Catalyst Industry | Forecast 2030
Catalyst Industry Data Book - Heterogeneous Catalyst and Homogeneous Catalyst Market
The economic value generated by the catalyst industry was estimated at approximately USD 29.72 billion in 2022. This economic output is an amalgamation of basic catalyst categories namely, heterogenous and homogenous.
The global catalyst market has witnessed remarkable growth in the recent past. This growth can be attributed to the rising demand for catalysts from manufacturers across the world. These manufacturers seek catalysts to optimize their processes, improve yields, save costs, and conserve energy. The demand stems from various applications such as chemical synthesis, petroleum refining, polymers & petrochemicals, and environmental purposes. A catalyst is a substance that accelerates chemical reactions by providing an alternative pathway with lower energy requirements. By doing so, it enables reactions to occur at faster rates and under milder conditions. Catalysts can exist in different forms, either as heterogeneous substances (solid/gas or solid/liquid) or as homogeneous substances (in the same phase as the reactants). Regardless of their form, catalysts are designed to interact with reactant molecules, ultimately leading to the desired products.
Access the Global Catalyst Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Catalyst Industry Data Book Coverage Snapshot
Markets Covered
- Catalyst Industry 7,967 kilotons in 2022 4.3% CAGR (2023- 2030)
- Heterogeneous Catalyst Market 5,875.3 kilotons in 2022 4.2% CAGR (2023- 2030)
- Homogeneous Catalyst Market USD 2,091.7 kilotons in 2022 4.6% CAGR (2023- 2030)
Heterogeneous Catalyst Market Growth & Trends
The global heterogeneous catalyst market size is expected to reach USD 30.2 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2023 to 2030. This is attributable to the expansion of chemical and petrochemical industries in emerging economies creating opportunities for the market. Rapid industrialization and growing consumer markets, particularly in countries like China and India, are driving the demand for catalysts to support their expanding manufacturing sectors.
The expansion of chemical and petrochemical industries in these emerging economies is driven by multiple factors. The rising population, urbanization, and increasing middle-class population contribute to the growing demand for consumer goods, automobiles, and infrastructure development. This, in turn, leads to the establishment of new chemical and petrochemical plants, which utilize catalysts for various processes such as synthesis, hydrogenation, oxidation, and more.
Furthermore, government policies and regulations that promote the use of catalysts or impose stricter emission standards can serve as restart factors for the market. For example, environmental regulations that require the use of catalysts to reduce harmful emissions can stimulate demand for catalysts and accelerate their adoption.
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Homogeneous Catalyst Market Growth & Trends
The global homogeneous catalyst market size is expected to reach USD 12.37 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2023 to 2030. This is attributable to their ability to provide higher selectivity and reaction rates. They can facilitate complex reactions that are not possible with heterogeneous alternatives, making them valuable in a variety of industries, including petrochemicals, pharmaceuticals, and fine chemicals. Additionally, they can also reduce the time and energy required for a reaction, making them more cost-effective. Moreover, the emerging end use industries such as chemical and petrochemical in developing economies are further creating the growth opportunities for the product market.
Homogeneous catalysts play a critical role in organic chemistry. They are commonly used in various reactions, such as hydrogenation, oxidation, and hydroformylation. In hydrogenation reactions, for example, homogeneous catalysts like palladium and platinum are used to promote the addition of hydrogen molecules to carbon-carbon double bonds and carbon-carbon triple bonds, resulting in the production of saturated hydrocarbons. Additionally, products such as osmium tetroxide and manganese dioxide are used in the oxidation reactions of alcohols to produce ketones and aldehydes. Thus, the advancement of the chemicals industry is anticipated to drive the product demand over the forecast period.
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Competitive Insights
The catalyst market operates within a highly competitive environment, driven by the ever-growing demand for efficient and sustainable chemical processes across various industries. The market is characterized by intense rivalry among key players, including multinational corporations, specialty chemical companies, and research institutions. These entities continually strive to develop and commercialize novel catalyst technologies that offer improved performance, selectivity, and cost-effectiveness.
The market faces competition from alternative technologies, such as enzymes and biocatalysts, which provide eco-friendly and enzymatic solutions. Industry players must also navigate stringent regulatory frameworks and evolving environmental standards that prioritize the use of catalysts with low toxicity and reduced environmental impact. Continuous research and development efforts, collaborations, and strategic partnerships are crucial for companies to gain a competitive edge in this dynamic landscape. Companies are actively pursuing mergers and partnerships as a means to solidify their market position. A prime example of this is W. R. Grace & Co.-Conn., which recently completed its acquisition of Rive Technology, Inc., a manufacturer of FCC catalysts. As part of the acquisition, W. R. Grace & Co.-Conn. integrated all of Rive Technology's service offerings, employees, and technological assets into its own business model. This integration of technology has enabled the company to offer a more customer-centric product range, catering to the increasing catalyst demands of the petrochemical and refining sectors.
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