Catalyst Market Is Expected to Witness an Incredible Growth by 2027 with COVID -19 Impact
The industry is valued at US$35.1 billion in 2020 and is expected to grow at a CAGR of 4.8% over the forecast period. The main factor driving growth is the increasing consumption of the chemical to manufacture value added petrochemical products.
ChemIntel360’s global Catalyst market study is a 130+ slide report containing in-depth analysis on historical and forecasted spending and consumption patterns in the sector. We offer granular value and volume data from a global, regional, and applications perspective.
Growing demand for Catalyst for different applications such as chemical synthesis, environmental, petroleum refining, and polymers and petrochemicals is expected to drive the market during the forecast period. In addition, stringent mandates related to carbon dioxide and sulphur dioxide emissions released from the vehicles is also expected to contribute to market growth over the forecast period.
Application Insight
The chemical synthesis segment is expected to account for the largest share of the market at 30.5% in 2021. Catalysts are widely used in chemical synthesis due to their cost-effectiveness.
In addition to chemical synthesis, the catalysts are mainly utilized in cracking process of crude oil to enhance the yield of lower molecular weight products. The use of a catalyst increases the rate of hydrocracking reactions at optimal temperature, thus providing energy-saving benefits.
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Regional Insight:
APAC accounted for 46.5% of the Catalyst market, aided by the growth of the regional automotive, petrochemicals, and chemical sectors, which are big users of Catalyst. Factors such as increasing domestic demand and low manufacturing cost compared to the developed countries have prompted many chemical manufacturing firms to set up base and expand in the region.
North America is the second-largest Catalyst market, due to the growing low sulfur and automobile emission mandates that require the use of environmental catalysts in the region. Moreover, the growth of chemical and oil and gas sectors in the region would contribute the growth of the North American market.
Market Dynamics
Trends
There is a growing trend of using more base metal derived Catalysts as they are relatively inexpensive and abundantly available compared to conventional Catalysts. In addition, they display low toxicity and are considered to be more eco-friendly.
Covid Impact on the market
The global Catalyst market was adversely affected by COVID-19 primarily due to the labor shortage caused by strict lockdown and travel restrictions imposed by various governments worldwide. Meanwhile, chemical manufacturing and refining activities across the globe were also stalled or indefinitely delayed, creating much uncertainty in the market. Global fuel consumption also took a strong hit because of a break in air travel and lockdowns. However, with most of the world now gradually emerging from the worst effects of the pandemic, chemical manufacturing activities have already begun to reach pre-pandemic levels, which augur well for the demand for Catalyst in the future.
Drivers
Greenhouse emissions released from internal combustion engine driven vehicles and other stationary processing units into the atmosphere have adversely impacted the environment. As per the US Environmental Protection Agency report, a conventional automobile accounted for 4.6 metric tons of carbon dioxide emissions every year. To reduce these emissions, new regulatory guidelines to lower air pollution have been introduced by regulatory bodies across the globe. These guidelines dictate the petroleum treatment process to be more efficient, making them reliant on the catalysts.
Opportunities
New types of fuel-cell Catalysts comprising of Graphene laced with cobalt nanoparticles and developed by Brown University researchers, have proven to be more durable and effective as compared to conventional Catalysts which have large amounts of platinum. As these Catalysts have no precious metals associated with them, they can lead to lower overall catalyst costs for the manufacturers. These catalysts offer a key opportunity for the existing market players to enter into automotive battery market.
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Challenges
Many of the conventional Catalyst comprise of precious metals which are doped with other compounds for improving their overall efficiency. As these metals are mined in a few countries, there is a continuous dependence on a few mines located across the globe for a constant supply. This dependency can hinder the growth of the market during the forecast period.
Competitive Landscape:
BASF, Albemarle Corporation, Exxonmobil Corporation, Haldor Topsoe, Evonik Industries, Johnson Matthey, LyondellBasell Industries Holdings, Clariant AG, W.R.Grace, Dorf Ketal Chemicals
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