San Francisco, March 31, 2016 (GLOBE NEWSWIRE) -- The global catalyst market was valued at USD 20.55 billion in 2013 and is expected to reach USD 27.59 billion by 2020 owing to its wide usage in growing chemical and automobile sectors. They are essential components in any chemical reaction, which generally enhances the rate of reaction without being consumed in the process.
Rising manufacturing activities of polymers and chemicals are anticipated to play an important role in the growth of the market over the forecast period. In addition, presence of regulations supporting the manufacture and use of catalysts is expected to augment market growth over the next six years. In 2013, global demand was 6,259.3 kilo tons and is projected to reach 7,803.4 kilo tons with a CAGR of 3.2% from 2014 to 2020.
Chemical synthesis was valued at USD 1.73 billion in 2013. Catalysts are being increasingly used in chemical synthesis on account of superior characteristics including high stability, activation of alkenes and alkynes and promoting regio-, diastereo- and enantioselective processes.
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Environment catalysis was the largest application accounting for 28.6% of the global demand and is anticipated to grow with a CAGR of 3.9% from 2014 to 2020. Presence of stringent regulations for environment protection, particularly in Europe, is expected to augment demand.
Demand for heterogeneous catalysts exceeded 4,900 kilo tons in 2013. They are used in automotive, stationery, chemical, and refinery and polymer industries. Growth of these end-use industries is expected to augment demand over the forecast period. Homogeneous catalysts are anticipated to witness substantial growth as they are highly active and can be used across a wide range of applications.
Zeolites and metals are used for emission reduction and petro-refining process, whereas, chemical compounds and enzymes are used in polymerization reaction and chemical synthesis process. Chemical compounds dominated the industry accounting for 38.3% of the global industry in 2013.
North America catalyst demand was 1,890.3 kilo tons in 2013 and is expected to witness substantial gains over the forecast period on account of growing gasoline demand in the U.S. This is expected to increase the importance of FCC and hydrocracking activities meant for conversion of heavy crude oil into light cuts.
Asia Pacific accounted for over 30% of the overall market in 2013 and is expected to witness significant gains over the next six years on account of growing demand for fuels and polymers. Asia Pacific accounted for 43% of global polyethylene capacity in 2008 and is expected to touch more than 50% by 2020. Increasing refining output in India and China on account of government support and technological advancement is expected to augment production of polymers such as polyethylene and polypropylene. Growing production of polypropylene and polyethylene in Asia Pacific is expected to fuel the demand for organometallic catalysts over the forecast period.
Key players in the market include Eka Chemicals AB, Zeolyst International Inc., Evonik Industries AG, W.R.Grace& Co-conn, INEOS Group Limited, Exxon Mobil Corporation, DuPont, Chevron and Albemarle Corporation.
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Grand View Research has segmented the global catalyst market on the basis of application, product and region:
Catalyst Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Heterogeneous Catalysts
• Homogenous Catalysts
Catalyst Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Zeolite
• Metal
• Chemical Compound
• Others
Catalyst Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Petroleum Refining
• Chemical Synthesis
• Polymer
• Environment
Catalysts Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
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