Report Code : A01408
The global catalyst market is expected to possess high growth potential in the coming years, as the most important use of zeolites, particularly by volume, is in catalytic cracking, in which the faujasite zeolites X and Y were applied by Mobil Oil in early 1960s. It is used in acidic form in petroleum refinery catalytic cracking units to increase the yield of gasoline and diesel fuel from crude oil feedstock by cracking heavy paraffins into gasoline grade napthas. In addition, it can also be employed for upgrading fuel products and air liquefication process. Structure of FAU makes it suitable for other applications such as adsorption, odor removal, hydrocarbon adsorption, and heat management. Properties such as 3D pore structure, angle of pore structure, shape selectivity, size of structure, acidity level, and electronic interactions among guest molecules makes them ideal for replacement of carbon molecules. However, the outbreak of the COVID-19 pandemic has a negative impact on the gl
Eswara Prasad
Manager, Chemical and Material at Allied Market Research
According to a new report published by Allied Market Research, titled, "Catalyst Market by Type, Process, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the global catalyst market was valued at $35.5 billion in 2020, and is projected to reach $57.5 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
Catalysts are substances that stimulate the rate of reaction by lowering the activation energy required for it. Their main application is chemical synthesis, includes organic synthesis catalysts, oxidation catalysts, synthesis gas catalysts, hydrogenation catalysts, and others. Leading chemical processes that make use of them are production of methanol and ammonia.
Polyolefins have gained popularity due to their beneficial surface properties. These polymers are manufactured by different approaches exist, such as transition-metal catalysis, single-site catalysis, and organometallic catalysis. Catalytic oxidation is performed through both heterogeneous and homogeneous catalysts. Platinum, vanadium, and molybdenum are few heterogeneous oxidative catalysts modified with promoters that enhance reaction speed and selectivity. Iron, manganese, and carboxylates of iron are homogenous oxidative catalysts readily used to oxidize organic compounds. Oxidation catalysts also help reduce engine emissions through reactions that convert carbon monoxide, hydrocarbons, and aldehydes found in fuel oils into CO2 and water. These factors are predicted to notably contribute toward the global catalyst market.
However, catalyst performance will be degraded with presence of impurities which in turn requires additional refinement process to enhance its performance. This factor is anticipated to increase the operational cost. In addition, different chemical reactions require different types of catalyst. These factors are predicted to hamper the catalyst market growth during the forecast period.
Zeolites are a class of porous, hydrated aluminosilicates that are both, found naturally and chemically synthesized. They are most useful commercially due to their unique crystal structure, which allows them to act as molecular sieves. One of the major uses of zeolites is as heterogeneous catalysts in the petrochemical industry. Cracking catalysts (H-form of zeolite Y, faujasite) are widely used zeolites. The synthetic zeolite market is guided by the demand from the detergents market due to government regulations against the usage of phosphorus as detergent builders. Synthetic zeolites with appropriate physicochemical properties benefitted from the regulations against the widely used phosphorus compounds. This factor is anticipated to create remunerative opportunities for the expansion of the catalyst market in future.
The catalyst market is segmented on the basis of type, process, application, and region.
By type, the market is segregated into zeolites, metals, chemical compounds, enzymes, and organometallic materials. The metal based catalyst type dominated the global catalyst market in terms of revenue in 2020, with over one-fourth of the total share. There are several transformations in organic synthesis process such as development of cross coupling process. Such process requires metal based catalyst such as palladium, gold, and iridium to enhance the rate of chemical reaction. In addition, asymmetric hydrogenation process requires specially modified metal catalyst to carry out the reaction and yield products with high quality. Thus, development of metal catalyst with chiral ligands and sponge nickel catalyst is predicted to offer new opportunity during the forecast period.
By process, the catalyst market is classified into recycling, regeneration, and rejuvenation. The recycling process segment dominated the global market in terms of revenue in 2020, with over half of the total share. Mining of precious metal poses several challenges such as unavailability of precious metal and inability to supply as per demand. This factor has gained immense popularity for secondary source that plays an important role in the production of precious metals from used catalyst. In addition, ecological and economic factors are also considered while extracting or mining precious metal which in turn has created popularity for catalyst recycling process. Several key-players such as Heraeus and BASF SE are inclined toward recovery and recycling of spent catalyst which in turn contributes toward resource maintenance and helps to overcome the supply demand gap of these precious metals such as platinum, palladium, and rhodium.
