Growing Demand from APAC Predicted to Drive the Global Industrial Catalyst Market Through 2020, Says Technavio
According to the latest research study released by Technavio,
the global industrial catalyst market is expected to reach over USD 22
billion by 2020.
This research report titled ‘Global
Industrial Catalyst Market 2016-2020’, provides an in-depth
analysis of market growth in terms of revenue and emerging market
trends. The report also presents the vendor landscape and a
corresponding detailed analysis of the six prominent vendors operating
in the market.
Request sample report: http://bit.ly/29kmB4b
“The markets in Asia and the Middle East will grow rapidly over the next
four years. China and India will dominate the market in Asia owing to
rapid industrialization and growth in the refining, chemical and polymer
industries. Increased income levels, vehicle ownership rates, and
industrial activity in China will also fuel the demand growth for
catalysts,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead
analysts for specialty
chemicals.
Global industrial catalysts market by applications 2015
|
• Petroleum refinery
|
|
|
22.1%
|
|
• Chemical synthesis
|
|
|
17.6%
|
|
• Petrochemicals and polymers
|
|
|
21.91%
|
|
• Others
|
|
|
25.99%
|
Source: Technavio research
Global industrial catalysts market in petroleum refinery segment
The global industrial catalysts market in the petroleum refinery segment
was valued at USD 5.31 billion in 2015. The expansion of refinery
capacity and an increased demand for fuels are driving the consumption
of industrial catalysts in the petroleum refinery segment. The Middle
East and Africa (MEA) and APAC exhibit a high demand for these catalysts
owing to the growth in end-user industries in the region while the
demand from Europe is declining.
Refiners are focusing on reducing residue feedstock yield using
hydroprocessing catalysts, as the prices of petroleum products are
increasing globally. Further, strict environmental regulations are
influencing the heavier crude processing and sulfur elimination process.
Global industrial catalysts market in chemical synthesis segment
The global industrial catalyst market in the chemical synthesis segment
was valued at USD 3.89 billion in 2015. Catalysts are used at some stage
in the manufacturing process of 90% of chemical products. Large-scale
chemicals are manufactured by catalytic oxidation. For instance, nitric
acid from ammonia, terephthalic acid from p-xylene, acrylonitrile from
propane and ammonia, and sulfuric acid from sulfur dioxide to sulfur
trioxide by the lead chamber process.
Other chemical products are produced as a result of large-scale
reduction by hydrogenation. For instance, ammonia is produced by the
Haber process from nitrogen while methanol is produced from carbon
monoxide. Many fine chemicals are produced by catalysis through
sophisticated techniques and specialized methods that are expensive such
as olefin metathesis by Grubbs' catalyst, Friedel-Crafts reactions, and
the Heck reaction. Many pharmaceuticals are produced by enantioselective
catalysis (catalytic asymmetric synthesis) as most bioactive compounds
are chiral.
Global industrial catalysts market in petrochemicals and polymers
segment
The global industrial catalysts market in the petrochemicals and
polymers segment was valued at USD 3.87 billion in 2015. Bulk polymers
produced by ethylene and propylene are manufactured by Ziegler-Natta
catalysis. Polyesters, isocyanates, and polyamides are derived by
acid-base catalysis. Most carbonylation processes like the Monsanto
acetic acid process and hydroformylation require metal catalysts.
APAC dominates the market for industrial catalysts in the petrochemical
and polymer segment, followed by North America and Europe. The
developing countries in South America and APAC will increase their
market share during the forecast period.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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