Global Catalyst Market is expected to reach USD 27.59 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for polymers is expected to result in increased utilization of refinery capacities which in turn is expected to drive catalyst demand. Favorable regulatory scenario for development of high yield, efficient and conservative manufacturing processes is also expected to enhance demand over the forecast period.
Chemical synthesis was the most dominant application market; with catalyst demand exceeding 1,800 kilo tons in 2013, owing to growth in chemical production, particularly in Asia Pacific and Latin America. Environmental catalysis another key application market, accounting for over 29% of global catalyst demand in 2013 and is expected to witness fastest growth, at an estimated CAGR of 3.9% from 2014 to 2020; on account of growing preference towards the production of clean fuels and use of green technology in manufacturing process.
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Further key findings from the study suggest:
- Global catalyst demand was 6,259.3 kilo tons in 2013 and is expected to reach 7,803.4 kilo tons by 2020, growing at a CAGR of 3.2% from 2014 to 2020.
- Chemical compounds were the largest consumed catalytic materials, accounting for over 40% of catalyst demand in 2013. In addition, these materials are also expected to witness fastest growth over the forecast period at an estimated CAGR of 3.4% from 2014 to 2020 on account of their lower cost in comparison to zeolites and metals.
- Heterogeneous catalysts were the dominant product segment in the market, with global demand exceeding 4,900 kilo tons in 2013 due to inherent advantages in comparison to homogenous catalysts.
- Asia Pacific was the largest regional market for catalysts, accounting for 33.50% of global demand in 2013. The region accounts for over 30% of global refining capacity and a significant chunk of polymer production.
- Key market participants include Zeolyst International Inc, W.R Grace & Co-Conn, UOP LLC, Johnson Matthey PLC, INEOS Group Limited, E.I. du Pont de Nemours & Company, Evonik Industries AG, Exxon Mobil Corporation, Eka Chemicals AB, Clariant International Ltd, Chevron, BASF SE, Arkema Group, Albemarle Corporation and Air Products and Chemicals Incorporated.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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