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Catalyst is a substance used for accelerating a chemical reaction without undergoing any change. This is a crucial part of both the chemical industries and research industries. They are used in various sectors, including chemical, pharmaceutical, and oil refining, petrochemical, and organic synthesis. Various types of catalysts are constantly used in meeting the environmental, economic, and political demand. Moreover, industrial catalysts help in removing sulfur and nitrogen from petroleum products. In addition, surge in demand to make industrial processes cleaner and greener, new catalysts are being developed. Surge in demand for chemical products, fuels, and petroleum refining capacities is the major factors, which are expected to boost the growth of the global industrial catalyst market during the forecast period.
The chemical industry has been facing adverse effects of the COVID-19 outbreak. The chemical industry plays an important role in the manufacture of various products such as plastic, fertilizers, medicines, and packaging products. Many production facilities of end-user industries were shut down due to the spread of coronavirus. With this, the demand for chemicals used in these facilities was reduced. However, with the outbreak of this pandemic, a rise in the demand for packaging materials has been increased to prevent the contamination of food, medicine, personal care, and medical products, thereby creating a significant demand for chemicals involved in the packaging industry.
Increase in demand for industrial catalysts in the chemical industries is anticipated to boost the growth of the global market. In addition, rise in demand for eco-friendly fuels further propels the growth of the market as industrial catalysts help in meeting the fuel standards, increases operational efficiency, and promotes clean fuel. Moreover, expansion of the refinery industry is expected to boost the market growth. Some of the other factors such as rise in consumption of fuel & other chemical products, surge in demand from petrochemical industry, increase in urbanization, and development of the petroleum industry are expected to contribute toward the market growth. However, advancement in chemical synthesis reduces catalyst consumption, which is expected to hamper the market growth. On the contrary, increase in R&D activities to enhance the quality of catalyst is expected to create lucrative opportunity for the market growth in the near future.
One of the main trends is the expansion of the automobiles industry, which has increased the demand for industrial catalyst. Alarming rise in environmental concerns has increased the production of catalytic converters, a part of a car’s emissions control system that helps in reducing carbon emissions. Similarly, rise in the demand for nano-catalysts, which are known for improving the catalytic process boosts the growth of the global market. Nano-catalysts are majorly utilized in pharmaceuticals, chemicals, food processing, and oil &refinery industries. Apart from this, the global demand for industrial catalysts is expected to be driven by surge in need for petroleum products.
Asia-Pacific dominates the industrial catalyst market, due to increase in industrial catalysts in various application sectors and rise in petroleum refining. Countries such as India and China are emerging as production destinations for petroleum and chemicals derivatives, which is expected to fuel the global industrial catalyst market growth in the near future. In addition, low labor cost is anticipated to boost the growth of the global market in the region. Middle East is growing at a faster rate, due to the expansion of refining capacities in the region.
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