New York, July 02, 2020 (GLOBE NEWSWIRE) -- The Global Industrial Catalyst market is forecast to reach USD 26.48 Billion by 2027, according to a new report by Reports and Data. The increasing demand for eco-friendly fuels is boosting the growth of the sector. The underlying reason being, with increasing demand for eco-friendly fuels, there has been a growing demand for this catalyst due to its effectiveness in promoting clean fuel, enhancing operational efficiency and addressing fuel standards. Furthermore, there has been growing emphasis on industrial research and expansion of chemical industries, which is also acting as a driving factor for the market growth, wherein this catalysts is used as an accelerating element between two chemical reactions and involves less energy for activation. In various sectors ranging from automotive industry, petrochemical industries, chemical industries, among others, it finds application for emission control.
The COVID-19 Impact: One of the immediate impacts of the COVID-19 pandemic is retarding growth of the automotive sector, which would also act as a challenge for the growth of the market. The underlying reason being, the automotive sector is a mentionable arena for application of the catalyst. 78% of the companies have a deficiency of stuffs to operate a full production line. Approximately 80% of the auto supply chain across the globe is associated with China, the epicenter of the pandemic. As of January 2020, the car sales of China dropped by 18%. Until March 11, automotive plants in the region remained closed and have gradually started operating. Thus, such a pulling impact on the growth rate of the automotive sector would act as a retarding factor for the growth of the sector, which would be particularly observed in the first three quarters of the fiscal year 2020.
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Further key findings from the report suggest
- In regards to Type, the Heterogeneous Catalyst segment held a significance share of more than 60.0% the in 2019. The market share held by the Heterogeneous Catalyst segment is attributed to various advantages associated with it like ease of separation, reusable and stable, which results in its wide preference among end-users.
- In context to Raw Material, the Metal segment held a considerable share of the market of more than 35.0% in 2019. The market share held by the Metal segment is attributed the elevated application of metal like CO-Metal when managing CO and catalyst.
- In context to Application, the Petroleum Refinery segment held a considerable share of the market of 35.0% in 2019. The market share held by the Petroleum Refinery segment is attributed to continuous expansion of the automotive sector, rising demand for fuel and elevating refining capacity expansion which is contributing to the market share held by this segment.
- In December 2017, BASF had made an investment in Ṥroda Ṥląska, Polan, wherein the aim of the investment was expanding mobile emissions catalysts site. It aims at providing innovative catalysts solutions for supporting users to meet stringent emission regulation standards.
- In March 2017, BASF Catalysts India Private Limited inaugurated mobile emissions catalysts manufacturing site. The site was launched in Chennai, India. The focus of the expansion of upgrading production capacities of the company to support local automakers meet stricter government emissions standards.
- Key participants include BASF SE, Albemarle Corporation, Akzonobel N.V., Exxon Mobil Chemical Corporation, Arkema SA, Chevron Phillips Chemical Company, Evonik Industries AG, The DOW Chemical Company, Clariant AG and I. Du Pont De Nemours and Company (Dupont).
- Deals Landscape
- BASF had acquired global styrene catalysts business of global styrene catalysts business. With the help of such acquisition the company would be able to strengthen its positioning in industrial catalyst sector.
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For the purpose of this report, Reports and Data have segmented the Industrial Catalyst market on the basis of Type, Raw Materials, End-user, Application and region:
Dilution Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Homogeneous Catalyst
- Heterogeneous Catalyst
- Biocatalysts
Raw Materials Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Chemicals
- Metals
- Organometallic Material
- Zeolites
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Chemical Synthesis
- Petroleum Refinery
- Petrochemicals
- Others
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Oil and Gas Industry
- Chemical Industry
- Automotive and Transportation Industry
- Energy Industry
- Manufacturing Industry
- Pharmaceutical and Medical Industry
- Plastics and Polymer Industry
- Pharmaceutical and Medical Industry
- Agricultural Industry
- Pharmaceutical and Medical Industry
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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