Catalyst Market Outlook: World Approaching Demand & Growth Prospect 2021-2030
According to the report published by Allied Market Research, the global catalyst market generated $35.5 billion in 2020, and is projected to reach $57.5 billion by 2030, witnessing a CAGR of 4.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Eswara Prasad, a Manager, Chemical and Material at Allied Market Research, stated, “The global catalyst market is expected to possess high growth potential in the coming years, as the most important use of zeolites, particularly by volume, is in catalytic cracking, in which the faujasite zeolites X and Y were applied by Mobil Oil in early 1960s. It is used in acidic form in petroleum refinery catalytic cracking units to increase the yield of gasoline and diesel fuel from crude oil feedstock by cracking heavy paraffins into gasoline grade napthas. In addition, it can also be employed for upgrading fuel products and air liquefication process. Structure of FAU makes it suitable for other applications such as adsorption, odor removal, hydrocarbon adsorption, and heat management. Properties such as 3D pore structure, angle of pore structure, shape selectivity, size of structure, acidity level, and electronic interactions among guest molecules makes them ideal for replacement of carbon molecules. However, the outbreak of the COVID-19 pandemic has a negative impact on the market.”
COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to global lockdown, due to which, daily operations in the sectors including oil & gas, polymer catalysis, chemical manufacturing, automotive, and others have been disrupted. Owing to high dependence on these sectors, the catalyst market has been impacted negatively.
Several chemical manufacturing companies, in which catalysts are widely used for chemical synthesis, hydro processing, and other applications, have closed down their operations either completely or partially due to the risk of infections among the workforce.
The report offers detailed segmentation of the global catalyst market based on type, process, application, and region.
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Based on process, the recycling segment held the highest market share in 2020, accounting for nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the regeneration segment is estimated to register the highest CAGR of 5.2% from 2021 to 2030.
Based on type, the metals segment held the largest market share in 2020, accounting for nearly one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the enzymes segment is projected to register the highest CAGR of 5.5% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, contributing to nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the Asia-Pacific region is projected to manifest the fastest CAGR of 5.4% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global catalyst market analyzed in the research include Albemarle Corporation, BASF SE, Chevron Phillips Chemical Company LLC, Clariant AG, Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Chemical Company, Evonik Industries AG, Exxonmobil Corporation, Johnson Matthey, and W.R. Grace and Co.
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