According to a new report by Expert Market Research titled, “Global Industrial Catalyst Market Size, Share, Report and Forecast 2024-2032″, the global industrial catalyst market reached a value of USD 21.46 billion in 2023. Aided by the burgeoning need for efficient chemical processes and the surging demand in the petrochemical sector, the market is projected to further grow at a CAGR of 3.9% between 2024 and 2032 to reach a value of USD 27.04 billion by 2032.
Industrial catalysts are indispensable substances that accelerate chemical reactions, predominantly used to optimise production in chemical, petrochemical, and refinery processes. These catalysts, while not consumed in the reaction process, play a pivotal role in ensuring the economic viability and environmental efficiency of many industrial processes.
The intensifying demand for fuels and petrochemicals globally acts as a primary driving force for the industrial catalyst market growth. With industries and economies striving to maximise output while minimising resource utilisation, catalysts have emerged as a beacon of operational efficiency. Their aptitude to reduce energy consumption and unwanted by-products in various processes underscores their importance in today’s industrial landscape.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/industrial-catalyst-market/requestsample
The pharmaceutical industry’s exponential growth offers another dimension to the expanding applications of industrial catalysts. Their use in facilitating complex reactions in drug synthesis and production underscores their critical role in ensuring the timely delivery of essential medications to the global populace.
The rising environmental concerns and stringent regulations have further accentuated the industrial catalyst market demand. Governments and industrial bodies are progressively tightening emission norms, prompting industries to adopt catalysts to curb the environmental impact of their operations. In particular, the automobile sector’s push towards cleaner exhaust systems has made catalytic converters, which employ specific catalysts, virtually ubiquitous in modern vehicles.
Moreover, the burgeoning biofuels industry, aiming to offer sustainable energy solutions, heavily relies on catalysts. Their role in streamlining the conversion of biomass to biofuels has been instrumental in the bioenergy sector’s progress, further adding value to the industrial catalyst market size.
Dominated by the United States, the market in this region is heavily influenced by the robust petrochemical sector. The increasing shale gas exploration activities have further necessitated the use of catalysts in refining processes. The stringent environmental regulations have accelerated the adoption of catalysts in automotive and manufacturing sectors, primarily to reduce emissions.
With its strong emphasis on sustainable and green technologies, Europe’s demand for catalysts, especially in biofuel production, has seen a notable uptick. As per the industrial catalyst market analysis, the pharmaceutical industry in countries like Germany and Switzerland has been a consistent contributor to the demand for catalysts, given their role in drug synthesis.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/industrial-catalyst-market
Market Segmentation
The market can be divided based on type, raw material, application, and region.
Market Breakup by Type
• Heterogenous Catalysts
• Homogeneous Catalysts
• Biocatalysts
Market Breakup by Raw Material
• Mixed Catalysts
• Oxide Catalysts
• Metallic Catalysts
• Sulphide Catalysts
• Organometallic Catalysts
Market Breakup by Application
• Petroleum Refinery
• Chemical Synthesis
• Petrochemicals
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global industrial catalyst market. Some of the major players explored in the report by Expert Market Research are as follows:
• BASF SE
• Albemarle Corporation
• Evonik Industries AG
• Arkema
• Clariant
• Others
Related Reports:
Anaplastic Thyroid Cancer Drugs Market: https://www.expertmarketresearch.com/reports/anaplastic-thyroid-cancer-drugs-market
Asia Pacific Drug Development Market: https://www.expertmarketresearch.com/reports/asia-pacific-drug-development-market
Asia Pacific and Middle East and Africa Construction Chemicals Market: https://www.expertmarketresearch.com/reports/asia-pacific-and-mea-construction-chemicals-market
Neglected Tropical Disease Treatment Market: https://www.expertmarketresearch.com/reports/neglected-tropical-disease-treatment-market
About Us
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today’s competitive market.
Don’t miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.
Media Contact:
Company Name: Claight Corporation
Contact Person: John Walker, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
