Catalyst Market Trends

Key drivers of market growth include increased utilization of catalytic processes, stringent environmental regulations for automotive emissions

WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ -- According to the report from Allied Market Research, the global catalyst market reached $35.5 billion in 2020 and is projected to grow to $57.5 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 4.9% from 2021 to 2030. The report offers a comprehensive analysis of market trends, segments, investment opportunities, value chain, regional dynamics, and competitive landscape.

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Key drivers of market growth include increased utilization of catalytic processes, stringent environmental regulations for automotive emissions, and a rising number of applications in end-user industries. However, challenges related to the development and distribution of new catalysts are hindering market expansion. Nevertheless, the development of biochemicals using catalysts presents new opportunities in the future.

The COVID-19 pandemic has negatively impacted the catalyst market, disrupting daily operations in sectors such as oil & gas, polymer catalysis, chemical manufacturing, and automotive industries. Many chemical manufacturing companies, which rely heavily on catalysts, have temporarily or permanently closed due to infection risks among employees.

Despite these challenges, major players like BASF SE are investing in new opportunities. For instance, BASF SE expanded its mobile emission catalyst facility in Chennai, India.

The report segments the global catalyst market based on type, process, application, and region. The metals segment held the largest share in 2020 and is expected to maintain its dominance during the forecast period, while the enzymes segment is projected to have the highest CAGR of 5.5% from 2021 to 2030.

In terms of processes, recycling accounted for the highest share in 2020 and is expected to continue leading, with regeneration exhibiting the fastest CAGR of 5.2% from 2021 to 2030.

Geographically, the Asia-Pacific region had the largest share in 2020 and is anticipated to maintain its dominance by 2030, with the highest CAGR of 5.4%. The report also examines North America, Europe, and LAMEA.

Key players in the global catalyst market include Albemarle Corporation, Chevron Phillips Chemical Company LLC, BASF SE, Dorf Ketal Chemicals (I) Pvt. Ltd., Clariant AG, Evonik Industries AG, Dow Chemical Company, Johnson Matthey, Exxonmobil Corporation, and W.R. Grace and Co.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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