Global Catalyst Market Value Share, Analysis and Segments 2020-2026
Infinium Global Research’s recent report on the “Catalyst Market (By Type (Heterogeneous, Homogeneous), By Material (Zeolites, Metals, Chemicals) By Application (Chemical Synthesis, Polymers Formulation, Petroleum Refining, Pharmaceutical, Others)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026” estimates that the market was sized USD 30 billion in 2020 and is expected to reach over USD 40 Billion by 2026 growing with a CAGR of 4% over 2020-2026. The report provides a comprehensive outline of the factors responsible for the growth of the market.
“We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026.”
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A catalyst increases the speed of the reaction or process which saves time and curtails down the overall cost is among the many advantages of a catalyst. There are some natural catalysts as Enzymes. Zeolites, metals, and chemicals are materials from which catalysts are made up. The rise in the demand from the petroleum refining industry is driving the market. A surge in the consumption of conventional fuels such as petrol has been observed due to a rise in the manufacturing of automobiles and increased use of heavy machinery and vehicles in infrastructure, mining, logistics, and others. Thus petroleum refining is done on a huge scale. The demand for catalysts has boosted as they play an important role in petroleum refining. For several past years, the Platinum catalyst is being extensively used in petroleum refining. As the chemical manufacturing industry is growing rapidly thus demand for catalysts from this industry is also rising. For numerous applications such as manufacturing activities and others, chemicals are used widely around the world. To combat prevalent and emerging diseases, epidemics, and pandemics, research and development activities for developing drugs are been undertaken by the companies in the pharmaceutical industry at a huge scale. Therefore the demand for catalysts is increasing in the pharmaceutical industry as catalysts play a very crucial in the manufacturing of drugs. R&D activities are being undertaken extensively by the companies in the catalyst market which is expected to provide new opportunities in the market.
Adverse effects of the covid-19 pandemic were felt across the market. In the market, a temporary decline in demand was observed. The lower demand for catalysts from end-user industries caused this decline in demand. Due to the implementation of restrictions on operating of the manufacturing facilities all the manufacturing activities were halted. To protect their staff from contracting the Covid-19 virus the companies also kept their manufacturing facilities closed. Also, the R&D activities were halted. The catalyst market was also affected by the supply chain disruptions. An important role in the refining of petroleum is played by catalysts. Due to the implementation of restrictions on the movement of man and material the demand for fuels such as petrol also declined drastically. The raw material shortage was also experienced due to these restrictions. The demand for catalysts is to rise as the manufacturing of vaccines of the covid-19 virus and other medications used in its treatment is taking place at a huge level.
Chemical Synthesis is Expected to Dominate the Application Segment of Market
Chemical synthesis is projected to dominate the application segment of the market. The chemical industry is growing at a faster rate. Therefore the demand for catalysts is also increasing from the industry. Catalyst plays an important role in the chemical synthesis process. The scope of applications of the chemical industry is growing.
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North America to be the Dominant Region in Catalyst Market
Geographically Asia-Pacific is expected to be the highest revenue-generating region in the market. The manufacturing base is rapidly increasing in the region and also it is experiencing an economic boom. The chemical industry is also expected to grow on a huge scale. Emerging economies such as China and India are expected to highly demand catalysts. In Asia-Pacific, the pharmaceutical industry and its supporting ecosystem are highly advanced. In this region, most of the oil of the world is produced. Thus, their refining is done on a large scale thus it is causing a rise in demand for catalysts. North American also has a huge base of pharmaceutical production and refining petroleum is also done highly in this region.
Acquisitions and Mergers to Remain the Major Strategy of the Major Companies Operating in Catalyst Market
The Catalyst market is highly competitive. The market is dominated by companies such as BASF SE., Evonik Industries AG, The Dow Chemical Company, W.R. Grace and Co, Zeolyst International, and others. The companies are focusing on acquisitions and mergers. In April 2018 W.R. Grace and Co acquired Albemarle Corporation’s Polyolefin Catalysts business for an amount of USD 416 Million.
Infinium Global Research’s recent report on the global catalyst market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments in the global market.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the catalyst.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify