Light-powered Catalyst Market Forecasts to 2028 – Global Analysis By Product Type (Polymers and petrochemicals, Environmental, Chemical synthesis, Petroleum refining, Heterogeneous Catalyst and Other Product Types), Raw Material (Metals, Zeolites, Chemica

Light-powered Catalyst Market Forecasts to 2028 – Global Analysis By Product Type (Polymers and petrochemicals, Environmental, Chemical synthesis, Petroleum refining, Heterogeneous Catalyst and Other Product Types), Raw Material (Metals, Zeolites, Chemical compounds and Other Raw Materials) and By Geography

According to Stratistics MRC, the Global Light-powered Catalyst Market is accounted for $3.48 billion in 2022 and is expected to reach $7.07 billion by 2028 growing at a CAGR of 12.5% during the forecast period. Light-driven chemical reactions provide a strong tool for scientists developing novel methods of producing medicines and other important molecules. Photoredox catalysts, that absorb light and transmitting energy to those chemical processes, are required to harness the light energy. The innovative catalysts, that could be tailored to conduct a wide range of reactions, might potentially be put into other materials such as fabrics or particles. These catalysts operate by receiving photons and then converting that light energy into chemical energy, similar towards how chlorophyll in plant cells receives solar energy and utilizes it to make sugar molecules.

Market Dynamics:

Driver:

The growing need for catalysts

The rising need for catalysts across applications like polymers and petrochemicals, chemical synthesis, petroleum refining and environmental is creating a market among manufacturers for process optimization, yield improvement, cost-saving and energy-saving. Catalyst consumption has increased due to shifting energy patterns toward alternative fuels such as biodiesel and shale gas fuel. Furthermore, businesses aiming to add value to their feedstock or refining by generating value-added petrochemicals and chemicals have boosted demand for the expansion of market.

Restraint:

Availability of substitutes

The challenge of substitutes exists within the market. The availability of zinc oxide and cadmium sulphide is threatening the replacement, the highest-grossing substance in the industry. The substitutes are also available at cheaper prices and are affordable. The substitutes offer cheaper solutions and it makes it an easy substitute. Therefore these aspects act as the major challenges to the market.

Opportunity:

High-energy reactions

A bio hybrid photo-catalyst is a form of catalyst that incorporates a light-harvesting protein that collects light and transmits the energy to a metal-containing catalyst. This catalyst then converts the energy into reactions that can be used to synthesise medications or transform trash into bio fuels or other valuable molecules. Most catalysts speed up reactions by lowering the energy barrier needed for the reaction to occur. This allows them to catalyze reactions that couldn’t occur without that extra input of energy. Thus, these are the factors influencing the growth of the market.

Threat:

High cost of production

High price of production and concern regarding sintering, a leading cause of deterioration of catalytic performance of industrial catalyst operating at elevated temperatures are a few factors hindering the growth. In addition, several factors contribute to high cost of producing and purifying catalysts. They are produced in extremely small quantities and small scale manufacturing is frequently expensive. These catalysts require multistep combinations, which increases cost. Hence, these factors are hampering the growth of the market.

Covid-19 Impact

The unusual outbreak of COVID-19, which has resulted in the closure of industries and production facilities, has resulted in a large drop in demand for oil, the first such occurrence in a decade. Due to a stop in air travel and national lockdowns, global gasoline demand is predicted to fall. A number of facilities have been shut down, and others are operating at reduced rates, which may have an influence on market demand. The economic slowdown has led to the disruption of the operations and production of the market which has caused huge losses to the industry. There are heavy restrictions on imports and exports which is also a huge challenge to the market.

The heterogeneous catalysts segment is expected to be the largest during the forecast period

The heterogeneous catalysts segment is estimated to have a lucrative growth, due to the advantages of heterogeneous catalyst application include low cost, easy separation of catalyst from products, and convenience of application. To minimise toxicity, homogeneous catalysts are transformed into heterogeneous catalysts using solid supports. Furthermore, the acceptability of heterogeneous catalysts over homogeneous equivalents for biodiesel production is expected to enhance market growth.

The chemical compounds segment is expected to have the highest CAGR during the forecast period

The chemical compounds segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their porosity and vast surface area. Hydrofluoric, Sulphuric acid, acid, and calcium carbonate are utilised as catalyst raw materials in a wide range of applications in the chemical, petrochemical, and polymer industries. Noble metals and non-noble metals are utilised for dehydrogenation and hydrogenation, while nickel and cobalt are also employed as essential catalyst raw materials. Thus, these factors are boosting the growth of the segment.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to predominance in the vehicle, petrochemical products, polymer, and chemical sectors. It had a significant number of chemical and polymer production companies, and as a result, it has emerged as a manufacturing desired location for petrochemical and chemical products, owing to rising domestic demand and low manufacturing costs. The increased FDI investments and attractive development prospects presented by developing nations are improving market expansion there in region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the region's developing low sulphur and automobile standards, which necessitate the use of environmental catalysts. The rising use of gasoline is expected to increase demand for catalysts used in the conversion of heavy crude oil into light fractions such as the diesel, kerosene and also gasoline. Furthermore, the expansion of oil and gas and chemical industries is a crucial driver supporting to market growth in the Region.

Key players in the market

Some of the key players profiled in the Light-powered Catalyst Market include Clariant AG, Chevron Phillips Chemical Company LLC, Evonik Industries AG, Dow Chemical Company, Albemarle Corporation Johnson Matthey, Johnson Matthey, BASF SE , Dorf Ketal Chemicals (I) Pvt. Ltd., W.R. Grace and Co and ELight-powered Catalyst Marketonmobil Corporation.

Key Developments:

In October 2022, Clariant and Dorf Ketal, two of the world’s leading specialty chemical products and services companies, have announced a definitive agreement for Dorf Ketal to acquire Clariant’s North American (NORAM) Land Oil business, a provider of chemical technologies and services to the North American oil and gas industry.

In September 2019, Chevron Phillips Chemical Company LLC and Qatar Petroleum announced they have signed an agreement to jointly pursue development of a new petrochemical plant in the Gulf Coast region of the United States.

Products Types Covered:
• Polymers and petrochemicals
• Environmental
• Chemical synthesis
• Petroleum refining
• Heterogeneous Catalyst
• Other Product Types

Raw Materials Covered:
• Metals
• Zeolites
• Chemical compounds
• Other Raw Materials

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements