Global Catalysts Market for Energy Applications Highlights over 2022-2030
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.
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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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
lobal Catalysts Market for Energy Applications Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global catalyst market for energy applications includes the following segments:
By Type
- Refinery Catalysts
- Gasification Catalysts
- Others
By Application
- Crude Oil Production
- Oil Recycling
- Photovoltaic Cells
- Energy Conversion
- Environment Protection
- Others
By Material
- Chemicals
- Zeolite
- Metals
- Others
Growth Drivers
- Increasing Investment in Global Oil & Gas Industry
- Increasing Environment Awareness among Masses
Challenges
- High Cost of Raw Material
Top Featured Companies Dominating the Market
- BASF SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- W. R. Grace & Co.
- Haldor Topsoe A/S
- Albemarle Corporation
- Honeywell International Inc.
- Clariant Ltd.
- Shell International B.V.
- Univation Technologies, LLC
- Axens
- KNT Group
