Industrial Catalyst Global Market Report 2024

The industrial catalyst market size has grown strongly in recent years. It will grow from $24.05 billion in 2023 to $25.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historic period can be attributed to factors such as industrialization and manufacturing expansion, advancements in chemical processes, the imposition of increasingly stringent environmental regulations, the growth of petrochemical and refining industries, and a heightened demand for cleaner and more efficient production processes.

The industrial catalyst market size is expected to see steady growth in the next few years. It will grow to $30.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period can be attributed to the increasing demand for sustainable and green chemistry solutions, the expansion of the pharmaceutical and biotechnology industries, advancements in renewable energy technologies, a growing focus on the hydrogen economy and fuel cell technology, and the emergence of new applications in emerging markets. Key trends in the forecast period encompass the adoption of catalytic converters for emissions control in automotive and industrial sectors, the development of catalysts for carbon capture and utilization, the use of catalysts in bio-based plastics production, the integration of nanotechnology in catalyst design and development, and a strong emphasis on circular economy principles in catalyst recycling and reusability.

The ongoing expansion of the petroleum industry is anticipated to be a driving force behind the growth of the industrial catalyst market in the foreseeable future. The petroleum industry, encompassing the entire oil and gas sector, involves activities such as exploration, extraction, refining, and marketing of petroleum products. Catalysts play a crucial role in hydroprocessing units, particularly in hydrotreating to eliminate sulfur and nitrogen impurities from crude oil fractions, thereby enhancing the quality of refined products. Additionally, in hydrocracking, catalysts aid in breaking down heavy hydrocarbons into lighter ones, increasing the yield of valuable products. A report by the International Energy Agency in August 2023 highlighted a projected 6% global oil demand increase, reaching 105.7 million barrels per day between 2022 and 2028. This growth is driven by robust demand from the petrochemical and aviation sectors. Furthermore, upstream investments in oil and gas exploration, extraction, and production are expected to peak in 2023, showing a year-on-year growth of 11% to USD 528 billion. Thus, the expanding petroleum industry is a key driver of the industrial catalyst market.

Major players in the industrial catalyst market are actively engaged in advancing their technological capabilities, exemplified by the adoption of additive manufacturing technologies. Also known as 3D printing, additive manufacturing involves the creation of three-dimensional objects by layering or sequentially adding material. An example is BASF SE, a Germany-based manufacturer of industrial catalysts, launching the X3D technology in September 2022. This technology's unique feature lies in its ability for 3D printing, resulting in catalysts with an open structure. This structure reduces pressure drop across the reactor and significantly increases the surface area, enhancing catalyst performance. The X3D technology allows for customization based on specific customer conditions and needs, involving the design of infill patterns, fiber diameter, and orientation. This innovation empowers customers to achieve heightened reactor output, superior product quality, and lower energy consumption, showcasing the industry's commitment to advanced features and flexibility in catalyst design.

In September 2021, Standard Industries Holdings Inc., a US-based industrial company, successfully acquired W. R. Grace & Co., a US-based manufacturer of industrial catalysts, for an undisclosed amount. This strategic acquisition positions Standard Industries to capitalize on the growing market for cutting-edge, sustainable solutions, further solidifying the company's standing in the industrial catalyst sector.

Major companies operating in the industrial catalyst market report are Sinopec, BASF SE, The DOW Chemicals Company, Lyondellbasell Industries Holdings B.V., Honeywell International Inc., Ineos Group Limited, Johnson Matthey Plc, Evonik Industries AG, Chevron Philips Chemical Company, Arkema S.A., Albemarle Corporation, Dorf Ketal Chemicals India Pvt. Ltd., Clariant AG, Umicore N.V., ExxonMobil Chemical, W. R. Grace and Co., Axens SA, Topsoe A/S, Akzo Nobel N.V, Criterion Catalysts & Technologies, KNT Group, Zeolyst International, Anten Chemical Co. Ltd., JGC Catalysts and Chemicals Ltd., Univation Technologies LLC.

Asia-Pacific was the largest region in the industrial catalyst market in 2023. The regions covered in the industrial catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial catalyst market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The industrial catalyst market consists of sales of aluminosilicates, nickel, iron and vanadium(V) oxide. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Industrial catalysts are substances employed in the chemical industry to accelerate, initiate, or facilitate chemical reactions. Their role is crucial in reducing energy consumption, minimizing waste, and curbing the production of unwanted by-products. This results in enhanced efficiency and a more environmentally friendly approach to chemical processes.

The primary types of industrial catalysts include heterogeneous catalysts, homogeneous catalysts, and biocatalysts. Heterogeneous catalysts are substances whose physical phase differs from that of the reactants and products involved in the catalyzed chemical reaction. Various materials, such as metals, chemicals, zeolites, and organometallic compounds, are utilized as heterogeneous catalysts. They find applications in diverse industries, including petroleum refining, chemical manufacturing, petrochemicals, food processing, automotive and transportation, and other industrial processes.

The industrial catalysts market research report is one of a series of new reports that provides industrial catalysts market statistics, including the industrial catalysts industry global market size, regional shares, competitors with an industrial catalysts market share, detailed industrial catalysts market segments, market trends and opportunities, and any further data you may need to thrive in the industrial catalysts industry. This industrial catalysts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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