New York , Jan. 30, 2023 (GLOBE NEWSWIRE) -- The Industrial Catalyst Market revenues were estimated at US$ 21 Billion in 2021 and is anticipated to grow at a CAGR of 3.7% from 2022-2032, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach a valuation of US$ 31 Billion.
The key factors which are propelling the Industrial Catalyst demand are an increase in the usage of industrial catalysts as raw material in various applications. Breweries, beverage producers, and food makers, among others, employ catalysts in the food business. Almost everything we use every day was created with the aid of catalysts. They are employed in the production of glass, soap, carbonated drinks, grilled chicken, and vehicles, among other things.
In addition to innumerable additional applications, catalysts are employed in many different industries to refine oil into a range of end products, transform milk into yogurt, and break down pulp to produce toilet paper.
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During the projection period, Asia Pacific is expected to account for a significant proportion of the Industrial Catalyst Market. The market in the Asia Pacific region was about US$ 6 Billion in 2018 which is expected to reach US$ 10.4 Billion by the end of the forecast period, with a projected CAGR of 3.9%.
The market growth is bolstered by China's hegemony in the chemical, polymer, petrochemical, and automotive sectors. Due to rising local demand and low production costs compared to the US and EU nations, China accounts for a sizable number of chemical and polymer manufacturing enterprises, making it a manufacturing destination for chemical and petrochemical products. An increase in foreign direct investment and lucrative growth prospects anticipated by developing nations like India and Vietnam are further driving the market's expansion in the Asia-Pacific region.
Competitive Landscape
The prominent players operating in the industrial catalyst market include
- BASF SE
- Albemarle Corporation Johnson Matthey
- Chevron Phillips Chemical Company LLC
- Clariant AG
- Dorf Ketal Chemicals (I) Pvt. Ltd
- Dow Chemical Company
- Evonik Industries AG
- ExxonMobil Corporation
- Haldor Topsoe
- UOP
Some of the recent developments in the Industrial Catalyst market are:
- In May 2023, utilizing an industrial humidifier, AZO materials created an improved single-atomic cobalt-based catalyst.
- In January 2023, in order to enable industries operating in harsh environments and supporting crucial infrastructure like public utilities, oil and gas, roads, and railways to more enterprise-grade switching capabilities at the industrial edge, Cisco announced the expansion of the Cisco Catalyst 9000 portfolio, which is based on potent silicon UADP (Unified Access Data Plane) ASICs.
- In January 2023, Cisco introduced Catalyst IE9300 industrial catalyst switch. It is a ruggedized series switch designed for industrial settings like oil pipelines or electrical substations.
- In December 2022, scientists at NUST MISIS developed a new "solar" catalyst to treat industrial wastewater quickly.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Industrial Catalyst Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
Industrial Catalyst Market Segmentation
The study reveals extensive growth in Industrial Catalyst Market-
Industrial Catalyst Market by Type (Heterogeneous and Homogeneous)
Industrial Catalyst Market by Material Type (Metal, Chemical, Zeolite and Organometallic Material)
Industrial Catalyst Market by Application (Petroleum Refinery, Chemical Synthesis, Petrochemicals and other Applications)
Industrial Catalyst Market by Region across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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The Chemicals and Materials division of Persistence Market Research offers a distinct and pin-point analysis of the chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular with special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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