Industrial catalyst is the chemical substance which is used to speed up the reactions by providing an alternative for making and breaking of the bonds. It is mainly adopted to improve the efficiency and chemical yield. For instance: The use of catalyst will lower the temperature and pressure requirement of the product, thereby saving the fuel required.
Colossal growth in the refinery industries results as the major factor inn driving the growth of industrial catalyst market. Catalyst plays a significant role in the several stages of fuel production, many catalytic processes are necessary to convert crude oil to final commercial products. About 30% of total amount of catalyst is consumed in the refinery process. Additionally, expansion in the industrial sectors along with increasing gross domestic product in the developing economies is expected to propel the market growth. However the technical advancements in the chemical synthesis reduce the usage of catalyst thereby hampering the market growth.
The global industrial catalyst market is majorly segmented on the basis of types, material, and applications. Depending upon the materials the market is segmented into: metals, chemicals, zeolites, oregano-metallic materials and others. On the basis of types the market is bifurcated into: homogeneous and heterogeneous catalyst, while based on the application areas the market is bifurcated into: petroleum refinery, chemical synthesis, petrochemicals and others.
Asia Pacific is expected to dominate the market mainly owing to the increased population and urbanization, thereby improving the infrastructure and economic growth. Increased adoption in the growing economies such as India and China has contributed in the market growth. Increased coal-to-chemical processes and shale gas investment has resulted in propelling the market growth. The industrial catalyst market is analyazed across the regions of: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).
The major players in the market have adopted innovative, expansion and mergers strategy to sustain the growing competition in the market. The major key players in the market are: ASF SE, Albemarle Corporation, Johnson Matthey PLC, Evonik Industries AG, Dow Chemicals, Clariant AG, Dorf Ketal Chemicals llc, W.R. Grace & Company, Chevron Phillips Chemical Company LP, and Exxon Mobil Corporation.
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