Global Chemical Catalyst Market Size By Product(zeolite, bifunctional catalysts, organometallics compounds), By Application(Refinery, chemical plants), By Type(Heterogeneous Catalysts, Homogeneous Catalysts), By Geographic Scope And Forecast
Report ID: 288989|No. of Pages: 202
Global Chemical Catalyst Market Size By Product(zeolite, bifunctional catalysts, organometallics compounds), By Application(Refinery, chemical plants), By Type(Heterogeneous Catalysts, Homogeneous Catalysts), By Geographic Scope And Forecast
Chemical Catalyst Market Size And Forecast
Chemical Catalyst Market size was valued at USD 36,033.91 Million in 2021 and is projected to reach USD 56,168.92 Million by 2030, growing at a CAGR of 5.33% from 2023 to 2030.
one of the major factors propelling market revenue growth is the increased demand for industrial catalysts for producing eco-friendly fuels. In addition, the production of renewable fuels and chemicals with added value largely depends on chemical catalysts and processes. The Global Chemical Catalyst Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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What is Chemical Catalyst?
Catalysts are chemicals that influence the rate of a reaction without being consumed, altered, or having an impact on the system’s overall thermodynamics. Moreover, chemical catalysts are vital in preventing the decline of important applications in the catalyst market. The applications restrict the consumption of volatile organic compounds, manage nitrogen oxide emissions, and develop catalytic technology to replace intermediate chemical synthesis based on chlorine with waste minimization. Chemical reactions are frequently more efficient and selective when catalysts are used, eliminating enormous amounts of waste chemicals.
An external substance known as a chemical catalyst lowers the activation energy of a reaction while remaining unchanged after the biological or chemical process. A substance that accelerates a chemical reaction while maintaining it’s mass, activity and chemical composition is known as a catalyst in chemistry. The catalysis reaction in chemistry is the phenomenon when catalysts demonstrate their activity. In every sector of the industry, chemical catalysts are being used. They are used to make aqua fortis, vitriol, aromatics, ammonia, and ethanol in introductory chemistry. They are employed in petrochemistry to create intermediate compounds and polymers. Commercial catalysts are used in technologies to remove pollutants, and they are mostly used in oil refineries for hydrotreatment and fluid catalytic cracking reactions. They are used in the synthesis of active substances and intermediates in fine chemical manufacturing.
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Global Chemical Catalyst Market Overview
Due to the expanding uses in petroleum refining, petrochemicals and polymers, and chemical synthesis, the demand for chemical catalysts is rising. In a wide range of processes, catalysts help in cost reduction, yield enhancement, process optimization, and energy conservation in the manufacturing industry. Moreover, environmental catalysts are in high demand because they enable manufacturers to comply with the strict regulatory requirements regarding NOx, carbon dioxide, and SOx emissions. Increasing government activities in this field are encouraging manufacturers to convert to alternative fuels as a result of the rising carbon emissions and associated climatic changes that have compelled the government to shift toward renewable energy sources. The demand for the catalyst is anticipated to accelerate shortly due to the increasing use of alternative fuels and energy sources like biodiesel and shale gas fuel.
Furthermore, recent achievements in the field of chemical catalysts play a significant role in the growth of the market, for instance, Frances H. Arnold received the 2018 Nobel Prize in Chemistry for her ground-breaking work in controlling the evolution of enzymes for uses like environmentally safe renewable energy.
Moreover, one of the major factors propelling market revenue growth is the increased demand for industrial catalysts for producing eco-friendly fuels. In addition, the production of renewable fuels and chemicals with added value largely depends on chemical catalysts and processes. Catalysts are used by the chemical industry to carry out reactions as close to ambient temperature as feasible, lowering energy use and costs. The requirement for new catalysts will arise from the growing demand the industry is currently facing to be cleaner and greener. Market companies are investing a significant amount of money into research and development to create catalysts that allow industrial processes to be cleaner, work with greater atom economies, generate higher purity, and last longer products.
However, a chemical catalyst’s substantial downsides, including its high price, toxicity, and reusability, are important considerations that could restrain the market’s ability to grow financially. For instance, the catalyst that can dissolve in solution must first be isolated before it can be retrieved and used again. Catalysts, such as homogenous ones, may face difficulties in high temperatures associated with the evaporation of any volatile components. Catalyst substances like zeolites and others have significant limitations when used in industrial processes. For instance, Zeolites are unable to utilize their microporosity to create bulky compounds because they are highly vulnerable to deactivation by irreversible adsorption or steric blockage of heavy secondary products. Moreover, using the shape selectivity of zeolites for their reactions is more difficult since functional compounds are more polar than hydrocarbons.
