Global Hydrogenation Catalyst Market Highlights Over 2022 - 2031
The global hydrogenation catalyst market is estimated to garner a substantial revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed largely to the rising demand for heterogenous catalysts from industrial and chemical application areas, and growing use of hydrogenation for manufacturing medicines and aroma chemicals. Along with these, rapid shift of energy trends towards alternative fuels, such as biodiesel and shale gas, is projected to raise the demand for hydrogenation catalysts in the upcoming years. The global biofuel production in the world reached a value of about 1.8 million barrels of oil equivalent per day in 2019, up from approximately 1.6 million barrels of oil equivalent per day in the year 2018. Furthermore, growing utilization of the product for producing a variety of commercial chemicals, such as agrochemicals, flavors, pharmaceuticals, fine chemicals, and fragrances and dietary supplements, is expected to offer lucrative opportunities to the market in the near future.
The market is segmented by end user into chemical, oil & gas, food, pharmaceutical, and polymer, out of which, the food segment is anticipated to hold the largest share in the global hydrogenation catalyst market. This can be accounted to the high usage of hydrogenation for making a large variety of manufactured goods, such as spreads and shortenings, from liquid oils. Apart from this, growing utilization of hydrogenation process to increase the chemical stability of food products is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of form, the heterogeneous segment is assessed to acquire the largest share during the forecast period ascribing to the ease of separation provided during catalysis by this type of catalysts. CLICK TO DOWNLOAD SAMPLE REPORT
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 & labor 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.
Global Hydrogenation Catalyst Market Regional Synopsis
Regionally, the global hydrogenation catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing investments in oil & gas exploration activities, where hydrogenation catalysts are used for petroleum refining. In addition, high manufacturing of chemicals and specialty chemicals is also expected to drive market growth in the region in the coming years. According to the European Chemical Industry Council, AISBL, the total chemical sales in China in 2020 amounted for USD 1,752.38 billion, with the country contributing for 44.6% of global chemical sales in that year. Moreover, the market in North America is projected to grab the largest share during the forecast period primarily in view of the increasing multidimensional R&D activities about exploring the efficacy of platinum group metals when used as hydrogenation catalysts.
The global hydrogenation catalyst market is further classified on the basis of region as follows:
Our in-depth analysis of the global hydrogenation catalyst market includes the following segments:
By Product Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising demand for heterogenous catalysts from industrial and chemical application areas, and growing use of hydrogenation for manufacturing medicines and aroma chemicals.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
The major players in the market are BASF SE, Evonik Industries AG, SOLVIAS AG, W. R. Grace and Co., CRI/Criterion Inc., 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 product type, form, end user, and by region.
The heterogenous segment is anticipated to hold largest market size and is estimated grow at a modest CAGR over the forecast period and display significant growth opportunities.
Toxicity of hydrogenation catalysts is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing investments in oil & gas exploration activities, where hydrogenation catalysts are used for petroleum refining.
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