Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial catalyst market size reached US$ 22.7 Billion in 2022. Looking forward, the market is set to reach US$ 29.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Industrial catalysts are widely used in petroleum refining, petrochemical production, environment protection reactions, organic synthesis, polymer processing, and bulk chemical synthesis.
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.
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.
Key Questions Answered in This Report
- What was the size of the global industrial catalyst market in 2022?
- What is the expected growth rate of the global industrial catalyst market during 2023-2028?
- What has been the impact of COVID-19 on the global industrial catalyst market?
- What are the key factors driving the global industrial catalyst market?
- What is the breakup of the global industrial catalyst market based on the type?
- What is the breakup of the global industrial catalyst market based on the raw material?
- What is the breakup of the global industrial catalyst market based on the application?
- What are the key regions in the global industrial catalyst market?
- Who are the key players/companies in the global industrial catalyst market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $22.7 Billion |
| Forecasted Market Value (USD) by 2028 | $29 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Competitive Landscape:
- Albemarle Corporation
- Arkema S.A.
- BASF Corporation
- Clariant AG
- Evonik Industries AG
- Exxon Mobil Chemical Corporation
- Akzo Nobel N.V.
- Chevron Phillips Chemical Company
- The DOW Chemical Company
Key Market Segmentation:
Breakup by Type:
Heterogeneous catalysts exhibit a clear dominance in the market due to their robustness and lower operational cost.
- Heterogeneous Catalysts
- Homogeneous Catalysts
- Biocatalysts
Breakup by Raw Material:
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.
- Mixed
- Oxide
- Metallic
- Sulfide
- Organometallic
Breakup by Application:
Petroleum refineries presently hold the largest market share due to the increasing demand for petroleum products across the globe.
- Petroleum Refinery
- Chemical Synthesis
- Petrochemicals
- Others
For more information about this report visit https://www.researchandmarkets.com/r/td8q2a
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