Chemical Catalyst Market Market: A Look at the Industry's Growth and Future Prospects
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Chemical Catalyst Market Size – USD 37.13 Billion in 2021, Market Growth – at a CAGR of 4.9%, Market Trends
VANCOUVER, BRITISH COLUMBIA, CANADA, January 31, 2023 /EINPresswire.com/ -- Chemical Catalyst Market Market: A Look at the Industry's Growth and Future Prospects
Chemical Catalyst Market Size – USD 37.13 Billion in 2021, Market Growth – at a CAGR of 4.9%, Market Trends
The global chemical catalyst market size reached USD 37.13 Billion in 2021 and is expected to register a revenue CAGR of 4.9% during the forecast period, according to latest analysis by Emergen Research. Increasing application of chemical catalysts in chemical synthesis, owing to excellent traits and properties such as enhancement of enantioselective processes, alkene, and alkyne activation is a major factor driving revenue growth of the market. In addition, chemical catalysts have high functional group tolerance and do not require extra ligands. This is another key factor driving revenue growth of the market. Aside from chemical synthesis, catalysts are widely used in petroleum refining to boost the yield of high-quality products by breaking feedstock components. Use of a catalyst increases the optimization of hydrocracking reactions while also conserving energy.
Chemical Catalyst Market, By Type (Homogeneous, Heterogeneous, Heterogenized Homogeneous Catalyst, Biocatalyst), By Application (Petroleum Refining, Chemical Synthesis, Environmental, Others), By Region Forecast to 2030
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Key Highlights From the Report
The heterogeneous segment accounted for a significant revenue share in 2021. Increasing application for catalysts in energy generation, environmental protection, chemical synthesis, and other activities is a major factor driving revenue growth of the segment. To minimize toxicity, homogeneous catalysts are transformed into heterogeneous catalysts using solid supports. Increasing end-user awareness of multiple benefits of heterogeneous catalysts is a major factor driving revenue growth of the segment. For instance, utilizing heterogeneous catalysts reduces overall cost and provides easy separation of catalysts from products.
The chemical synthesis segment accounted for a significant revenue share in 2021. Significant investments in optimizing factors such as catalyst activity, selectivity, stability, and the cost is a major factor driving revenue growth of the market in this segment. In addition, innovations and breakthroughs in chemical and material sciences are other key factors contributing to revenue growth of the segment. Catalysts improve the efficiency of the chemical synthesis process by lowering the activation energy, which is the energy barrier that must be overcome for a chemical reaction to occur. As a result, catalysts make it easier for atoms to create and break chemical bonds, resulting in novel combinations and compounds.
The market in North America accounted for moderate revenue share in 2021. Rising demand for specialty chemicals in the oil & gas industry is a major factor driving revenue growth of the market in this region. In addition, rising demand for petroleum products such as gasoline, diesel, and kerosene among others, and significant investments in the manufacturing of catalytic converters are other key factors contributing to revenue growth of the segment.
Key Players Included in this report are: BASF SE, Chevron Phillips Chemical Company LLC, Clariant AG, Dorf Ketal, The Dow Chemical Company, Evonik Catalysts, Exxon Mobil Corporation, Johnson Matthey, W.R. Grace & Co., and Arkema S.A.
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Emergen Research has segmented global chemical catalyst market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Homogeneous
Heterogeneous
Heterogenized Homogeneous Catalyst
Biocatalyst
Application Outlook (Revenue, USD Billion; 2019-2030)
Petroleum Refining
Chemical Synthesis
Environmental
Others
Regional Outlook
We carefully examined each division, regional classification, national study, and subject-specific data set during the market research. This Dental Care Market research report's goal is to look at growth patterns, promising futures, important obstacles, and expected results. Information on significant market participants, strategic alliances, plans, new product launches, and joint ventures are all included in the research.
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