Description:
Catalysts are substances that accelerate the rate of chemical reaction by lowering the activation energy of the process. They are either homogeneous or heterogeneous, depending upon the phase of the reaction. In homogeneous catalysis, the catalyst and the reaction medium are in same phase, mostly liquid or gas; whereas heterogeneous catalysis involves the use of solid catalysts either in a liquid or gas phase. Various catalysts available in the market include zeolites, enzymes, chemical compounds, and metals that are used in industries such as automotive, industrial reactions, oil & gas, construction, and others. They are used for various applications such as petroleum refining, chemical synthesis, polymer catalysis, and environmental applications. In the year 2015, the global catalysts market accounted for $ 28,567 million, and is estimated to grow at a CAGR of 4.8 % from 2016 to 2022.
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Macroeconomic trends such as global population growth coupled with surging economic growth in emerging economies, stringent environmental legislation regarding automotive emissions, and increase in number of applications in end user industries are the factors that drive the market growth. However, restricted development and distribution of new catalysts hinder the market growth. Development of biochemicals through catalysis presents new opportunities for future growth.
Based on the catalyst type, the market is segmented into zeolites, metal, chemical compounds, enzymes, and organometallic materials. By application, it is divided into petroleum refining, chemical synthesis, polymer catalysis, and environmental & others. Petroleum refining is further segmented as fluid catalytic cracking( FCC), alkylation catalysts, hydroprocessing catalysts, and catalytic reforming. By chemical synthesis, the market is further classified as polyolefins, catalytic oxidation, and hydrogenation catalysts; polymer catalysis into Ziegler – Natta, reaction initiator, and single-site; and environmental into lightduty vehicles, and heavy-duty vehicles.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. In the year 2015, Asia-Pacific occupied the largest share, with China and India being the major contributors. This was attributed to the increase in demand for integration of emission-controlled catalyst in the automotive industry and low labor cost.
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Major companies have adopted agreement, product launches, expansions, mergers, and agreements to sustain the intense competition in this market. The key players profiled in the report include: BASF SE Albemarle Corporation
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