What is the global market size of Catalyst Market?

Catalyst Market size was valued at USD 30.45 billion in 2021 and is poised to grow from USD 32.4 billion in 2022 to USD 48.9 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

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

Report ID: SQMIG15E2342 | Region: Global | Published Date: November, 2024
Pages: 265 | Tables: 92 | Figures: 76

Catalyst Market News

In July 2021, BASF SE announced that it has acquired Zodiac Enterprises LLC. In Caldwell, Texas, for the expansion of its capability and capacity for chemical catalyst recycling. The facility will supplement BASF’s current precious metal recycling operations in Seneca, South Carolina, by recycling precious metals from industrial scrap, primarily chemical catalysts.
In February 2021, a subsidiary of Bharat Petroleum Corporation Ltd. has designated Axens for supplying advanced technologies in the gasoline block for its Numaligarh Refinery Expansion Project. They have planned to expand the capacity to 9000 KT per annum.

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Global Catalyst Market size was valued at USD 33.9 billion in 2022 and is poised to grow from USD 35.4 Billion in 2023 to USD 49.2 billion by 2031, growing at a CAGR of 4.2% during the forecast period (2024-2031).

The global catalyst market is fairly fragmented with the presence of many large and medium-sized players accounting a majority of market share across the globe such as BASF SE, Dow Chemical Company, and Clariant AG. Key players are impending various strategies, mergers & acquisitions, testing, and launching more attractive catalyst solution. For instance, In March 2020, BASF announced that they have created and successfully tested a novel tri-metal catalyst technology, supported by Sibanye-Stillwater and Impala Platinum. 'BASF SE (Germany)', 'Johnson Matthey (UK)', 'Clariant International Ltd. (Switzerland)', 'Honeywell UOP (USA)', 'Shell Catalysts & Technologies (Netherlands)', 'ExxonMobil Catalysts and Licensing (USA)', 'LyondellBasell Industries (USA/Netherlands)', 'Albemarle Corporation (USA)', 'Haldor Topsoe (Denmark)', 'Umicore (Belgium)', 'W.R. Grace & Co. (USA)', 'Sinopec (China)', 'Arkema S.A. (France)', 'The Dow Chemical Company (USA)', 'DuPont de Nemours, Inc. (USA)', 'Cabot Corporation (USA)', 'Engelhard Corporation (acquired by BASF, USA)', 'KNPC (Kuwait)', 'CRI Catalyst Company (USA)', 'Mitsubishi Chemical Corporation (Japan)'

Growing demand for petroleum refined products, petrochemicals, and chemical synthesis are the key driving factors of the global catalyst market. The ability and capacity of a catalyst to reduce the amount of energy to produce an end product, environmental regulations on emissions control, and lowering energy cost is also a major driver contributing to market growth over the forecast period.

Growing expansion of the petroleum industry is resulting in the rising establishment and development of petroleum capacities along with the increase in need for various chemical products and eco-friendly fuels. This has resulted in a positive impact on the global catalyst market. Additionally, the rapid growth for the petroleum-based products from power generation plants is expanding the market growth of petrochemicals plants and petroleum refining for a safer, faster, and convenient production process.

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.

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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

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