The Industrial Catalyst Market Size - $25.47 Billion In 2024
Industrial Catalyst Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, June 21, 2024 /EINPresswire.com/ -- The industrial catalyst market size is projected to grow from $24.05 billion in 2023 to $25.47 billion in 2024, at a CAGR of 5.9%. Despite challenges, the market is anticipated to reach $30.59 billion by 2028, driven by the increasing demand for sustainable and green chemistry solutions, as well as the expansion of the pharmaceutical and biotechnology industries.
Growing Expansion of Petroleum Industry Drives Market Growth
The growing expansion of the petroleum industry is a significant factor contributing to the growth of the industrial catalyst market. Catalysts play a crucial role in hydroprocessing units, aiding in the removal of sulfur and nitrogen impurities and the breakdown of heavy hydrocarbons. According to a 2023 report by the International Energy Agency, global oil demand is expected to increase by 6% between 2022 and 2028, driven by the petrochemical and aviation sectors. Upstream investments in oil and gas exploration and production are also expected to peak in 2023, further propelling market growth.
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Industrial Catalyst Market Major Players and Market Trends
Major companies operating in the industrial catalyst market include Sinopec, BASF SE, The DOW Chemicals Company, LyondellBasell Industries Holdings B.V., Honeywell International Inc., and Johnson Matthey PLC, among others. These companies are focusing on developing advanced technologies, such as additive manufacturing, to enhance catalyst performance. For instance, BASF SE's X3D technology, launched in September 2022, utilizes 3D printing to create catalysts with an open structure, reducing pressure drop and increasing surface area.
Industrial Catalyst Market Segments:
• Type: Heterogeneous Catalysts, Homogeneous Catalysts, Biocatalysts
• Material: Metal, Chemical, Zeolites, Organometallic
• Application: Petroleum Refinery, Chemical Manufacturing, Petrochemicals, Food Processing, Automotive and Transportation, Other Applications
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the industrial catalyst market in 2023 and is expected to continue leading in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across different regions.
Access the complete report for an in-depth analysis of the global industrial catalyst market: https://www.thebusinessresearchcompany.com/report/industrial-catalyst-global-market-report
Industrial Catalyst Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Industrial Catalyst Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on industrial catalyst market size, industrial catalyst market drivers and trends, industrial catalyst market major players, competitors' revenues, market positioning, and market growth across geographies. The industrial catalyst market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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