Catalysts Market for Energy Applications Segmentation by Type (Refinery Catalysts, Gasification Catalysts, and Others); by Application (Crude Oil Production, Oil Recycling, Photovoltaic Cells, Energy Conversion, Environment Protection and Others); by Material (Chemicals, Zeolites, Metals, and Others)– Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3207 | Published Date: Feb 09, 2023
Regionally, the global catalyst market for energy applications is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is estimated to garner largest share over the forecast period on the back of growing oil & gas industry in the region, coupled with the presence of major oil refining companies. Moreover, large number of refineries in the region is estimated to act as the major growth factor for the market. Canada is the 4th largest producer of crude oil, and holds over 10% of the world’s share for oil wells. On the other hand, the United States is one of the largest producers and exporters of refined petroleum products.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period increasing import of crude oil and presence of refineries in countries, such as, India, and China, is estimated to boost the market growth in the region.
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The global catalyst market for energy applications is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global catalyst market for energy applications includes the following segments:
By Type
By Application
By Material
Growth Drivers
Challenges
January 30, 2018: Honeywell International Inc. to provide hydrotreating catalysts in Eastern Ukraine to produce ultra-low Sulfur diesel.
September 28, 2020: BASF SE announced the launch of a new series of hydrogenation catalysts that offer higher tolerance to impurities.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Growing demand for catalyst in crude oil production and growing environment concerns are the major factors driving the market growth.
Ans: The market is anticipated to attain a ~5.5% CAGR over the forecast period, i.e., 2022-2030.
Ans: High costs of raw material is one of the major factors estimated to hamper the market growth.
Ans: The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of large number of oil refineries, backed by increasing production of oil & gas in the region.
Ans: The major players in the market are BASF SE, KNT Group, Albemarle Corporation, Honeywell International Inc., Clariant Ltd., Shell International B.V. and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, material, and by region.
Ans: The refinery catalyst segment is anticipated to hold the largest market size over the forecast period as it is used to refine crude oil.
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