Market Overview:
Industrial Catalysts are substances that speed up reactions by providing an alternative pathway for the breaking and making of bonds. They are used to improve the industrial chemical process yield. For instance, with the use of a catalyst is possible to lower the temperature and the pressure at which the process operates and thus save the required fuel. Furthermore, it is possible to reduce the number of reactants that are wasted forming unwanted by-products. Industrial catalysts have major applications in the oil & gas industry.
As per our analysis, some of the prominent market factors and trends identified in the global industrial catalysts market include rapid industrialization, rising demand for chemicals, and increasing expenditure on research activities. Moreover, demand for industrial catalysts is predicted to witness a significant growth over the assessment period due to surging oil & gas industry. Rising crude oil production across the globe is anticipated to be an important driver for industrial catalysts market during the review period owing to the rising need for sulfur treated petroleum end products resulting into increasing demand for oil & gas industries. Increasing demand for basic chemicals & commodity chemicals to polymers & specialty chemicals is estimated to fuel the growth of the market. Furthermore, rapid industrialization coupled with increasing gross domestic product (GDP) in emerging economies is predicted to propel the growth of the market during the assessment period, 2017-2023. On the other hand, the negative impact of petrol refining process is that leave volatile organic compounds (VOCs) into the environment. In future, new laws and policies and coupled with increasing concern for the clean environment may hamper the growth of petrol refineries.
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Market Segmentation:
The Global Industrial Catalysts Market is categorized on the basis of:
On The Basis Of Type:
• Homogeneous,
• Heterogeneous
On The Basis Of The Substance:
• Metallic,
• Chemical,
• Zeolite,
• Organometallic,
• Others
On The Basis Of Application:
• Petroleum Refining,
• Chemical Manufacturing,
• Environmental,
• Food Processing,
• Others
On The Basis Of Region:
• Asia Pacific,
• Europe,
• Latin America,
• North America,
• Middle East & Africa.
Major Key Players:
Some of the Top Key Players operating in the global Industrial Catalysts Market are:
• BASF SE (Germany),
• Bayer AG (Germany),
• The Dow Chemical Company (U.S.),
• Akzo Nobel N.V. (the Netherlands),
• Clariant (Switzerland),
• Chevron Phillips Chemical Company LLC (U.S.),
• Exxon Mobil Corporation (U.S.),
• Haldor Topsøe A/S (Denmark),
• INEOS (U.K), and
• Honeywell International Inc. (U.S.),
• Others.
Regional Analysis:
The global Industrial Catalysts Market is spanned across Five Key Regions:
• Asia Pacific,
• North America,
• Europe,
• Latin America,
• Middle East & Africa.
The Middle East & Africa is estimated to be the largest industrial catalysts market followed by Asia Pacific, North America, and Europe due to strong existence of crude oil reserves. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for industrial catalysts in chemicals manufacturing. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for industrial catalysts, and are estimated to grow at the same pace over the forecast period. Improving living standards along with the flourishing growth of petro refineries and coal gasification industry is predicted to contribute to the regional market growth. In North America, the U.S. industrial catalysts market is anticipated to grow rapidly due to expansion of offshore and onshore activities as well as increasing innovations. In Latin America, Mexico is expected to register a strong growth due to the robust presence of petro refineries manufacturers.
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