The global industrial Catalyst market size was USD 20.4 Billion in 2022 and is expected to reach USD 34.6 Billion in 2032, and register a revenue CAGR of 5.3% during the forecast period. The need for industrial catalysts is rising across a range of applications, including petrochemicals, chemicals, and polymers, among others, and this is a major factor driving market revenue growth. The market revenue growth is further fueled by increasing emphasis on increasing the efficacy, cost-effectiveness, and waste reduction of industrial processes.
Growth in the chemical sector and rising Petrochemical demand are expected to drive the market revenue growth. During the forecast period, market revenue growth is expected to be driven by growing use of industrial catalysts in the manufacturing of several chemicals, including fertilizers, Plastics, and polymers. In addition, the necessity to minimize greenhouse gas emissions and rising demand for cleaner fuels are expected to drive market revenue growth.
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Further key findings from the report suggest
- In regards to Type, the Heterogeneous Catalyst segment held a significance share of more than 60.0% the in 2019. The market share held by the Heterogeneous Catalyst segment is attributed to various advantages associated with it like ease of separation, reusable and stable, which results in its wide preference among end-users.
- In context to Raw Material, the Metal segment held a considerable share of the market of more than 35.0% in 2019. The market share held by the Metal segment is attributed the elevated application of metal like CO-Metal when managing CO and catalyst.
- In context to Application, the Petroleum Refinery segment held a considerable share of the market of 35.0% in 2019. The market share held by the Petroleum Refinery segment is attributed to continuous expansion of the automotive sector, rising demand for fuel and elevating refining capacity expansion which is contributing to the market share held by this segment.
- In December 2017, BASF had made an investment in Ṥroda Ṥląska, Polan, wherein the aim of the investment was expanding mobile emissions catalysts site. It aims at providing innovative catalysts solutions for supporting users to meet stringent emission regulation standards.
- In March 2017, BASF Catalysts India Private Limited inaugurated mobile emissions catalysts manufacturing site. The site was launched in Chennai, India. The focus of the expansion of upgrading production capacities of the company to support local automakers meet stricter government emissions standards.
- Key participants include BASF SE, Albemarle Corporation, Akzonobel N.V., Exxon Mobil Chemical Corporation, Arkema SA, Chevron Phillips Chemical Company, Evonik Industries AG, The DOW Chemical Company, Clariant AG and I. Du Pont De Nemours and Company (Dupont).
- Deals Landscape
- BASF had acquired global styrene catalysts business of global styrene catalysts business. With the help of such acquisition the company would be able to strengthen its positioning in industrial catalyst sector.
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