Industrial catalysts: Key market research findings
- Rising demand for petroleum products spurs market growth
- APAC dominates the market geographically
- Key vendors – Albemarle, Arkema, BASF, Clariant, Evonik, and ExxonMobil
Technavio’s market research analysts predict the global industrial catalysts market to grow at a CAGR of more than 5% between 2016 and 2020. The demand for catalysts is augmented by the rise in the demand for petroleum products. Petroleum-based fuels contribute to approximately one-third of the total energy consumption globally. Diesel, gasoline, kerosene, jet fuel, and fuel oil are the most widely consumed fuels. During 2015, the APAC region led the global industrial catalysts market by accounting for more than 35% of the overall market revenue. China’s emergence as a major producer of most end-consumer products, including cosmetics, computers, and several others is expected to contribute to the growth in the industrial catalysts market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the industrial catalysts segments based on the product.
“Recently, there has been a shift in the consumer preference from traditional catalysts to nanocatalysts. Nanocatalysts are usually less than 100 nanometers in size and are subjected to nanoscale structural modification. This increases their active surface area, improving their catalytic activity and providing them with unique physical properties and superior performance. These catalysts are either elements or compounds formed by the combination of two or more elements,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
The heterogeneous catalysts segment was the primary revenue generator in the global industrial catalysts market in 2015 with a market share of around 80%. These catalysts are usually mixed as solids in liquid or gaseous mixtures and are used in numerous applications, including petroleum refining and chemical synthesis. Heterogeneous catalysts are gaining market traction owing to its extensive use in the automotive, polymer, chemical, refinery, and stationary industries.
The key vendors in the global industrial catalysts market include Albemarle, Arkema, BASF, Clariant, Evonik, and ExxonMobil. The global industrial catalysts market is highly competitive due to the presence of several suppliers and buyers across the globe. Top manufacturers of industrial catalysts like BASF, AkzoNobel, and Arkema have adopted various strategies to launch new products in the market. The manufacturers are focused on providing low-cost and high-quality industrial catalysts for numerous applications, such as chemical synthesis, petroleum refinery, and polymers and petrochemicals. BASF acquired Engelhard in 2006 and made huge investments on its R&D. The competition is anticipated to intensify during the forecast period as the top manufacturers are expanding their business with the help of new product launches for emerging applications, which comply with the mandated sulfur emission regulations.
A more detailed analysis is available in the Technavio report, Global Industrial Catalysts Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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