Catalyst Carrier Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for catalyst carrier is expected to register a CAGR more than 5% globally during the forecast period. Catalyst carrier is a porous material used in the chemicals and petrochemical industries for refining or treating gases and liquid into intermediate. Solid catalysts used in the form of granules or fine particles are dispersed on a substrate that is a carrier. It exhibits excellent inorganic binding properties, and it is inert in most chemical systems and stable at normal reaction temperatures. The increasing demand from the ceramic catalyst and growing consumption of petroleum derivatives have been driving the market growth.

Key Highlights

• However, the high manufacturing cost of catalyst carriers due to the use of rare-earth metals and unfavorable conditions arising due to the COVID-19 outbreak across the world are likely to hinder the growth of the studied market.
• The research and development operation going onto develop innovative catalyst carriers to increase the mechanism of action and development of cost-effective catalysts are likely to provide opportunities for the catalyst carrier market over the next five years.
• Asia-Pacific to be the fastest growing market across the world, with the largest consumption from countries, such as China and India.

Key Market Trends

Oil and Gas Industry to Dominate the Market

• The oil and gas industry stands to be the dominating segment.
• The demand from the oil and gas industry majorly comes from the consumption in petroleum refining, catalytic reforming, and catalytic cracking hydroprocessing.
• A reforming unit operates in extremely high temperatures and uses catalysts, in order to syndicate low weight naphtha, and convert it into aromatics, which are used for blending gasoline and making chemicals.
• Catalytic reforming converts (through dehydrogenation) low octane naphtha into higher octane reformate products for gasoline blending and aromatic rich reformate for aromatic production.
• All the aforementioned factors are expected to drive the catalyst carrier market during the forecast period.

North America Region to Dominate the Market

• North America is expected to dominate the market majorly due to the established oil and gas industry. In the past decade, the United States has emerged as a major oil and gas producer due to shale gas exploration in the region.
• The United States is the largest producer of oil and natural in the region. The industry is facing a slowdown due to the sudden outbreak of COVID-19, but it is expected to recover at a rapid pace during the forecast period.
• According to the American Chemistry Council’s (ACC) Mid-Year 2019 Chemical Industry Situation and Outlook, the chemical sector of the country is expected to continue to grow in 2019. The sector stands to be one of the most attractive markets for foreign investment. The chemical output is expected to grow by 3.9% in 2019, and hence, this is expected to drive the market studied.
• According to the Chemistry Industry Association of Canada's (CIAC), the country experienced a growth of around 6% in 2018, reaching a value of more than USD 25 million in 2018. The announcement of the Petrochemicals Diversification Program (PDP) is expected to further drive the growth during the forecast period. In 2019, the capital spending on industrial chemical industry projects in Canada is expected to jump by 65% to CAD 1.9 billion.
• The region is a prominent automotive manufacturer with majority of manufacturing coming from the United States followed by Mexico.
• Hence, all such market trends are expected to contribute moderately to the demand for catalyst carrier in the region during the forecast period.

Competitive Landscape

The global catalyst carrier market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Saint-Gobain, Cabot Corporation, W. R. Grace & Co.-Conn., CeramTec, and Noritake Co. Limited.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support