Catalyst Market (2024 - 2030)

Catalyst Market Summary

The polymer market is highly fragmented and includes thermosets, thermoplastics, and elastomers. Growth in these individual markets is anticipated to boost the market for catalysts over the next eight years. The consistent rise in demand for polymers in various end-use industries, including the automotive and electrical & electronic industries, is anticipated to have the highest potential for growth of the catalyst market, as China is likely to fuel the demand for polypropylene and polyethylene due to low-cost labor, downstream processing capacity conditions, and government stimulus packages.

Moreover, stringent environmental regulations are a major disadvantage to the refining industry; however, they prove to be very advantageous to the refinery catalyst market. The use of “drop-in” catalysts is a preferred choice for existing refinery setups. Intensive R&D activities are being undertaken by catalyst manufacturers to keep pace with the rapidly expanding refinery industry.

The U.S. catalyst market is projected to grow at a significant rate on account of expanding end-use industries including chemical, refinery, and petrochemical. The growing gasoline demand in the U.S. is anticipated to contribute to the significance of hydrocracking and FCC activities intended for transforming heavy crude oil to light cuts, thereafter, influencing the catalyst market on a positive note.

Market Concentration & Characteristics

The market for catalysts is highly competitive with the presence of a large number of independent manufacturers and suppliers. While large-scale companies concentrate on mergers, expansions and product development, small-scale players primarily compete based on price.With the escalating demand from applications including chemical synthesis, petroleum refining, polymers & petrochemicals and environmental there has been an upsurge in demand for catalysts for process optimization, yield improvement, cost-saving and energy saving amongst the manufacturers globally.

The refining catalyst market has witnessed sluggishness in the past few years, restrained by the environmental regulations and reducing demand for transportation fuel that has resulted from the encroaching market of electric vehicles. However, this have positively impacted the growth of catalysts market, from environmental application to be specific. Environmental catalysts help manufacturers meet all the stringent mandates related to NOx, SOx and carbon dioxide emissions. These catalysts are expected to dominate in the regions North America and Europe and in Japan in the Asia Pacific region.

Shifting energy trends towards alternative fuels including biodiesel and shale gas fuel have propelled the demand for unconventional catalysts. Additionally, manufacturers seeking to add value to their feedstock or refining by producing value added petrochemicals and chemicals such as methanol and polyolefins, have encouraged the demand for catalysts from petrochemicals and chemicals applications.

Product by Application Insight

The heterogeneous product dominated the market with a revenue share of 71.6% in 2023. This growth is attributed to its ability to reduce their toxicity, homogeneous catalysts are changed into heterogeneous catalysts using rigid supports. The key heterogeneous catalysts are silicon dioxide, titanium dioxide, calcium carbonate, and barium sulfate. These compounds are used, among other things, in the dehydration of D-xylose into furfural, the creation of ethyl acetate from ethanol and acetic acid, the transesterification of palm oil with methanol into biodiesel, and the hydrolysis of cellulose.

Homogenous compounds are majorly used for the esterification of carboxylic acids, which is likely to create a stable demand for the product. In addition, the growing popularity of organometallic compounds for the production of polyethylene and polypropylene is further expected to fuel their demand in the near future.

Raw Material Insight

The chemical compounds raw material dominated the market with a revenue share of 39.8% in 2023. This growth is attributed to the growing consumption of chemical compounds for catalysts used in the manufacturing of polypropylene and polyethylene. Some of the key chemical compounds used in polymer, petrochemical, and chemical industry are sulfuric acid, hydrofluoric acid, and calcium carbonate.

In the production of olefins, which are then processed to create a variety of polymer compounds, metal catalysts are used in downstream sectors to transform saturated compounds like alkanes. Noble, non-noble, and other metals, as well as others, are the materials that perform dehydrogenation and hydrogenation. Diesel, jet fuel, LPG, and gasoline fractions with high octane ratings are among the main products made in refineries that use metal catalysts in the hydrocracking process.

Zeolites are created naturally when layers of volcanic rocks and ash combine with alkaline water. Due to the inclusion of quartz and other elements, natural zeolites are impure. On the other hand, zeolites can also be produced commercially by slowly crystallizing silica-alumina gel with numerous additional atoms added to boost their activity and performance in a specific process.