Furthermore, the manufacturers produce value-added chemicals including polyolefins and methanol to add value to their feedstock. As a result, the demand for catalysts in petrochemical and chemical applications has greatly increased. Through the development of metal reclamation processes, the commercial use of chemicals is geared toward lowering costs and increasing the availability of rare metal-based catalytic types. The adoption of more affordable and abundant base metal catalysts, as opposed to the usage of rare metals in the metal reclamation process, is predicted to increase demand for catalysts globally. The demand for catalysts in oil refining is rapidly rising due to the rapid industrialization and urbanization of rural areas around the world, and this is anticipated to support market expansion over the course of the projected period.
Global Chemical Catalyst Market: Segmentation Analysis
The Global chemical catalyst market is segmented on the basis of product, application, type and geography.
Chemical Catalyst Market by Product
- zeolite
- bifunctional catalysts
- organometallics compounds
- metals
- chemical compounds
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By Product, the global chemical catalyst market is mainly segmented into zeolite, bifunctional catalysts, organometallics compounds, metals, and chemical compounds. The metals segment accounted for the largest market share of around 27.36% in 2021 because they have unique electronic and structural properties that make them highly active and selective catalysts for a wide range of reactions. Additionally, metals have a high thermal stability and can withstand high temperatures and pressures without breaking down, making them suitable for use in industrial settings. In chemical plants and refineries, metals are commonly used as catalysts in a wide range of chemical reactions. For instance, in desulfurization, this process is used to remove sulfur compounds from crude oil, natural gas, and other hydrocarbon feedstocks. A catalyst, typically a mixture of metals such as molybdenum and tungsten, is used to catalyze the reaction between the sulfur compounds and hydrogen, which results in the formation of hydrogen sulfide (H2S) which can be removed from the feedstock. Metals are widely used as catalysts in chemical plants and refineries to speed up or slow down chemical reactions, making them more efficient and cost-effective. Transition metals are particularly versatile in catalytic reactions due to their ability to form multiple stable oxidation states, while non-transition metals are less versatile.
Chemical Compounds were the second-largest market in 2021, and are projected to grow at a CAGR of 5.57%. Chemical compounds have a distinct and defined chemical configuration that is held together by chemical bonds in a precise three-dimensional layout. Chemical compounds can be molecular compounds held together by covalent bonds, salts held together by ionic bonds, intermetallic compounds held together by metallic bonds, or a subset of chemical complexes held together by coordinated covalent links. Amines, acids, peroxides, alkanes, alkenes, alkynes, alcohols, ethers, aldehydes, ketones, carboxylic acids, esters, amides, nitriles, and many more are chemical compounds. Amines are important in the chemical industry as intermediates for the synthesis of drugs, pesticides, and other chemical products. Acids are used in many industrial processes, including the production of fertilizers, dyes, and drugs, and as catalysts in the synthesis of a wide range of chemical products. They are also used in laboratories for analytical purposes, such as pH measurement and titration. Peroxides are employed in these reactions to start the polymerization process by breaking down into radicals, which then start the chain reaction. Each of these types of compounds has unique chemical properties and is used in a wide range of industrial applications.
Chemical Catalyst Market by Type
- Heterogeneous Catalysts
- Homogeneous Catalysts
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Based on the Type, the industry is classified into Heterogeneous Catalysts, Homogeneous Catalysts. Heterogeneous catalysts accounted for the largest market share of 72.00% in 2021, and homogeneous catalysts was the second-largest market in 2021 which is projected to grow at a CAGR of 4.65%. Heterogeneous catalysts are a vital component in many chemical reactions, as they allow for greater control over the reaction conditions, and can lead to higher yields and purer products. They are also more easily separated from the reaction mixture, which makes them more environmentally friendly. They are used in a wide range of industries, including petrochemical, fertilizer, pharmaceutical, and many others. One of the key features of heterogeneous catalysts is that they can be easily recovered and reused, which significantly reduces the overall cost of the reaction. Furthermore, they can be used to catalyze reactions that are difficult or impossible to achieve with homogeneous catalysts. This makes them an attractive choice for many industrial processes.
Homogeneous catalysts are produced in a variety of ways, depending on the specific catalyst. Inorganic compounds can be synthesized through a variety of chemical reactions, while enzymes can be isolated from natural sources or produced through recombinant DNA technology. Homogeneous catalysts have a wide range of applications in the chemical and pharmaceutical industries. They are used in the production of chemicals such as fertilizers, fuels, and plastics, as well as in the synthesis of drugs and other pharmaceuticals. They are also used in the development of new materials, such as catalysts for hydrogen fuel cells.
