The global catalyst market is expected to reach USD 34.3 billion by 2024

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Nov 02, 2017, 07:19 ET

LONDON, Nov. 2, 2017 /PRNewswire/ -- Catalyst Market Analysis By Raw Material [ Zeolite, Metals (Base Metals, Precious Metals), Chemical Compounds (Peroxide, Acid, Amine)], By Product [Heterogeneous, Homogeneous], Application [Petroleum Refining, Chemical Synthesis, (Polyolefins, Adsorbents, Chemical Catalysts) Petrochemicals & Polymers (Ziegler-Natta, Reaction initiator, Urethane, Chromium, Single-site), Environmental (Light Duty Vehicles, Heavy duty Vehicles, Motorcycles)] And Segment Forecasts To 2024

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The global catalyst market is expected to reach USD 34.3 billion by 2024, according to a new report by Grand View Research, Inc.

The accelerating use of catalysts for reducing the cost of manufacturing chemicals, petrochemicals and polymers are expected to remain a favorable factor. Also, rising application of catalytic reforming and fluidized bed catalytic cracking for enhancing the yield of light cut and medium cut oils may promote the use of the product over the next eight years.

In terms of volume, chemical synthesis is expected to witness growth at a CAGR of 3.5% from 2016 to 2024. In September 2014, the Government of India proposed the "Draft National Chemical Policy" which is intended for increasing the country's global chemical output share from 3% in 2014 to 6% by 2020. The mentioned government initiative about the improvement of the chemical production output in India is expected to open new avenues for growth over the next eight years.

Further key findings from the study suggest:
The market for chemical compounds as catalysts are expected to foresee volume growth at a CAGR of 4.2% from 2016 to 2024. Rising application of amine catalyst for the production of polyurethane foam on account of enhancing the rate of reaction between polyols and polyurethane is expected to have a positive impact in the near future. Moreover, increasing requirement of polyurethane (PU) foams is projected to augment demand for catalysts over the forecast period.

Catalyst demand in petrochemicals & polymers was 1,419.1 kilo tons in 2015. Rising demand for engineering plastics including polyether ether ketone (PEEK) in automotive, aviation, electronics and energy sectors is expected to result in fuelling requirement of the accelerator.

Asia Pacific is projected to remain the fastest-growing market, witnessing growth at a CAGR of 5.3% from 2016 to 2024. High prevalence of active pharmaceutical ingredients (API) manufacturers in China on account of easy access to chemicals is expected to increase use of the product over the next eight years.

Latin America market was valued at USD 1.53 billion in 2015. In October 2015, Columbia-based Ecopetrol announced plans to expand the refining capacity at its Barrancabermeja plant. The capacity expansion will be completed by the end of 2018 and may open new opportunities for growth over the next eight years.

Major market players include Albemarle Corporation, BASF, ExxonMobil, W.R. Grace & Company, Johnson Matthey and AkzoNobel N.V. Increasing expenditure for the development of emission control catalyst on account of rising awareness towards environmental protection in the automotive sector is expected to remain critical success factor over the next eight years.

Grand View Research has segmented the global catalyst market by raw material, product, application and region:

Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

Zeolites

Metals

Base Metals

Precious Metals

Chemical Compounds

Peroxide

Acid

Amines & Others

Others

Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

Heterogeneous

Homogenous

Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

Petroleum refining

FCC

Alkylation

Hydrotreating

Hydrocracking

Catalytic Reforming

Chemical synthesis

Polyolefins

Adsorbents

Chemical Catalysts

Others

Polymer

Ziegler-Natta

Reaction Initiator

Urethane

Chromium

Single-site

Others

Environmental

Light duty vehicles

Heavy duty vehicles

Motorcycles

Others

Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

North America

U.S.

Mexico

Canada

Europe

Germany

UK

France

Italy

Asia Pacific

China

Japan

South Korea

India

Latin America

Brazil

MEA

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