The Global Market for Chemical Processing Catalysts is Projected to Reach US$16.4 Billion by 2024
Healthy
Chemical Production Trends & Migration to High-Performance Catalysts to Drive
Growth in the Global Chemical Processing Catalysts Market, According to a New
Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Chemical Processing
Catalysts market. The global market for Chemical
Processing Catalysts is projected to reach US$16.4 billion by 2024, driven by healthy chemical
production outlook and migration to high-performance, as well as high
selectivity catalysts to improve productivity.
Chemistry
is at the core of more than 95% of all products manufactured worldwide as it
touches number of stages in the manufacturing process in important sectors such
as pharmaceuticals, communications, alternative energy, IT, buildings and
transportation. The global chemical industry realizes revenues of nearly US$3.8
trillion and employs millions of people, and is projected to realize revenues
of about US$7.0 trillion by the year 2030. However, the huge market for
chemicals also entails enormous consumption of energy. Catalysts play a vital
role in decreasing energy consumption in chemical processes. Catalysts ensure
efficient usage of raw materials, reduce waste, and hence are extensively used
in the production of chemicals and industrial products. Ongoing research
studies are geared towards developing catalysts and other process improvements
capable of reducing energy consumption and emissions in manufacturing.
Catalysts, available in various forms, from molecules and atoms to large
structures like enzymes or zeolites, are integral components in
the chemical industry enabling manufacturers to reduce process costs as well as
develop innovative product formulations to gain edge over competitors.
The
market is expected to witness steady demand driven primarily by the recovery in
polymer and chemical industries in developed economies and expanding polymer
production globally. Consumption of catalysts is also boosted by increasing use
of high-performance catalysts for pushing up process yields and for extending
catalyst life. Other supportive factors include reduction in volume of
high-value metals in catalysis without compromising yields; development and
commercialization of chiral catalysts used in selective hydrogenation for
producing fine pharmaceuticals or chemicals for agrochemicals and aroma. High selectivity
is one of the most desired features for catalyst users as even a slight
increase in the parameter can lead to good reductions in formation of
byproducts, which saves them significant amounts which they would otherwise
spend on purification. The need to increase food production is driving demand
for fertilizers, which are used to enhance crop yield and improve food quality
by offering protection to crops against diseases and pests. The increasing
demand for fertilizers is in turn fueling demand for syngas catalysts.
As
stated by the new market research report on Chemical Processing
Catalysts, Asia-Pacific
region commands the largest share of the market, primarily owing to the large
concentration of chemical production in the region. In addition, the trend of
shifting chemical production to Asian countries from developed markets in the
US and Europe is continuing, resulting in the Asia-Pacific region forecast to
emerging as the fastest growing market with a CAGR of 6% over the analysis
period. By product, Polymerization Catalysts, Oxidation
Catalysts, and Synthesis Gas Catalysts represent the largest
segments for Chemical Processing
Catalysts. Polymerization Catalysts also represent the fastest growing segment
for Chemical Processing Catalysts.
Major
players in the market include Air Products and Chemicals, Inc., Albemarle
Corporation, BASF Catalysts LLC, Clariant International, Evonik Industries AG,
Johnson Matthey plc, INEOS Group Holdings S.A, LyondellBasell Industries N.V.,
and W. R. Grace & Company among others.
The
research report titled "Chemical Processing
Catalysts: A Global Strategic Business Report" announced by Global Industry Analysts
Inc., analyzes a wealth of data including technological trends, growth drivers
and major challenges that are shaping the global Chemical Processing Catalysts
market, as well as profiles of leading vendors, mergers, acquisitions and other
strategic industry activities. The report provides market estimates and
projections in US$ for major geographic markets including the United States,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of
Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East
& Africa, and Latin America (Brazil, and Rest of Latin America). Product
Segments analyzed in the report include Polymerization Catalysts, Oxidation
Catalysts, Organic Synthesis Catalysts, Synthesis Gas Catalysts, Hydrogenation
Catalysts, and Dehydrogenation Catalysts.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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