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Key takeaways from catalyst market study
- Catalyst market size to increase by USD 5.80 billion at 4.20% CAGR between 2021 and 2026
- 3.60% year-over-year growth expected in 2022
- 37% market growth to originate in APAC during the forecast period
- Heterogeneous catalyst segment accounted for maximum growth in the market in 2021
- Dominant vendors include Albemarle Corp., BASF SE, Chevron Phillips Chemical Co. LLC, Clariant International Ltd. and others
Catalyst Market: Growth Drivers and Restraints
Rising industrialization in emerging economies
The rising rate of industrialization in emerging economies is one of the key drivers influencing the market's growth during the forecast period. Catalysts are used in various industries, including oil and gas, polymer synthesis, chemicals, and consumer goods. Hence, the growth of the market in focus is highly influenced by the growing rate of industrialization across the world, especially in emerging economies. The rising number of consumer goods companies and polymer production companies in APAC is another factor that will significantly trigger the demand for catalysts used in these industries during the forecast period.
Stringent regulations and policies
Stringent regulations by the US Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) on the volatile organic compound (VOC) content of specialty chemicals, such as catalysts used in paints and coatings, adhesives, and sealants, are a significant challenge to the growth of the global catalyst market. VOC limit on the usage of a variety of products including catalysts, adhesives, and sealants in industrial and commercial applications will hamper the catalyst market growth during the forecast period.
"Although the increasing growth of the refinery industry and rising applications in end-use sectors will further boost the market growth, concerns regarding declining crude oil reserves and fluctuation in prices of raw materials might limit the growth opportunities for market players", says an analyst at Technavio.
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Catalyst Market: Vendor Analysis
The catalyst market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Vendors are launching new products and engaging in M&As to strengthen their market position during the forecast period.
For instance, In October 2021, Albemarle Corp. introduced Action Plus catalyst technology, next-generation butylene yields, and gasoline octane. In November 2021, BASF SE partnered with Pentel to launch erasers made with non-phthalate plasticizers under brand alliance in the Japanese and global markets. In July 2021, Clariant International Ltd. successfully established a joint venture for renewable ethylene oxide derivatives with India Glycols.
Some other companies covered in this catalyst market analysis report:
- Albemarle Corp.
- BASF SE
- Chevron Phillips Chemical Co. LLC
- Clariant International Ltd.
- Dorf Ketal Chemicals (I) Pvt. Ltd.
- Dow Inc.
- Evonik Industries AG
- Exxon Mobil Corp.
- Johnson Matthey Plc
- W. R. Grace and Co.
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The catalyst market report answers questions such as:
- Is the market structure fragmented or concentrated?
- What was the market size in 2021 and the forecast of the catalyst market through 2026?
- Which are the best segment areas to invest in over the forecast period?
- What is the market share of dominant and strong vendors in the catalyst market?
- What are the inhibiting factors and the impact of the COVID-19 on the catalyst market growth?
- What are the latest trends and regulatory frameworks in the catalyst market?
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Catalyst Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.20% |
Market growth 2022-2026 |
USD 5.80 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.60 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 37% |
Key consumer countries |
US, China, Germany, Brazil, and India |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Albemarle Corp., BASF SE, Chevron Phillips Chemical Co. LLC, Clariant International Ltd., Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Inc., Evonik Industries AG, Exxon Mobil Corp., Johnson Matthey Plc, and W. R. Grace and Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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Website: www.technavio.com
SOURCE Technavio
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