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Global Catalyst Market 2021: By Raw Material (Chemical Compounds, Metals), By Product (Heterogenous, Homogeneous), By Application ( Petroleum Refining, Polymers & Petrochemicals, Environmental)Global Catalyst Market is the title of a report recently produced by Trusted Business Insights, after a thorough analysis and study on the global market. Trends, restraints, opportunities, drivers, and threats are also explained in detail in the report. The report also offers insightful and detailed profiles of the key players in the global market. The Global Catalyst market size was valued at USD $35.31 Billion in 2020, USD $36.93 Billion in 2021, forecasted to reach USD $38.62 Billion in 2022, and is projected to reach USD $55.2 Billion by 2030, and is anticipated to expand at a CAGR of 4.57% over the forecast period from 2020 to 2030.
OverviewA catalyst is a substance, which is used to speed up a chemical reaction but during the process, it is not consumed by the chemical reaction. Therefore, catalysts are recovered chemically unchanged once the chemical reaction, for which the catalyst used to speed up, is over. Most of the solid catalysts are halides of metallic elements and metals or oxides, sulfides, and of the semi-metallic elements including aluminum, boron, and silicon. Catalysts play a very vital role in the various production processes of polymers, petroleum, chemicals, and many other commercially important products. Catalysts speed up chemical reactions by changing reaction mechanisms or reducing activation energy. Enzymes, which are proteins, are used as catalysts in various biochemical reactions. There are different types of catalysts including heterogeneous catalysts, homogeneous catalysts, and biocatalysts. There are also some less common catalyst activities such as environmental catalysis, photo catalysis, and green catalytic processes. A small quantity of catalyst is enough to catalyze unlimited chemical reactions. A catalyst does not start a reaction but its function is to speed up reaction. A catalyst generally has a specific nature, which means a catalyst used to speed up a chemical reaction fails to catalyze other reactions.
DynamicsThe major factors driving growth of the global catalyst market are its use in reducing manufacturing costs and environmental pollution. Another factor expected to drive growth of the market over the forecast period is growing demand for polymers from various end-use industries including electrical and electronics and automotive. Catalysts are widely used in electronics and electrical industries as a vital component in the synthesis process. In addition, growing product demand by manufacturers from automotive industries to adhere to various carbon emission norms is expected to drive demand for the product in the global catalyst market over the forecast period. Owing to growing demand from end-use industries such as electrical and electronic appliances, plastics, and rubber, chemical industry in the US is expected to grow over the forecast period. This, in turn, is expected to drive demand for catalysts in the global catalyst market over the forecast period. Moreover, growing demand for diesel-powered vehicles is projected to support growth of the market. Also, increasing demand from industries such as aerospace sectors and the military for advanced polymer composites is projected to further drive growth of the market over the forecast period.
Global Catalyst Market Segment Analysis:By Raw Material: Among the raw material segments, the chemical compounds segment is projected to account for the highest revenue share in the global market and is projected to continue over the forecast period. This growth of the segment is attributed to rising use by various end-use industries. By Product: The heterogeneous segment has been gaining traction among the product segments compared to the other segment, owing to increasing usage by various end-use industries.
Below are the leading companies profiled in this Catalyst Market Report:
Chapter 1 Methodology and Scope