Rising Demand for Industrial Catalyst For Manufacturing Eco-Friendly Fuels Drives Growth Till 2027 | Reports and Data
The Global Industrial Catalyst market is forecast to reach USD 26.48 Billion by 2027, according to a new report by Reports and Data. The increasing demand for eco-friendly fuels is boosting the growth of the sector. The underlying reason being, with increasing demand for eco-friendly fuels, there has been a growing demand for this catalyst due to its effectiveness in promoting clean fuel, enhancing operational efficiency and addressing fuel standards. Furthermore, there has been growing emphasis on industrial research and expansion of chemical industries, which is also acting as a driving factor for the market growth, wherein this catalysts is used as an accelerating element between two chemical reactions and involves less energy for activation. In various sectors ranging from automotive industry, petrochemical industries, chemical industries, among others, it finds application for emission control.
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Top Companies: BASF SE, Albemarle Corporation, Akzonobel N.V., Exxon Mobil Chemical Corporation, Arkema SA, Chevron Phillips Chemical Company, Evonik Industries AG, The DOW Chemical Company, Clariant AG and I. Du Pont De Nemours and Company (Dupont).
Further key findings from the report suggest
- In regards to Type, the Heterogeneous Catalyst segment held a significance share of more than 60.0% the in 2019. The market share held by the Heterogeneous Catalyst segment is attributed to various advantages associated with it like ease of separation, reusable and stable, which results in its wide preference among end-users.
- In context to Raw Material, the Metal segment held a considerable share of the market of more than 35.0% in 2019. The market share held by the Metal segment is attributed the elevated application of metal like CO-Metal when managing CO and catalyst.
- In context to Application, the Petroleum Refinery segment held a considerable share of the market of 35.0% in 2019. The market share held by the Petroleum Refinery segment is attributed to continuous expansion of the automotive sector, rising demand for fuel and elevating refining capacity expansion which is contributing to the market share held by this segment.
- In December 2017, BASF had made an investment in á¹¤roda á¹¤lÄ…ska, Polan, wherein the aim of the investment was expanding mobile emissions catalysts site. It aims at providing innovative catalysts solutions for supporting users to meet stringent emission regulation standards.
- In March 2017, BASF Catalysts India Private Limited inaugurated mobile emissions catalysts manufacturing site. The site was launched in Chennai, India. The focus of the expansion of upgrading production capacities of the company to support local automakers meet stricter government emissions standards.
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Segments covered in the report:
Dilution Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Homogeneous Catalyst
- Heterogeneous Catalyst
Raw Materials Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Organometallic Material
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Chemical Synthesis
- Petroleum Refinery
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The global Industrial Catalyst market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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