Catalyst Market Outlook And Industry Size To Reach USD 48.0 Billion By 2027
Catalyst Industry Overview
The global catalyst market size was valued at USD 33.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2020 to 2027. The escalating demand for catalysts from applications including chemical synthesis, petroleum refining, polymers and petrochemicals, and environmental is driving demand for process optimization, yield improvement, cost-saving, and energy-saving amongst the manufacturers globally.
Additionally, environmental catalysts help manufacturers meet all the stringent mandates related to NOx, Sox, and carbon dioxide emissions. Shifting energy trends towards alternative fuels including biodiesel and shale gas fuel have propelled the demand for catalysts.
Gather more insights about the market drivers, restrains and growth of the Global Catalyst Market
Additionally, manufacturers seeking to add value to their feedstock or refining by producing value-added petrochemicals and chemicals such as methanol and polyolefins, have encouraged the demand for the product from petrochemicals and chemicals applications.
With the unprecedented outbreak of COVID-19, which has led to the closure of factories and manufacturing sites, there has been a significant decline in demand for oil, the first such instance in a decade. Additionally, the price war between Russia and KSA has led to a much decline in oil prices.
Global fuel demand is expected to drop by 15-10% in Q2, 2020 due to a halt in air travel and national lockdowns. A number of plants have been shut down and some are running but at reduced rates which may thus impact the market demand, especially in Iran, the U.S., China, India, France, Italy, and the U.K., which are some of the worst-hit economies.
Browse through Grand View Research's Catalysts Enzymes Industry Research Reports.
Catalyst Market Segmentation
Grand View Research has segmented the global catalyst market on the basis of raw material, product by application, and region:
Catalyst Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Catalyst Product By Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Catalyst Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Market Share Insights
Key Companies profiled:
Some prominent players in the global catalyst market include
Order a free sample PDF of the Catalyst Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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