New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Hydrogenation Catalyst Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Hydrogenation Catalyst Market Size:
The global hydrogenation catalyst market is estimated to garner a revenue of nearly USD 34,182.8 Million by the end of 2031 by growing at a CAGR of 4.6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of nearly USD 21,872.5 Million in the year 2021. Hydrogenation catalyst is highly used in petrochemical refining. Growing petrochemical industry is to elevate the growth of hydrogenation catalyst market. Petrochemical sector is estimated to account for more than a third of the growth in world oil demand by 2030, and nearly half the growth by 2050, adding nearly 7 million barrels of oil a day by then. They are also poised to consume an additional 56 billion cubic metres (bcm) of natural gas by 2030, and 83 bcm by 2050. The global market is further expected to be propelled by factors such as, higher requirement of hydrogenation catalyst in chemical industry, alarming need to reduce greenhouse gases emission, and increased demand for hydrogenation catalyst from pharmaceutical industry over the forecast period.
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Global Hydrogenation Catalyst Market: Key Takeaways
- The Asia Pacific region to gain the highest portion of the revenue by the year 2031
- The oil & gas sub-segment to dominate the revenue graph
- Precious metal-based hydrogenation catalyst sub-segment remains prominent in the product type segment
Alarming Need to Reduce Green House Gases Emission to Boost the Market Growth
Rising merger and acquisition among key players to advance the technology of catalyst is anticipated to augment the hydrogenation catalyst market. For instance, in September 2021, HydRegen, an UK based company has announced to leverage DrySyn OCTO reaction station from Asynt to invent a next generation biocatalyst system, that’s aims at making chemical manufacturing safer, cleaner and more adroit. Furthermore, the rising need to limit greenhouse gases emission and higher demand of hydrogenation catalyst in pharma products is to boost the growth of the global hydrogenation catalyst market.
In addition to this, hydrogenation catalyst is easily recyclable. It enables to carry out manufacturing of various chemical, health, cosmetic products in green and sustainable way. It prevents secondary pollution and generation of harmful gases such as greenhouse gases. According to World Economic Forum, in United States, manufacturing industry accounts for 23% of direct carbon emission. Hence, this is estimated to boost the market growth significantly over the forecast period. Further, increased demand for hydrogenation catalyst from pharmaceutical industry are also estimated to be another important factor to drive the growth of the global hydrogenation catalyst market. Hydrogenation catalyst demand is driven by its use in the production of vitamins, dietary supplements, cosmetics, medicines and others. In the period of 2017-2018, among the United States’ adults aged 20 or above, nearly 58% used dietary supplements.
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Global Hydrogenation Catalyst Market: Regional Overview
The global hydrogenation catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Higher Demand for Catalyst in the Region to Propel the Market Growth in the Asia Pacific Region
The hydrogenation catalyst market in Asia Pacific is projected to hold the largest market share by the end of 2031. The market in the Asia Pacific is to grow at the highest CAGR of 5.3% over the forecast period. It is expected to accumulate a revenue of USD 12,781.9 million by the end of 2031. Higher demand for catalyst and chemical in China is to propel the market growth in the region. For instance, as of 2021, China was the largest chemical market in the world and the country alone accounts for nearly 46% of world chemical sales. Further, the rising demand for petroleum refining in Japan is expected to augment the market growth. In 2020, Japan’s domestic demand for catalyst for the refinement of petroleum was nearly 398 tons.
Increasing Industry Value in the North America Region to Propel the Regional Market Growth
On the other hand, the hydrogenation catalyst market in the North America region is projected to witness significant growth over the forecast period. The market in the North America region is to grow at a CAGR of 4.8% over the forecast period. It is expected to collect a revenue of nearly USD 10,225.1 million by the end of 2031. In the year 2021, it generated a revenue of nearly USD 6429.2 million in the market. This growth can primarily be associated with the increasing industrialization, growing employment in industry throughout the region. As per The World Bank, in North America, 20 percent of total employment was in the industry sector. As hydrogenation catalyst is widely used in industrial sector, this is estimated to drive the regional market.
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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific.
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
Global Hydrogenation Catalyst Market, Segmentation by End-Use Industry
- Chemical
- Oil & Gas
- Food
- Pharmaceutical
- Polymer
- Environmental
The oil & gas segment is anticipated to hold the largest market size by the end of 2031. The segment is further projected to grow at the highest CAGR of 5.3% over the forecast period. The segment also garnered the revenue of USD 9217.1 million in 2021. This growth is expected on the account of higher demand of petrochemicals, as hydrogenation catalyst is highly used for refining of unsaturated hydrocarbon from petrochemicals. Out of global demand of all the oils, Petroleum demands consist of approximately 12%. In the Asia Pacific region, this segment is anticipated to garner a revenue of USD 5689.9 million by 2031 by growing at a CAGR of 5.7% over the forecast period. In 2021, the regional market generated nearly USD 3294.2 million in revenue. Whereas in the North America region, this segment is anticipated to garner a revenue of USD 4,709.7 million by 2031 by growing at a CAGR of 5.8% over the forecast period. In 2021, the regional market generated nearly USD 2,705.2 million in revenue.
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Global Hydrogenation Catalyst Market, Segmentation by Product Type
- Precious Metal-Based Hydrogenation Catalyst
- Platinum
- Palladium
- Rhodium
- Ruthenium
- Others
- Common Metal-Based Hydrogenation Catalyst
- Nickel
- Cobalt
- Copper
- Others
- Alloys & Others
The precious metal-based hydrogenation catalyst segment is anticipated to hold a significant share over the forecast period in the market. The segment is to grow at a CAGR of 4.9% over the forecast period. It is projected to garner a revenue of USD 27,427.9 million by 2031 and in 2021, it generated a revenue of nearly USD 17,132.6 million. The growth can be accredited to the increasing disposable income among the global population. As per The World Bank, the global disposable income was USD 68.37 trillion as of 2021. In the North America region, this segment is anticipated to garner a revenue of USD 8,248.5 million by 2031 by growing at a CAGR of 5% over the forecast period. In 2021, the regional market generated nearly USD 5,083.1 million in revenue. Whereas in the Asia Pacific region, this segment is anticipated to garner a revenue of USD 10,216.7 million by 2031 by growing at a CAGR of 5.6% over the forecast period. In 2021, the regional market generated nearly USD 5,974.8 million in revenue.
Global Hydrogenation Catalyst Market, Segmentation by Form
• Heterogeneous
• Homogenous
Few of the well-known market leaders in the global hydrogenation catalyst market that are profiled by Kenneth Research are Clariant AG, Johnson Matthey, Exxon Mobil Corporation, Sinopec Int’l, Albemarle Corporation, Topsoe, Honeywell International Inc., Reaxa Limited, W. R. Grace and Co.-Conn., Solvias AG, Evonik Industries AG, BASF SE, and others.
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Recent Developments in the Global Hydrogenation Catalyst Market
- In September 2021, the next generation of BASF's selective hydrogenation catalysts are now available. By increasing their efficiency and throughput rates, these new, affordable E 15x light catalysts round out BASF's selective hydrogenation product line with the well-known E 15x series.
- In April 2021, in order to better serve its customers, Axens Selene has introduced a new spectrum of catalysts that are specifically designed for selective hydrogenation.
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