Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global industrial catalyst market size reached US$ 22.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.

A catalyst refers to a substance that improves the rate of a chemical reaction without undergoing any physical or chemical change. It enhances chemical processes and minimizes waste, production time, energy consumption, and operational cost. It assists in enhancing the air quality by controlling emissions, mitigating volatile organic compounds (VOCs), formulating improved oil fractions, including natural gas, biodiesel, and propane, and synthesizing active compounds and intermediates. As a result, industrial catalysts are widely used in petroleum refining, petrochemical production, environment protection reactions, organic synthesis, polymer processing, and bulk chemical synthesis.

Industrial Catalyst Industry Trends:
The growing expansion of the petroleum industry is resulting in the rising establishment of petrol refining capacities and the need for various chemical products and eco-friendly fuels. This, in turn, is positively influencing the market. In addition, the escalating demand for petroleum-based products from power generation plants is expanding the applications of industrial catalysts in petroleum refining and petrochemical plants for a convenient, quicker, safer, and more efficient production process. Apart from this, the rising use of catalytic converters in automobile manufacturing emission control systems is offering lucrative growth opportunities to industry investors. This can also be attributed to increasing environmental concerns and the implementation of stringent government regulations for controlling emission levels. Furthermore, the development of nano-catalysts that assist in enhancing catalytic procedures in the pharmaceutical and food and beverage (F&B) industries are creating a positive market outlook. Moreover, strategic collaborations amongst leading industry players to expand their global market reach, along with increasing investments in research and development (R&D) activities to enhance catalysts efficiency while minimizing operational costs, are impelling the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial catalyst market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, raw material and application.

Breakup by Type:

Heterogeneous Catalysts
Homogeneous Catalysts
Biocatalysts

Heterogeneous catalysts exhibit a clear dominance in the market due to their robustness and lower operational cost.

Breakup by Raw Material:

Mixed
Oxide
Metallic
Sulfide
Organometallic

Mixed catalysts account for the majority of the global industrial catalyst market share as they are extensively used in the production of selective oxidation catalysts, hydrogen, and electrocatalysis for solid oxide fuel cells.

Breakup by Application:

Petroleum Refinery
Chemical Synthesis
Petrochemicals
Others

Petroleum refineries presently hold the largest market share due to the increasing demand for petroleum products across the globe.

Regional Insights:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

The Asia Pacific currently enjoys the leading position in the market due to the significant rise in petroleum refining and the increasing use of catalysts in various industries.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 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, and The DOW Chemical Company.

Key Questions Answered in This Report

1. What was the size of the global industrial catalyst market in 2022?
2. What is the expected growth rate of the global industrial catalyst market during 2023-2028?
3. What has been the impact of COVID-19 on the global industrial catalyst market?
4. What are the key factors driving the global industrial catalyst market?
5. What is the breakup of the global industrial catalyst market based on the type?
6. What is the breakup of the global industrial catalyst market based on the raw material?
7. What is the breakup of the global industrial catalyst market based on the application?
8. What are the key regions in the global industrial catalyst market?
9. Who are the key players/companies in the global industrial catalyst market?