What Has Been the Growth of the Chemical Catalyst Market So Far?
The chemical catalyst market has seen considerable growth due to a variety of factors.
• In recent years, the chemical catalyst market has seen robust growth. Its value, which is projected to be $39.75 billion in 2024, is expected to rise to $42.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.4%.
Factors such as the expansion of the petrochemical industry, growth in chemical manufacturing, enforcement of environmental laws and emission regulations, increased demand for clean energy, and the proliferation of refinery operations, accounted for this significant growth during the historic period.
What Is the Forecasted Market Size and Growth Rate for The Chemical Catalyst Market Size In The Coming Years?
The chemical catalyst market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations suggest that the chemical catalyst market size will exhibit robust growth in the coming years, with a projected size of $52.21 billion in 2029, and a compound annual growth rate (CAGR) of 5.4%.
This predicted growth within the forecasting period can be linked to factors such as heightened investment in renewable energy sources, a burgeoning demand for specialty chemicals, the growing uptake of the hydrogen economy, rigorous emission regulations, and the enlargement of the chemical and petrochemical sectors in emerging regions. Key trends that are anticipated within this forecast period include the technological progression in catalysis, a shift towards greener and sustainable technologies, breakthroughs in catalytic technologies, increasing significance of nanocatalysts, and a move towards bio-based catalysts.
What Factors Are Driving Growth In The Chemical Catalyst Market?
The progress of the chemical sector is likely to stimulate the chemical catalyst market's growth. The chemical industry includes a variety of processes, operations, and companies concentrated on generating chemicals and their derivatives. Chemical catalysts play a key role in several industrial processes where chemical transformations turn raw materials into beneficial commodities. These are critical in the manufacture of a plethora of fine and specialized chemicals. For example, in February 2023, the Chemistry Industry Association of Canada, a Canadian association representing the chemical industry, disclosed that Canada's chemical sector had a record-breaking $30.8 billion in shipments in 2022. This represented an 11.2% increase from 2021. Besides, exports also hit a record $24.8 billion by the end of 2022, an 11.5% increase from 2021. As such, the chemical sector's growth directly influences the chemical catalyst market. The fast-paced advance of industries is expected to act as a catalyst for the growth of the chemical catalyst market. The term industry sector refers to a specific group of companies and organizations involved in related economic activities or provision of allied goods and services. To accelerate chemical reactions, diminish energy usage, and increase yield and selectivity in various processes, industries employ chemical catalysts. This enhances efficiency, reduces manufacturing expenses and facilitates the sustainable creation of valuable products. According to a report in August 2023 by Eurostat, a Luxembourg-based EU statistical office, industrial production in the euro area and EU surged by 0.5% and 0.4% respectively in June 2023, compared to May 2023. Thus, the quick progression of industries is a promising driver for the chemical catalyst market.
What Are The Main Segments Of The Global Chemical Catalyst Market?
The chemical catalyst market covered in this report is segmented –
1) By Type: Homogeneous, Heterogeneous, Heterogenized Homogeneous Catalyst, Biocatalyst
2) By Material: Metal And Metal Oxides, Zeolites, Chemical Compound
3) By Application: Petrochemicals, Chemical Synthesis, Environmental Catalysis, Polymerization, Refining, Pharmaceuticals, Other Applications
Subsegments:
1) By Homogeneous Catalysts: Transition Metal Catalysts, Organocatalysts
2) By Heterogeneous Catalysts: Metal-Based Catalysts, Metal Oxide Catalysts, Zeolites
3) By Heterogenized Homogeneous Catalysts: Supported Catalysts, Immobilized Catalysts
4) By Biocatalysts: Enzymes, Microbial Catalysts
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What New Trends Are Influencing The Chemical Catalyst Market?
Key players in the chemical catalyst market, such as BASF SE, are focusing on product development and creating innovative solutions like CircleStar catalyst. This catalyst, designed for renewable feedstock processing, can achieve 99.5% selectivity for ethanol-to-ethylene conversion (E2E). Instrumental in steering the chemical industry towards climate neutrality, the CircleStar catalyst supports the aim for net-zero. Its unique star design maximizes the active geometric surface area for the reaction, promoting improved mass transfer and enhancing catalyst lifespan. In September 2022, BASF SE, a German chemical firm, introduced the CircleStar catalyst. It aims to reduce the CO2 emissions in the bio-ethylene value chain for a range of products from jet fuel to plastics. This innovative star-shaped catalyst operates at a temperature over 25°C lower than traditional processes. As a result, it can decrease the carbon footprint in the bio-ethylene value chain for products like jet fuel and plastics by over 10 percent, maintaining the same level of performance.
Who Are the Key Players In The Chemical Catalyst Market?
Major companies operating in the chemical catalyst market report are:
• China Petroleum & Chemical Corporation
• Royal Dutch Shell Public Limited Company
• ExxonMobil Corporation
• BASF SE
• Dow Inc.
• LyondellBasell Industries N.V.
• Heraeus Group
• INEOS Group Holdings S.A.
• Johnson Matthey PLC
• Evonik Industries AG
• Solvay S.A.
• DuPont de Nemours Inc.
• Akzo Nobel N.V.
• Arkema S.A.
• Sumitomo Metal Mining Co.Ltd.
• Albemarle Corporation
• Clariant AG
• Chevron Phillips Chemical Company LLC
• Umicore N.V.
• JGC Catalysts and Chemicals
• W.R. Grace & Co.
• Criterion Catalysts & Technologies L.P.
• Haldor Topsoe A/S
• Dorf Ketal Chemicals India Private Limited
• Tronox Holdings PLC
• UOP LLC
• Axens S.A.
• Nett Technologies Inc.
• Davison Chemical Co. Ltd.
• Vineeth Precious Catalysts Pvt. Ltd.
What Is The Most Dominant Region In The Chemical Catalyst Market?
Asia-Pacific was the largest region in the chemical catalyst market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chemical catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
