Catalysts Market to Reach $40,000 Million by 2022, Globally - Allied Market Research
PORTLAND, Oregon and PUNE, India, January 25, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Catalysts Market by Type, and by Application: Global Opportunity Analysis and Industry Forecast, 2014-2022" the catalysts market is expected to reach $40,000 million by 2022 from $28,567 million in 2015, with a CAGR of 4.8% from 2016 to 2022. Environmental and chemical synthesis applications are expected to grow at a faster rate in terms of revenue with CAGR of 7.4 and 3.8%, respectively.
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Summary of the Catalysts Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/catalysts-market
Catalysts typically possess chemical properties such as reaction initiation, process enhancement, and reaction selectivity to facilitate chemical reactions and process optimization. Each category of catalysts is applicable in a range of end-user industries, owing to its unique properties. For instance, in automotive industry, it is used for reduction of emissions, similarly, it is critical in chemical synthesis owing to its selective and reaction-optimizing properties. Furthermore, catalysts are used for bulk polymerization owing to their selective and isolative in nature.
In chemical industry, it is used as a substance that increases the rate of chemical reactions, but is not consumed during the process. It appears in the steps of a reaction mechanism, but remains isolated in the final product. By lowering the activation energy, the rate constant is considerably increased relative to the noncatalyzed reaction.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "though, zeolites and metal catalysts contribute a major share in petroleum refining applications, the contribution from enzymes is projected to grow at a higher CAGR, owing to their biodegradable nature and cost-effectiveness."
Zeolite segment accounted for around one-fourth of the catalysts market revenue in 2015. Petroleum refining application segment dominated in the demand for catalysts accounted for more than one-fourth of the market in 2015. Asia-Pacific is expected to witness the fastest growth rate owing to the rise in demand for automotive and spending power of consumers in the emerging economies.
Key findings of the study:
- Though Asia-Pacific will continue to dominate the catalysts market, U.S. will grow at a high CAGR of 4.7%.
- Asia-Pacific has grown at the fastest rate for catalysts market with a CAGR of 5.2% during the forecast period.
- Germany dominated in the European catalysts market with more than one-fourth revenue share in 2015.
- Petroleum refining and environmental application segments dominate the catalysts market together with two-thirds revenue share in 2015.
- Brazil dominated the catalyst market in LAMEA region, and is estimated to grow at a CAGR of 5.8% during the forecasted period.
Asia-Pacific contributed to around two-fifths of the market revenue in 2015 followed by North America and Europe. China alone accounted for one-third share of the overall Asia-Pacific revenue in 2015, owing to dominance in petroleum refining. The companies in this market have adopted expansion and acquisition as their key strategies to develop innovative products and reduce competition by capturing additional market share.
The prominent players profiled in this report include BASF SE, Albemarle Corporation, Johnson Matthey PLC, Evonik Industries AG, Dow Chemicals Company, Clariant AG, Dorf Ketal Chemicals Llc, W.R. Grace & Company, Chevron Phillips Chemical Company LP, and Exxon Mobil Corporation.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/materials-&-chemicals/bulk-chemicals-market-report
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research
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