Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSJanuary 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.
The global catalyst market for energy applications is estimated to grow at a ~5.5% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing demand for catalysts in the energy & power industry for various applications, such as, raising energy production and protecting the environment. Petroleum refining is one of the major application of catalysts. Increasing demand for petroleum products, backed by rising sale of automobiles and increasing disposable income, is estimated to boost the market growth. The increasing manufacturing and sale of passenger cars, with more than 60 million cars sold globally in the year 2020, is estimated to positively influence the market growth.
The global catalyst market for energy applications is segmented by material into chemicals, zeolites, metals, and others, out of which, the zeolites segment is anticipated to hold the largest share in the market during the forecast period as zeolites can withstand high temperatures and have large surface area for adsorption. On the basis of type, the market is segmented into refinery catalyst, gasification catalyst, and others. On the basis of application, the market is segmented into crude oil production, oil recycling, photovoltaic cells, energy conversion, environment protection and others, out of which, the crude oil production segment is estimated to garner significant share over the forecast period, owing to the increasing demand for fossil fuels amongst the constantly rising population.CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
The global catalyst market for energy applications is further classified on the basis of region as follows:
Our in-depth analysis of the global catalyst market for energy applications includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for catalyst in crude oil production and growing environment concerns are the major factors driving the market growth.
The market is anticipated to attain a ~5.5% CAGR over the forecast period, i.e., 2022-2030.
High costs of raw material is one of the major factors estimated to hamper the market growth.
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.
The major players in the market are BASF SE, KNT Group, Albemarle Corporation, Honeywell International Inc., Clariant Ltd., Shell International B.V. and others.
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.
The market is segmented by type, application, material, and by region.
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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