On the basis of geographical analysis, the polymerization catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth and grab the largest market share over the forecast period on the back of rising consumption of polyolefin in nations such as India and China, and increase in production of polypropylene in China and South Korea. Furthermore, growing manufacture of plastic products namely chemicals, cement, textiles, electronics and toys is also expected to boost market growth in the region. For instance, China is the world’s largest producer of plastic since 2018, accounting for more than half of the world’s total plastic production. In 2020, more than 6.5 million tons of plastic was manufactured in the country. Moreover, growing government initiatives for the establishment of plastic parks in the region is also anticipated to drive market growth in the coming years.
The polymerization catalyst market 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 Programme), 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 favourable 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 polymerization catalyst market includes the following segments:
By Manufacturing Process
· April 8, 2021: LyondellBasell obtained the International Sustainability and Carbon Certification (ISCC) PLUS certification, one of the biggest sustainability certification, for its polymer site in Wesseling, Germany.
· July 16, 2019: Reliance Industries Limited announced that it successfully achieved design capacity in their world-scale polyethylene plant using Univation Technologies’ UNIPOL PE process.
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.
Ans: Rising production of polymer resins in the world and increasing R&D activities to improve quality of polymerization catalysts are the major market growth drivers.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2030.
Ans: High manufacturing cost of polymerization catalysts is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities on the back of rising consumption of polyolefin in nations such as India and China, and increasing production of polypropylene in China and South Korea.
Ans: The major players in the market are W R Grace & Co., LyondellBasell Industries Holdings BV, Mitsui Chemicals Inc., Univation Technologies, LLC 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, catalyst, manufacturing process, and by region.
Ans: The Ziegler-Natta segment is anticipated to hold largest market size and is estimated to grow at a noteworthy CAGR over the forecast period and display significant growth opportunities.