San Francisco, 06 May 2024: The Report Catalyst Market Size, Share & Trends Analysis Report By Raw Material (Chemical Compounds), By Product by Application (Heterogeneous, Homogeneous), By Region, And Segment Forecasts, 2024 - 2030

The global catalyst market size is expected to reach USD 42.63 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2024 to 2030. Catalyst refers to the class of compounds or chemicals that enables a chemical reaction to proceed at a pace faster than otherwise possible. Depending on the similarity or dissimilarities of the catalyst with the reactants, a catalyst can be either homogeneous or heterogeneous. Therefore, based on product type, the market is segmented as homogeneous and heterogeneous catalysts.

The raw materials used for catalyst manufacturing include acids, peroxides, and amines, which are generally classified as chemical compounds. Metals including precious metals and base metals besides zeolites are the prominent raw material market segments. A catalyst finds numerous applications in end-use industries such as chemicals (adsorbents, polyolefins); petroleum refining (alkylation, hydrotreating, hydrocracking, catalytic reforming); polymers and petrochemicals; and automotive (motorbikes, light-duty, and heavy-duty vehicles) owing to the benefits obtained by the application of a catalyst in any particular chemical reaction.

The global market has witnessed a significant growth rate over the past few years owing to the benefits it has gained from high-value product segments. For instance, the application of catalysts in an automobile reduces carbon emissions that are harmful to the environment and, thus, their application is highly promoted by governments globally. Favorable government regulations, in turn, have increased the demand for catalysts in the automotive industry across regions.

Catalysts are increasingly being used to reduce the processing time of crude oil refining along with improving refining equipment efficiency. These factors are likely to fuel the demand for catalysts over the projected forecast period. However, volatile prices of raw materials, including gold and platinum, are expected to hamper the manufacturing output of catalysts, thereby restraining the market growth. Nonetheless, the introduction of biocatalysts is expected to open new avenues for the market over the forecast period.

Key market players include BASF, Johnson Matthey, W.R. Grace, Albemarle Corporation, Evonik Industries AG, and DuPont. In July 2014, Johnson Matthey Process Technologies established a new production site in Brazil which manufactures catalyst for captive hydrogen production in the refining sector. This initiative was taken to ensure product supply to refining companies located in Latin America over the next eight years.

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There has been an increase in demand for catalysts from manufacturers worldwide for process optimization, yield improvement, cost-saving, and energy saving due to the escalating demand from applications such as petroleum refining, chemical synthesis, polymers & petrochemicals, and environmental.

Catalyst Market Report Highlights

• Chemical compounds dominated the market with a volume share of 39.8% in 2023, it is used as catalyst raw materials for numerous applications in chemical, petrochemical, and polymer industries
• Homogenous is predicted to witness the fastest growth, in terms of revenue, with a CAGR of 4.9% from 2023 to 2030. The growing popularity of organometallic compounds to produce polyethylene and polypropylene is further expected to fuel their demand in the near future
• Asia Pacific dominated the catalyst market with a volume share of 34.8% in 2023. This can be attributed to the rapid development of the chemical industry, predominantly in the emerging economies of the region such as China and India
• In June 2020, Albemarle Corporation entered into a definitive agreement with W. R. Grace & Co. for selling its polyolefin catalyst and components business for a value of around USD 416 million
• With the escalating demand from applications including chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental there has been an upsurge in demand for catalysts for process optimization, yield improvement, cost-saving, and energy saving amongst the manufacturers globally

The polymer market is highly fragmented and includes thermosets, thermoplastics, and elastomers. Growth in these individual markets is anticipated to boost the market for catalysts over the next eight years. The consistent rise in demand for polymers in various end-use industries, including the automotive and electrical & electronic industries, is anticipated to have the highest potential for growth of the catalyst market, as China is likely to fuel the demand for polypropylene and polyethylene due to low-cost labor, downstream processing capacity conditions, and government stimulus packages.

Moreover, stringent environmental regulations are a major disadvantage to the refining industry; however, they prove to be very advantageous to the refinery catalyst market. The use of “drop-in” catalysts is a preferred choice for existing refinery setups. Intensive R&D activities are being undertaken by catalyst manufacturers to keep pace with the rapidly expanding refinery industry.

Global Catalyst Market Report Scope:

The U.S. catalyst market is projected to grow at a significant rate on account of expanding end-use industries including chemical, refinery, and petrochemical. The growing gasoline demand in the U.S. is anticipated to contribute to the significance of hydrocracking and FCC activities intended for transforming heavy crude oil to light cuts, thereafter, influencing the catalyst market on a positive note.

List of Key Players in the Catalysts Market

• Albemarle Corporation
• Haldor Topsoe A/S
• BASF SE
• Evonik Industries AG
• LyondellBasell Industries Holdings B.V.
• Arkema
• The Dow Chemical Company
• Haldor Topsoe A/S
• W. R. Grace & Co.-Conn.
• Johnson Matthey