Industrial Catalysts Global Market Overview and Growth Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Industrial Catalyst Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The industrial catalyst market size has grown strongly in recent years. It will grow from $24.05 billion in 2023 to $25.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrialization and manufacturing growth, advancements in chemical processes, increasing environmental regulations, expansion of petrochemical and refining industries, demand for cleaner and more efficient production processes.

The industrial catalyst market size is expected to see steady growth in the next few years. It will grow to $30.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to growing demand for sustainable and green chemistry solutions, expansion of the pharmaceutical and biotechnology industries, development of renewable energy technologies, increasing focus on hydrogen economy and fuel cell technology, emergence of new applications in emerging markets. Major trends in the forecast period include adoption of catalytic converters for emissions control in automotive and industrial sectors, development of catalysts for carbon capture and utilization, utilization of catalysts for bio-based plastics production,integration of nanotechnology in catalyst design and development, emphasis on circular economy principles in catalyst recycling and reusability.

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Market Drivers and Trends:

The growing expansion of the petroleum industry is expected to propel the growth of the industrial catalyst market going forward. The petroleum industry, or the oil and gas industry, encompasses the exploration, extraction, refining, and marketing of petroleum products. Catalysts are essential in hydroprocessing units, involving hydrotreating to remove sulfur and nitrogen impurities from crude oil fractions for improved, refined product quality and hydrocracking, breaking down heavy hydrocarbons into lighter ones to increase the yield of valuable products. For instance, in August 2023, according to a report published by the International Energy Agency, a France-based intergovernmental organization, between 2022 and 2028, global oil demand was projected to increase by 6%, reaching 105.7 million barrels per day, driven by strong demand from the petrochemical and aviation sectors. Further, the upstream investments in oil and gas exploration, extraction, and production are expected to reach their peak in 2023, with a year-on-year growth of 11% to USD 528 billion. Therefore, the growing expansion of the petroleum industry is driving the growth of the industrial catalyst market.

Major companies operating in the industrial catalyst market are developing advanced technologies, such as additive manufacturing technologies, to better serve customers with advanced features. Additive manufacturing technology, also known as 3D printing, refers to a process of creating three-dimensional objects by layering or sequentially adding material. For instance, in September 2022, BASF SE, a Germany-based manufacturer of industrial catalysts, launched the X3D technology. The unique feature of the X3D technology in additive manufacturing for catalysts lies in its capacity for 3D printing. Catalysts created using this technology exhibit an open structure, leading to a reduced pressure drop across the reactor and a substantial increase in surface area, thereby enhancing catalyst performance. BASF, equipped with the capability to provide commercial quantities, offers greater flexibility in catalyst design compared to traditional production methods. This technology takes catalyst performance to new heights, allowing customization based on specific customer conditions and needs, involving the design of infill patterns, fiber diameter, and orientation. The X3D technology empowers customers to achieve heightened reactor output, superior product quality, and lower energy consumption.

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Major Key Players of the Market:

Sinopec, BASF SE, The DOW Chemicals Company, Lyondellbasell Industries Holdings B.V., Honeywell International Inc., Ineos Group Limited, Johnson Matthey Plc, Evonik Industries AG, Chevron Philips Chemical Company, Arkema S.A., Albemarle Corporation, Dorf Ketal Chemicals India Pvt. Ltd., Clariant AG, Umicore N.V., ExxonMobil Chemical, W. R. Grace and Co., Axens SA, Topsoe A/S, Akzo Nobel N.V, Criterion Catalysts & Technologies, KNT Group, Zeolyst International, Anten Chemical Co. Ltd. , JGC Catalysts and Chemicals Ltd., Univation Technologies LLC

Industrial Catalyst Market 2024 Key Insights:

• The industrial catalyst market is expected to grow to $30.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Petroleum Industry Expansion Fuels Growth In The Industrial Catalyst Market
• Innovative Advancements In Industrial Catalysts Through Additive Manufacturing Technologies
• Asia-Pacific was the largest region in the industrial catalyst market in 2023. The regions covered in the industrial catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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