Catalysts are an integral part of the polymerization process of a monomer with a carbon-carbon double bond. In chain reaction polymerization, the catalyst used is generally a free radical from organic peroxide. The segment is expected to witness significant growth owing to increasing demand for high-quality plastics.

Regional Insights

Asia Pacific region dominated the market with a revenue share of 34.8% in 2023. This growth is attributed to the dominance of China's chemical, polymer, petrochemical, and automobile sectors. Due to rising domestic demand and lower manufacturing costs than the U.S. and other European Union nations, China, which had a sizable number of chemical and polymer production companies, became a major manufacturing hub for chemical and petrochemical goods.

Singapore Catalyst Market

The catalyst market in Asia-Pacific, specifically Singapore, is growing due to the region's ever-growing consumer base for end products, creating demand for catalysts in the industrial sector, particularly in petroleum refining and chemical synthesis. The increasing utilization of catalysts in various sectors, such as chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental applications, is a major factor driving the growth of the catalyst industry.

Low sulfur and automotive regulations are changing the catalyst industry in North America, necessitating the use of environmental compounds in the region. The demand for market, which are essential for converting heavy crude oil into light fractions like kerosene, diesel, and gasoline, is expected to rise as gasoline usage in the U.S. rises. Additionally, one of the major factors driving the development of the North American catalysts market is Mexico's expanding chemical and oil & gas industries.

Key Companies & Market Share Insights

The market for catalysts is highly competitive with the presence of a large number of independent manufacturers and suppliers. While large-scale companies concentrate on mergers, expansions and product development, small-scale players primarily compete based on price.

Players are entering into mergers and partnerships so as to establish their position in the market. For instance, W. R. Grace & Co.-Conn. announced the completion of its acquisition of Rive Technology, Inc., an FCC catalysts manufacturer. The acquisition included all of the service offerings, employees, and technological assets, which were integrated into W.R Grace & Co. - Conn’s business model. This integration of technology allowed a better customer-centric product range to meet the growing catalyst demands from petrochemical and refining sectors.

• In February 2023, MEGGLE GmbH & Co. KG expanded its distribution network through agreements with exclusive distributors. For instance, it partnered with Barents for the distribution of its west European PGM catalyst in the U.S. These strategic initiatives are anticipated to collectively enable the company to continue playing a major role in west European PGM catalyst market

• In February 2022, Kerry Group plc has undertaken various strategic initiatives to promote sustainability and support milk suppliers in transitioning to highly sustainable farming practices from conventional ones. As a part of this effort, the company launched a sustainability program, namely, Evolve, which provides funds and support to dairy farmers to adopt sustainable farming practices and reduce their carbon footprint. Through this program, Kerry Group plc aims to strengthen its supply chain and create a highly sustainable and resilient dairy industry

Recent Devlopment

• In January 2023, Albemarle Corporation introduced Ketjen-a specialized brand offering tailored advanced catalyst solutions for petrochemical, refining, and specialty chemicals.

• In May 2023, Johnson Matthey (JM) and Hystar joined forces in a three-year strategic supply agreement to bolster renewable hydrogen production which involves the use of catalysts in the membrane electrode assemblies to drive the electrolysis process and produce renewable hydrogen.

• In September 2022, BASF SE unveiled a groundbreaking catalyst innovation, the X3DTM technology, harnessing the power of 3D printing in manufacturing. This cutting-edge technology enables the production of open-structure catalysts, effectively reducing pressure drop within the reactor and achieving a remarkably high surface area for enhanced performance.

• In September 2022, BASF SE launched CircleStar™, an exceptional dehydration catalyst specifically designed to process renewable feedstocks. This innovative catalyst operates at temperatures over 25°C lower than conventional processes, resulting in a significant reduction in the carbon footprint along the bio-ethylene value chain for a wide range of products, from jet fuel to plastics, by more than 10 percent

• In November 2021, Axens unveiled the latest addition, the P/PR 200 Series, to their esteemed Symphony® catalyst family. Through an extensive pilot testing program, this innovative series showcases enhanced activity, stability, and improved product selectivity compared to its predecessor, driving remarkable unit economics and granting increased operational flexibility for the valued partners

Global Catalyst Market