The global catalyst market is expected to reach US$34.3 billion by 2024, according to a new report by Grand View Research, Inc. The accelerating use of catalysts for reducing the cost of manufacturing chemicals, petrochemicals and polymers are expected to remain a favourable factor. Also, rising application of catalytic reforming and fluidised bed catalytic cracking for enhancing the yield of light cut and medium cut oils may promote the use of the product over the next eight years.
In terms of volume, chemical synthesis is expected to witness growth at a CAGR of 3.5% from 2016 to 2024. In September 2014, the Government of India proposed the ‘Draft National Chemical Policy’, which is intended for increasing the country's global chemical output share from 3% in 2014 to 6% by 2020. The mentioned government initiative about the improvement of the chemical production output in India is expected to open new avenues for growth over the next eight years.
- The market for chemical compounds as catalysts are expected to foresee volume growth at a CAGR of 4.2% from 2016 to 2024. Rising application of amine catalyst for the production of polyurethane foam on account of enhancing the rate of reaction between polyols and polyurethane is expected to have a positive impact in the near future. Moreover, increasing requirement of polyurethane (PU) foams is projected to augment demand for catalysts over the forecast period.
- Catalyst demand in petrochemicals and polymers was 1.4191 million t in 2015. Rising demand for engineering plastics including polyether ether ketone (PEEK) in automotive, aviation, electronics and energy sectors is expected to result in fuelling requirement of the accelerator.
- Asia Pacific is projected to remain the fastest growing market, witnessing growth at a CAGR of 5.3% from 2016 to 2024. High prevalence of active pharmaceutical ingredients (API) manufacturers in China on account of easy access to chemicals is expected to increase use of the product over the next eight years.
- Latin America market was valued at US$1.53 billion in 2015. In October 2015, Columbia-based Ecopetrol announced plans to expand the refining capacity at its Barrancabermeja plant. The capacity expansion will be completed by the end of 2018 and may open new opportunities for growth over the next eight years.
- Major market players include Albemarle Corporation, BASF, ExxonMobil, W.R. Grace & Company, Johnson Matthey and AkzoNobel N.V. Increasing expenditure for the development of emission control catalyst on account of rising awareness towards environmental protection in the automotive sector is expected to remain critical success factor over the next eight years.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/09062016/catalyst-market-to-reach-us343-billion-by-2024-3488/