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

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).

Catalyst is a chemical compound that is used in small amounts to speed up a reaction by lowering the activation energy. The catalyst does not undergo any chemical change during a chemical reaction and remains in its initial state throughout the reaction.

Catalysts are widely utilized in various type of technologies and are essential for regulation of industrial emissions, and in the production of energy. Due to their extensive use in manufacturing methods, they can have a bad impact on environment. Hence, quest for novel materials, such as Environment Friendly Catalysts, are likely to drive the market growth substantially.

Increased number of newly developed catalytic technologies across the globe have either hit the market or are currently being tested in fully functional pilot plants are expected to drive the market growth in the coming years. For instance, ExxonMobil is utilizing High Throughput Experimentation (HTE) to identify and apply novel catalyst technologies which are crucial for future advancements to quicker the speed of catalyst innovation.

US Catalyst Market  is poised to grow at a sustainable CAGR for the next forecast year.