NEWARK, Del, July 31, 2023 (GLOBE NEWSWIRE) -- The Global High-Performance Catalyst Market is expected to grow at a CAGR of 4.7% from 2023 to 2033, according to a detailed report by Future Market Insights. In 2018, the market recorded sales of US$ 3,683.6 Million, and it is expected to reach a value of US$ 6,367.5 Million at the end of the projected period.
Expanding Petrochemical Industry Fuels Demand for High-Performance Catalysts:
One of the prominent drivers of the market is innovations in catalyst design and formulation are driving continuous research and development efforts to enhance catalyst performance and develop new materials. Growing demand for high-performance catalysts from the expanding petrochemical industry is a significant driver of the market. Stringent regulations imposed by governments and environmental agencies worldwide to curb pollution and control emissions are boosting demand for high-performance catalysts. The growing need for sustainable and eco-friendly production processes in various industries is driving demand for high-performance catalysts.
Government Initiatives Propel Catalyst Demand in Automotive Sector:
Government initiatives aimed at reducing emissions and controlling pollution have also fueled the demand for catalysts in the automotive sector, particularly for catalytic converters, which play a crucial role in reducing vehicle emissions. The market has witnessed significant R&D activities, with investments in catalyst innovation and optimization for specific applications and industries. This has resulted in the development of advanced high-performance catalysts that are capable of enhancing process efficiency and reducing environmental impact.
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China's Industrialization Drives Significant Demand for High-Performance Catalysts:
China's rapid industrialization has resulted in a substantial demand for high-performance catalysts in key sectors, such as petrochemicals, chemicals, and refining. This has created a substantial market for catalyst manufacturers in China.
To meet this growing demand, China has made significant investments in research and development activities related to catalyst technology. This has led to the development of new formulations and applications, and the country's strong research institutions and universities have played a vital role in advancing catalyst design.
High-Performance Catalysts' Crucial Role in Industrial Processes:
High-performance catalysts play a crucial role in various industrial processes, such as petroleum refining, petrochemical production, and environmental applications. These catalysts display remarkable performance, enabling the efficient conversion of reactants into desired products.
Heterogeneous Nature Enables Efficient Catalyst Recovery and Recycling:
One key aspect of high-performance catalysts is their heterogeneous nature, as they exist in a distinct phase, typically as solids, separate from the reactants and products. This characteristic makes it simple to separate and recover the catalyst after the reaction, allowing for purification and catalyst recycling.
Key Takeaways from the High-Performance Catalyst Market:
- The High-Performance Catalyst industry in the United States is predicted to reach US$ 6,367.5 million by 2033.
- The High-Performance Catalyst industry in India is estimated to reach a market share of US$ 4,022.5 million, expanding at a CAGR of 4.7% by 2023.
- During the forecast period, the High-Performance Catalyst industry in China is expected to reach a market share of US$ 1,757.4 million, securing a 5.1% CAGR.
- The India market scenario for the High-Performance Catalyst industry is predicted to achieve a market share of US$ 477.6 million, rising at a 5.3% CAGR during the forecast period.
- The Heterogeneous Catalysts segment is projected to hold a dominant market share in the product type segment in the market, with a CAGR of 4.8% from 2022 to 2033.
- The petrochemical end-use segment is anticipated to hold the largest market share in terms of value, with an estimated share of more than 37% in 2023.
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How Does the Competition Look in the High-Performance Catalyst Market?
The global High-Performance Catalyst market is fairly consolidated in nature. Prominent shares are captured by a few manufacturers in the global market. The manufacturers are adopting various strategies to maintain their market share.
Prominent manufacturers in the industry are focusing on product innovation, strategic partnerships, and collaborations, expansion into emerging markets, mergers and acquisitions, strengthening their supply chain network, and cost-effectiveness.
Prominent manufacturer in the High Performance Catalyst Industry
- BASF SE
- Clariant AG
- Evonik Industries AG
- W.R. Grace & Co.
- Johnson Matthey Plc
- Honeywell International Inc.
- Cabot Corporation
- Rhône-Poulenc Sa
- Umicore SA
- Mitsubishi Chemical Corporation
- DuPont
- Albemarle Corporation
- Nouryon (formerly AkzoNobel Specialty Chemicals)
- Chevron Phillips Chemical Company
- Shell Chemicals
- INEOS AG
- Huntsman Corporation
- LyondellBasell Industries
- Lanxess AG
- Celanese Corporation
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Segmentation Analysis of the Market
By Product Type:
- Heterogeneous Catalysts
- Homogeneous Catalysts
By End Use:
- Paints and Coating
- Wood
- Industrial
- Protective and Marine
- Architectural
- Automotive
- Other
- Electronics
- Water Treatments
- Oil Refining
- Petrochemicals
- Pharmaceuticals
- Fertilizers
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- The Middle East & Africa
Have a Look at Related Reports of Chemicals & Materials Domain:
Hydro-processing Catalysts Market Size: The global hydro-processing catalysts market is expected to reach US$ 2,565.46 million by 2032, with a steady CAGR of 2.3% during the forecast period.
Emission Control Catalyst for Marine Market Share: The emission control catalyst for the marine market is expected to rise to US$ 1,673.01 million by 2033. The sales of emission control catalysts for marine are expected to thrive at a significant CAGR of 5.3% during the forecast period.
Environmental Catalysts Market Trends: The environmental catalysts market is estimated to increase at a CAGR of 4.4% from 2022 to 2032. By 2032, the environmental catalysts market is expected to be worth USD 59.33 billion.
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High Performance Refinery Additives Market Overview: The market is likely to surpass US$ 3.3 billion by 2033 at a CAGR of 4.2% during the forecast period.
Emission Control Catalyst for Small Engines Market Revenue: The emission control catalyst for small engines market valuation to reach US$ 1,524 million by 2033.
Emission Control Catalyst for Motorcycle Market Value: The emission control catalyst for motorcycle market is expected to expand at a 6% CAGR from 2023 to 2033. The market size is projected to rise to US$ 6.20 billion by 2033.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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