Global Heterogeneous Catalyst Market Size Forecast 2024 - 2033
17 Dec, 2024
How Is The Global Heterogeneous Catalyst Market Defined?
A heterogeneous catalyst is a catalyst that exists in a different phase from the reactants and products of the chemical reaction it catalyzes. It is widely used in various industries due to its ease of separation, recyclability, and often higher thermal stability than homogeneous catalysts.
Heterogeneous Catalyst Global Market Report 2024 provides data on the global heterogeneous catalyst market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Heterogeneous Catalyst market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Heterogeneous Catalyst Market Size And Growth Rates Projected To Evolve?
The heterogeneous catalyst market has grown significantly, increasing from $26.42 billion in 2023 to $27.92 billion in 2024, with a compound annual growth rate (CAGR) of 5.7%. This historic growth is due to increased applications in the automotive sector, a higher need for emissions control, increased use in biofuel production, growing demand for hydrogen, and a rise in the use of zeolites. The market is expected to reach $35.28 billion by 2028 at a CAGR of 5.5%, driven by the increasing demand for efficient and sustainable chemical processes, stringent environmental regulations, growing emphasis on sustainability, a shift to cleaner energy sources, and rising demand for petrochemicals. Key trends include advancements in nanotechnology, demand for novel catalyst materials, improvements in catalytic converters, the need for chemical synthesis, and growing demand for metal-based catalysts.
What Are The Essential Drivers Behind The Growth Of The Heterogeneous Catalyst Market?
The increasing demand for chemicals is expected to boost the growth of the heterogeneous catalyst market. This demand is driven by growth in the manufacturing, pharmaceuticals, and agriculture industries, along with technological advancements and a shift toward sustainable practices and green technologies. Heterogeneous catalysts are crucial in meeting the rising chemical demand by enhancing the efficiency, cost-effectiveness, scalability, and environmental sustainability of chemical processes. For instance, the US Bureau of Labor Statistics reported that the trade value of US chemical manufacturing products exported in 2022 reached $288.0 billion, marking a 13.4% increase from 2021. Therefore, the increasing demand for chemicals is propelling the heterogeneous catalyst market.
Get Your Free Sample of the Global Heterogeneous Catalyst Market ReportHow Is The Global Heterogeneous Catalyst Market Divided Into Key Segments?
The heterogeneous catalyst market covered in this report is segmented –
1) By Product: Metal-Based, Chemical-Based, Zeolites-Based, Other Products
2) By Application: Petroleum Refining, Chemical Synthesis, Environmental Catalysis, Polymerization, Hydrogenation, Other Applications
3) By End-User Industry: Oil And Gas, Chemicals And Petrochemicals, Environmental, Other End-User Industries
What Trends Are Reshaping The Future Of The Heterogeneous Catalyst Market?
Companies in the heterogeneous catalyst market are focusing on developing advanced products like propane dehydrogenation (PDH) catalysts to enhance performance in industrial-scale propylene production. PDH catalysts convert propane into propylene by removing hydrogen. For instance, in April 2024, Clariant, a Switzerland-based chemical company, introduced CATOFIN 312, a new PDH catalyst. Part of Clariant's CATOFIN technology, this catalyst is known for producing olefins like propylene, isobutylene, and butylene/butadiene. The technology integrates custom-designed catalysts and Heat Generating Material (HGM) with Lummus's advanced process, marking it as a rapidly expanding solution for propylene production.
What Is The Fastest Growing Region In The Heterogeneous Catalyst Market?
Asia-Pacific was the largest region in the heterogeneous catalyst market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heterogeneous catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.