Catalyst Market Size, Share, Growth Analysis, By Raw Material (Metals, Chemical Compounds), By Application (Petroleum Refining, Environmental), By Product Type, By End User (Oil & Gas, Environmental Protection), By Region - Industry Forecast 2024-2031

Globally, Asia Pacific dominated the catalyst market with a contribution of more than 40% of market share in 2021, owing to rise in demand for automotive from developing economies, such as India and China, Furthermore, rapid industrialization activities, stringent automotive legislation, and increase number of applications in end-user industries are some other factors that are expected to foster the market growth in the region over the forecast period. For instance, in February 2022, BASF and Heraeus have agreed to create and launch a joint venture (BASF 50% and Heraeus 50%) to recover valuable metals from wasted catalysts of automobiles. The newly formed business will be based in Pinghu, China and known as BASF HERAEUS (China) Metal Resource Co., Ltd.

North America holds the second largest market share and anticipated to have a significant boost during the forecast period. Shifting energy demands for alternative fuels, rising demand for Platinum-Group-Metals Catalysts (PGM), and presence of large pharmaceutical companies are the major factors expected to drive the market growth and demand in the coming years. According to a data, in 2021, U.S. were the top exporter of petroleum with a total export of about 8.63 million barrel per day. Also, in 2021, the United States produced about 18.66 million b/d of petroleum and consumed about 19.78 million b/d.