San Francisco, Oct 03 The
global catalyst
market is expected to reach USD 34.3 billion by 2024, according to
a new report by Grand View Research, Inc. The accelerating use of catalysts for
reducing the cost of manufacturing chemicals, petrochemicals and polymers are
expected to remain a favorable factor. Also, rising application of catalytic
reforming and fluidized bed catalytic cracking for enhancing the yield of light
cut and medium cut oils may promote the use of the product over the next eight
years.
In
terms of volume, chemical synthesis is expected to witness growth at a CAGR of
3.5% from 2016 to 2024. In September 2014, the Government of India proposed the
“Draft National Chemical Policy” which is intended for increasing the country’s
global chemical output share from 3% in 2014 to 6% by 2020. The mentioned
government initiative about the improvement of the chemical production output
in India is expected to open new avenues for growth over the next eight years.
Browse full research report on Catalyst Market:
www.grandviewresearch.com/industry-analysis/catalyst-market
Further key findings from the study suggest:
- The market
for chemical compounds as catalysts are expected to foresee volume growth
at a CAGR of 4.2% from 2016 to 2024. Rising application of amine catalyst
for the production of polyurethane foam on account of enhancing the rate
of reaction between polyols and polyurethane is expected to have a
positive impact in the near future. Moreover, increasing requirement of
polyurethane (PU) foams is projected to augment demand for catalysts over
the forecast period.
- Catalyst demand
in petrochemicals & polymers was 1,419.1 kilo tons in 2015. Rising
demand for engineering plastics including polyether ether ketone (PEEK) in
automotive, aviation, electronics and energy sectors is expected to result
in fuelling requirement of the accelerator.
- Asia Pacific
is projected to remain the fastest-growing market, witnessing growth at a
CAGR of 5.3% from 2016 to 2024. High prevalence of active pharmaceutical
ingredients (API) manufacturers in China on account of easy access to
chemicals is expected to increase use of the product over the next eight
years.
- Latin America
market was valued at USD 1.53 billion in 2015. In October 2015,
Columbia-based Ecopetrol announced plans to expand the refining capacity
at its Barrancabermeja plant. The capacity expansion will be completed by
the end of 2018 and may open new opportunities for growth over the next
eight years.
- Major market
players include Albemarle Corporation, BASF, ExxonMobil, W.R. Grace &
Company, Johnson Matthey and AkzoNobel N.V. Increasing expenditure for the
development of emission control catalyst on account of rising awareness
towards environmental protection in the automotive sector is expected to
remain critical success factor over the next eight years.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/organic-chemicals-and-compounds
Grand
View Research has segmented the global catalyst market by raw material,
product, application and region:
Raw
Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Zeolites
- Metals
- Base Metals
- Precious
Metals
- Chemical
Compounds
- Peroxide
- Acid
- Amines &
Others
- Others
Product
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Heterogeneous
- Homogenous
Application
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Petroleum
refining
- FCC
- Alkylation
- Hydrotreating
- Hydrocracking
- Catalytic
Reforming
- Chemical
synthesis
- Polyolefins
- Adsorbents
- Chemical
Catalysts
- Others
- Polymer
- Ziegler-Natta
- Reaction
Initiator
- Urethane
- Chromium
- Single-site
- Others
- Environmental
- Light duty
vehicles
- Heavy duty
vehicles
- Motorcycles
- Others
Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Mexico
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Asia Pacific
- China
- Japan
- South Korea
- India
- Latin America
- Brazil
- MEA
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/catalyst-market-analysis
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
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