LONDON, March 27, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Chemical Catalyst Global Market Report 2024, the chemical catalyst market has witnessed robust growth in recent years, with projections indicating a continued upward trajectory. Market analysis reveals that the chemical catalyst market size is set to increase from $37.22 billion in 2023 to $39.75 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.8%. Furthermore, the market is forecasted to reach $49.57 billion by 2028, showcasing a CAGR of 5.7%.
Renewable Energy, Specialty Chemicals, and Rapid Industrial Growth
The projected growth in the chemical catalyst market is attributed to several key factors, including increased investment in renewable energy, rising demand for specialty chemicals, adoption of hydrogen economy, stringent emission standards, and the expansion of chemical and petrochemical industries in developing regions. Chemical catalysts play a pivotal role across various industries by accelerating chemical reactions, reducing energy consumption, and improving yield and selectivity, thereby enhancing efficiency and enabling sustainable production practices. For instance, recent data from Eurostat highlights a significant increase in industrial production in the euro area and the EU, underscoring the pivotal role of chemical catalysts in driving industrial growth.
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Focus on Product Innovation and Sustainability
Major players in the chemical catalyst market, including BASF SE, Royal Dutch Shell, and ExxonMobil Corporation, are at the forefront of innovation, developing advanced products to meet evolving industry demands. Product innovation, such as the development of CircleStar catalyst by BASF SE, exemplifies the industry's commitment to sustainability and efficiency. The CircleStar catalyst, designed for ethanol-to-ethylene conversion, contributes to climate neutrality and supports net-zero targets by maximizing active geometrical surface area and reducing carbon footprint. Strategic acquisitions, such as BASF SE's acquisition of Zodiac Enterprises LLC, further enhance companies' recycling capacity and capability, reflecting a dedication to sustainability and innovation.
Asia-Pacific Emerges as Key Market, Driven by Diverse Applications
Asia-Pacific emerged as the largest region in the chemical catalyst market in 2023 and is expected to maintain its position as the fastest-growing region in the forecast period. The chemical catalyst market is segmented by type into homogeneous, heterogeneous, heterogenized homogeneous catalysts, and biocatalysts. Material segments include metals and metal oxides, zeolites, and chemical compounds, while applications span petrochemicals, chemical synthesis, environmental catalysis, polymerization, refining, pharmaceuticals, and other sectors.
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The chemical catalyst market is poised for significant growth, fueled by increasing industrial activities, investments in renewable energy, and a focus on specialty chemicals. Major players continue to innovate, introducing sustainable solutions to meet evolving industry demands while maintaining a commitment to environmental stewardship. With diverse opportunities across regions and applications, the chemical catalyst market presents promising prospects for stakeholders and industry participants.
Chemical Catalyst Global Market Report 2024 by The Business Research Company provides insights on the chemical catalyst market size, chemical catalyst market segments, chemical catalyst market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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