By application, the catalyst market is divided into petroleum refining, chemical synthesis, polymer catalysis, and environmental. The environmental application dominated the global market in terms of revenue in 2020, with over three-seventh of the total share. Stringent emission norms from EU (Europe) and EPA (U.S.) have driven OEMs toward enhanced environmental catalysts. The development of catalytic converters for gasoline engine represents among the most successful large-scale application of heterogeneous catalysts. Environmental catalysts are an intrinsic and crucial part of the industrial and automotive process as they reduce pollution and improve engine performance.
Region-wise, the catalyst market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific catalyst market size is projected to grow at the highest CAGR during the forecast period and accounted for 39.6% catalyst market share in 2020, owing to rise in electronics and automotive sectors that have enhanced the demand for structural adhesives in the Asia-Pacific region. China's electronic sector is increasing rapidly, which has forced the structural adhesives manufacturers to produce high-quality structural adhesives in the region.
Key players operating in the global catalyst market include Albemarle Corporation, BASF SE, Chevron Phillips Chemical Company LLC, Clariant AG, Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Chemical Company, Evonik Industries AG, Exxonmobil Corporation, Johnson Matthey, and W.R. Grace and Co.
COVID-19 analysis
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy across the globe. The catalysts market has been negatively impacted due to the wake of the COVID-19 pandemic owing to its dependence on oil & gas, chemical manufacturing, polymer catalysis, automotive, and other sectors. According to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sector with an average contraction of -2.8% in 2020. Also, more than 100 countries have locked their international borders for transportation and non-essential trade activities which in turn have reduced the consumption of catalysts among the automotive sectors. Furthermore, the temporary shutdown of oil refineries amid the COVID-19 period has led to demand-supply disruptions. For instance, according to a report published by the Indian Ministry of Petroleum & Natural Gas, the central public sector enterprise (CPSE) refineries has produced 7,103.76 thousand metric tons (TMT) of crude oil in April 2020 that is 28.91% lower than the target for the month and 36.93% lower than the production achieved in the corresponding month of 2019. This has severely affected the demand for catalysts market among the oil refineries during the COVID-19 situation where catalysts are widely used for desulfurization, fluid catalytic cracking (FCC), and other applications.
Also, several chemical manufacturing companies have either shut down or shrank their operations due to the risk of infections among the workforce where catalysts are widely used for chemical synthesis, hydroprocessing, and other applications. This has temporarily hampered the demand for the catalysts market amid the COVID-19 period. In addition, the decrease in income of customers has led to a contraction in the sales of both light and heavy-duty vehicles which in turn has decreased the demand for catalysts in the automotive sectors. For instance, according to a report published by Wipro, the sales of passenger cars saw a 30% decline in March 2020 as compared to March 2019, owing to lockdowns and shutdowns of auto plants. In addition, the travel restrictions imposed by the governments of various countries have led the aerospace & aviation sectors to witness temporary downfall. Also, COVID-19 has put a temporary brake on various aircraft manufacturing projects which in turn has shrunk the demand for catalysts among the aerospace & aviation sectors.
However, several key players such as BASF SE, and others are constantly engaged in widening their footprints and looking for new investment opportunities amid the COVID-19 situation. For instance, BASF SE invested in expanding the capacity of its mobile emission catalyst plant in Chennai, India. Also, BASF SE expanded its chemical catalyst recycling capacity and capability in Caldwell, Texas. These events are expected to enhance the performance of the catalysts market post-COVID-19 scenario.
Key findings of the study
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Catalyst Market by Type (Zeolites, Metals, Chemical Compounds, Enzymes, and Organometallic Materials), Process (Recycling, Regeneration, and Rejuvenation), and Application (Petroleum Refining, Chemical Synthesis, Polymer Catalysis, and Environmental): Global Opportunity Analysis and Industry Forecast, 2021–2030
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