Industrial Catalyst Market Estimated to Exceed a Value of US $ 23 Billion by 2023

The global industrial catalyst market has witnessed a steady growth over the past few years. This can be accredited to population growth, rising demand for fuel, cost-effectiveness and government support for environmental remediation.

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According to the IMARC Group report, titled "Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023", the global industrial catalyst market has a value of US $ 18 Billion in 2017. Catalysts are chemical agents which speed up reactions by lowering or raising their activation energy. As they do not undergo any change themselves, catalysts can be used for multiple reactions which lowers the cost of the process. They also help in reducing the production of unnecessary by-products, thus minimizing environmental waste. Owing to these factors, industrial catalysts find numerous applications in petroleum, pharmaceutical and petrochemical industries.

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Highlights of the global industrial catalyst market:

* Development in the major end-use industries remains the key growth-inducing factor for the market.

* Heterogenous catalysts hold the majority of the total market, representing the most popular type.

* Asia-Pacific is the largest market, accounting for the majority of the global share.

Industrial catalysts are mainly used in petroleum and chemical industries. Rapid growth in these industries with increasing demand for fuels has largely contributed to the expansion of the market. The global population growth coupled with surger disposable incomes has also been helped by the growth of petroleum industry. Further, new refinery projects are emerging in the Middle East and Africa, and Asia-Pacific. Development of refinery capacities in these regions have an upsurge in the market. Moreover, as industrial catalysts are environment-friendly, their use by various governments initiatives which aim to reduce carbon emissions. Further, the market is expected to reach a value of US $ 23 Billion by 2023, exhibiting at CAGR of 4.5% during 2018-2023.

Insights on Market Segmentation:

Type:

1. Heterogenous Catalysts
2. Homogenous Catalysts
3. Biocatalysts

On the basis of type, heterogeneous catalysts accounts for the majority of the market share. It is followed by homogenous catalysts and biocatalysts.

Raw Material:

1. Mixed Catalysts
2. Oxide
3. Metallic
4. Sulfide
5. Organo-metallic Catalysts

The largest segment of the raw material is used, mixed catalysts represent the largest segment, followed by oxide, metallic, sulfide and organo-metallic catalysts.

Application:

1. Petroleum Refinery
2. Chemical Synthesis
3. Petrochemical
4. Others

Segmented on the basis of key applications, petroleum refinery accounts for the majority of the total share. It is followed by chemical synthesis, petrochemical and others.

Region:

1. Asia-Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa

Region-wise, Asia-Pacific is the major market followed by North America, Europe, Latin America and Middle East and Africa.

Key Players:

The key players include Albemarle Corporation, Arkema, BASF Corporation, Clariant, Evonik and Industries, Exxon Mobil Chemical Corporation, AkzoNobel NV, Chevron Phillips Chemical Company, Dow Chemical Company and DuPont.

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