The Global Catalyst Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Catalyst market is segmented by Raw material (Chemical Compounds, Metals, Zeolites and Others); Product type (Heterogeneous Catalyst and Homogeneous Catalyst); Application (Chemical Synthesis, Petroleum Refining, Polymers And Petrochemical, Environmental); Geography (North America, Europe, APAC and ROW).
Introduction
Catalyst is a chemical compound, which is added in small amounts to increase the rate of a reaction by lowering the activation energy. During a chemical reaction, the catalyst does not undergo any type of chemical change and it remains in its initial stage for the entire reaction.
Growth in macroeconomic trends such as global population growth coupled with surging economic progress in emerging economies, stringent environmental legislation regarding automotive emissions, and increase in number of applications in end-user industries are the factors that drive the market growth.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global catalyst market is expected to grow to $ 49.30 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 5.62% CAGR.
Growth in macroeconomic trends such as global population growth coupled with surging economic progress in emerging economies, stringent environmental legislation regarding automotive emissions are driving the market demand.
APAC is a prominent regional market for catalyst due to the strong presence of several end-use industries in China.
Key Trends
Advancements in the catalyst is expected to boost the growth of the market
Development of bio chemicals through catalysis presents new opportunities that are expected to drive the market during forecast period
Key Market Players
Some of the key players in the market are BASF, Albemarle Corporation, Haldor Topsoe , Evonik Industries, LyondellBasell Industries Holdings, Arkema.
The key players are dominating the market by adopting modern and environmentally safe technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Growth in macroeconomic trends such as global population growth coupled with surging economic progress in emerging economies is driving the market.
Stringent environmental legislation regarding automotive emissions is also fueling the growth.
Multi-functionalities of catalyst in various end-user industries.
Contained development and distribution of new catalysts are challenging the catalyst industry players.
Volatility of raw material costs limiting the usage of catalyst.