NEW YORK, March 15, 2021 /PRNewswire/ -- Promising collaborations and partnerships to foster catalyst carrier sales combined with the extensive application in petrochemicals and pharmaceuticals are expected to act as beacons for the global catalyst carrier growth through 2021 and beyond, forecasts a pipeline study on the landscape by award winning consulting firm Fact.MR.
According to Fact.MR, the market is poised to witness a moderate growth in the upcoming years. Various innovations and research & development activities from end-user industries such as petrochemicals and oil & gas is expected to witness a robust growth during the forecast period. For instance, according to Department of Energy, demand from petrochemical and oil & gas industry comes from the extensive usage in petroleum refining and catalytic cracking hydro-processing. Hence, advancing the sales for catalyst carrier.
Furthermore, according to a recent study by Department of Energy, petrochemical industries contributes nearly $600 billion to the U.S. economy and supporting over 1.4 million direct and indirect petrochemical manufacturers. As such demand from petrochemical acquires momentum, market penetration for catalyst carrier is bound to rise in the upcoming years.
"Expansion strategies and research & development activities to ensure the sales for catalyst carriers from the end-user industries such as oil and gas, agrochemicals and automotive," says a Fact.MR analyst.
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Catalyst carrier sales to exhibit 4% CAGR through 2031.
Chemical and petrochemical industry key to demand
Ceramic catalyst carrier remains preferred among end-users
Europe accounts for nearly one-fourth share of the market
United States one of the leading markets globally
GCC countries to emerge as a potential market owing to the widening applications for catalysts
Innovations in manufacturing companies with improved pore size and surface area to foster the sales of catalyst carriers
Petrochemicals and oil & gas to remain the primary end-users for catalyst carriers
According to Fact.MR's report, the catalyst carrier market is outlined by the following key players: Almatis Inc., Evonik Industries, BASF SE, Cabot Corporation, Magma Ceramics & Catalysts, Noritake Co. Limited, CeramTec, CoorsTek, SASOL, and W.R. Grace. The market is slightly fragmented, leading to rising competition between the key players. Therefore, various strategies for expansion are being adopted by the aforementioned players.
For instance, in February 2021, Evonik industries invested in digital platform for chemicals to strengthen its e-commerce activities and online interactions. The particular investment supports development of independent marketing platform for the chemical industry. Evonik is also enhancing Chembid's offerings by making its digital laboratory assistant COATINO ®, available on the platform.
Also, in March 2021, BASF SE announced it collaboration with Sumitomo (SHI) Demag for developing new manufacturing high performance polymers. Both the companies have developed an innovative manufacturing cell to produce a wide range of different test specimens for the product development and research activities.
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Fact.MR, in its new offering, presents a detailed analysis of the global catalyst carrier market. The study divulges essential insights on the catalyst carrier market on the basis of type (ceramics, activated carbon, zeolite, and others), form (sphere, extrudate, powder, honeycomb, and others), surface area (low, intermediate and high), pore volume (0-0.3 cm3/g, 0.3-0.7 cm3/g, >0.7 cm3/g), end-use industry (chemicals, petrochemicals, oil & gas, automotive, pharmaceuticals, agrochemicals and others), and region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Key Questions Covered in the Report
Which is the most lucrative market for catalyst carrier?
What are the key challenges faced by catalyst carrier manufacturers?
Which is the leading category in Catalyst Carriers market?
What are the key strategies adopted by manufacturers?
What is the impact of Covid-19 on catalyst carrier market?
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