Catalyst Market is estimated to reach USD 28.07 Billion by 2028, according to a new report by Reports and Data.

NEW YORK CITY, NY, UNITED STATES, October 22, 2021 /EINPresswire.com/ -- Reports and Data has recently added a new report titled “Global Catalyst Market Research Report 2021” to its ever expanding repository which offers a comprehensive overview of the Catalyst market including current and emerging trends, consumer behavior patterns, competitor strategies, brand promotions and product launches, among others. The report covers the initial and future impact assessment of the COVID-19 pandemic on the overall market and offers key insights into the remuneration condition in a post-COVID-19 scenario. This can be mainly associated with the increasing demand for refined petroleum products, chemical synthesis, and petrochemicals, the ability of a catalyst to reduce the amount of energy to produce an end product and enforced environmental laws on emission control. Energy cost is also a notable driver in the catalyst market as several industries are using catalysts to reduce their energy cost.

Moreover, the demand for clean and green fuels has changed the trend of energy generation from conventional to clean resources. Cobalt, nickel and iron catalysts are the essential components used for clean energy generation processes, such as the Fischer-Tropsch synthesis. Fast expanding polymer and chemical manufacturing sectors are also expected to play a crucial role in the growth of the market. Also, supportive regulations regarding the production and usage of catalysts are expected to expand market growth over the next few years. Emission regulations are the prominent drivers for a wide range of application sectors. Also, the usage of catalysts for environmental and chemical applications is assumed to have the highest market growth.

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Key participants include DowDuPont Inc., Albemarle Corporation, Chevron Phillips Chemical Company LLC, BASF SE, Clariant AG, Evonik Industries AG, Johnson Matthey, ExxonMobil Chemicals Co., INEOS AG, and WR Grace & Co.

The investigative report on the Catalyst market assesses the global market for Catalyst industry and offers estimates for the market in terms of revenue and capacity for the forecast period 2021-2028. The report also analyzes the key companies engaged in the industry along with their product portfolio, business overview, strategic expansion plans, revenue generation, market share and size, regional presence, and production and manufacturing capacity. It also offers details about the recent mergers and acquisitions, joint ventures, collaborations, partnership, agreements, brand promotions, and product launches, among others.

Materials and chemicals industry deals with the production and manufacturing of raw materials and chemicals for every end-use industry. Chemical industry produces industrial chemicals and raw materials and is a crucial part of the economy of every country. Increasing growth of end-use industries, rising penetration of materials informatics, the advent of 3D printing, and integration of advanced technologies and machinery are key factors contributing to revenue growth of the market. Furthermore, rising number of product approvals, launches, and strategic alliances have significant contributed to market growth. The report offers an extensive database for technological developments and product advancements.

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Further key findings from the report suggest
Emission regulations are the prominent drivers for a wide range of application sectors. Also, the usage of catalysts for environmental and chemical applications is also expected to boost market growth.

Significant factors in the global catalyst market for the rising adoption of catalysts are increasing consumption of fuels and other chemical products, and rising investments in industries. Further, growing demand for producing more efficient products like low carbon number products, high octane number gasoline, and others has effectively boosted the growth of the market.

Swiftly expanding polymer and chemical manufacturing sectors are also expected to play a crucial role in the growth of the market. Also, supportive regulations regarding the production and usage of catalysts are expected to expand market growth over the next few years.

Metal-based catalysts is valued at USD 5.81 billion in 2020 and is estimated to reach USD 8.32 billion by 2028 at a CAGR of 4.5% during the forecast period, due to their availability and rise in global demand for industrial catalysts in refining.

The market for organometallic material-based catalysts is anticipated to have the highest CAGR of 4.5% during the forecast period, due to the growing demand from chemical synthesis industry.

By application, the catalyst market can be segmented into chemical synthesis, petroleum refining, and polymer formulation. Petroleum refining market of the application category accounts for the largest market share of 39.30% in 2020, due to the growing demand for catalysts in the manufacturing of fuels and other petroleum products. The importance of using catalysts has increased mainly due to the increased demand for fuels and the implementation of environmental standards in industries like automotive and polymers.

Heterogeneous market of the type segment has the largest market share on account of full product usage in the polymer industry. It is used in the form of vanadium oxide and also for the production of sulfuric acid, which is increasing due to growing demand of this acid in oil refining, chemical synthesis, and wastewater processing. This is also expected to fuel the need for heterogeneous catalyst soon.

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For the purpose of this report, Reports and Data have segmented global Catalyst Market on the basis of Catalyst Type, Product, Application, and region:

Catalyst Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2020-2028)

Homogeneous

Heterogeneous

Product Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2020-2028)

Zeolites

Metals

Chemicals

Organometallic

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Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2020-2028)

Petroleum Refining

Chemical Synthesis

Polymer formulation

Others

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