where precious metals are recycled from industrial scrap, primarily chemical catalysts. Expanding its recycling capabilities will enable BASF to recover and reuse precious metals effectively, contributing to sustainability and resource conservation efforts.
- Recently, a subsidiary of Bharat Petroleum Corporation Ltd. (BPCL) selected Axens for the supply of advanced technologies in the gasoline block for its Numaligarh Refinery Expansion Project. BPCL plans to expand the refinery’s capacity to 9000 KT (thousand metric tonnes) per annum as part of the project.
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Key Questions Answered in Catalyst Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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