Chemical Catalyst Market by Application
- Refinery
- chemical plants
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Based on the application, the industry is bifurcated into refinery and chemical plants. Refinery accounted for the largest market share of 65.67% in 2021 and is projected to grow at the highest CAGR during the forecast period. Catalysts play a crucial role in the petroleum refining process. They are used to convert crude oil into a variety of useful products such as gasoline, diesel, and jet fuel, as well as other chemicals such as plastics and fertilizers. The most common catalysts used in petroleum refining are known as cracking catalysts. These catalysts are used to break down large hydrocarbon molecules into smaller ones, a process known as cracking. This is done in a piece of equipment called a catalytic cracker. The most common types of catalytic cracking catalysts are zeolites, which are a type of porous material that can selectively catalyze the cracking of certain hydrocarbons. Another important type of catalyst used in petroleum refining is a hydroprocessing catalyst. These catalysts are used to remove impurities from the crude oil, such as sulfur and nitrogen, and to convert the heavy fractions of the crude oil into more valuable products such as diesel and jet fuel.
A chemical plant is a type of industrial building created specifically for the production of chemicals. Chemical factories can be found throughout the world, manufacturing a variety of goods, including herbicides used on commercially produced crops and photographic chemicals used in developing rooms. Many specialized facilities, like wastewater treatment facilities, run their operations utilizing techniques utilized at chemical plants. Chemical Plants was the second-largest market in 2021, and is projected to grow at a CAGR of 4.54%.
Chemical Catalyst Market by Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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On the basis of geography, the industry is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific accounted for the largest market share of around 50% in 2021, and is projected to grow at the highest CAGR during the forecast period. Asia Pacific shares the largest market among regions, and increasing focus on environment-friendly products and significant investment in expanding existing capacities are the major factors driving revenue growth in the Asia Pacific market. For example, to meet the growing demand for high-performance chemical catalysts in end industries in China and Asia-Pacific in general, BASF SE has invested in its global chemical catalyst production facility in the region. The plant at the German group’s Shanghai Chemical Industry Park in Caojing, China produces base metal chemical catalysts, proprietary catalysts, and adsorbents used in the production and removing the impurities of sulfuric acid, fatty alcohols, and butanediol from olefins.
The North American market accounted for the second-largest revenue share in 2021. Stringent automotive emission policies and increasing focus on eco-friendly products across end-use industries in the region are major factors driving revenue growth in the North American market. Chemical catalysts help industry professionals significantly reduce the content of sulfur and carbon compounds in finished products. Increasing consumption of petrol is another key factor contributing to market revenue growth in this region.
The North American market is growing due to the increasing use of chemical catalysts in the conversion of heavy crude oil to light fractions. Industrial chemical catalysts are mainly used in oil refining and basic petrochemical industries as the demand for these products is increasing. Petroleum-based fuels such as diesel, gasoline, kerosene, heating oil, and jet fuel are the most widely used fuels in the region. Ultimately, the restraining demand for these petroleum-based products attributed to the power generation and industrial sectors is projected to drive the demand in the catalysts industry.
Key Developments
BASF Collaboration • In March 2020, BASF introduces a novel Tri-Metal Catalyst, developed in collaboration with and supported by Sibanye-Stillwater and Impala Platinum. The unique Tri-Metal Catalyst technology, which has been successfully developed and tested by BASF, enables light-duty gasoline vehicles to partially replace expensive palladium with less expensive platinum without breaching emissions standards. Adoption of the Tri-Metal Catalyst can help automakers save money on catalytic converters and improve the sustainability of the PGM market by partially rebalancing market demand for PGMs. This new technology has so far been thoroughly developed and tested by BASF while meeting all technical client requirements.
Metalsearch Contract • In May 2020, Metalsearch (MSE), a mineral explorer, and the University of Queensland (UQ) have signed a contract for the ongoing study and development of synthetic zeolites. An innovative approach for producing synthetic zeolites that can be used in a variety of industrial applications has been developed by the School of Chemical Engineering at UQ.
Key Players
The “Global Chemical Catalyst Market” study report offers a valuable insight with an emphasis on the global market including some of the major key players such as BASF SE, Chevron Phillips Chemical Company Llc, Exxonmobil, W. R. Grace & Co, Evonik Industries, Honeywell International Inc, Albemarle Corporation, Johnson Matthey, Dow Chemical Company, Clariant AG.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Million) |
| SEGMENTS COVERED | By Product, By Application, By Type and By Geography. |
| KEY COMPANIES PROFILED | BASF SE, Chevron Phillips Chemical Company Llc, Exxonmobil, W. R. Grace & Co, Evonik Industries, Honeywell International Inc, Albemarle Corporation, Johnson Matthey, Dow Chemical Company, Clariant AG. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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Industry Analysis Matrix
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