The catalyst market is divided further into four categories. These are materials, products, applications and geographical regions. The materials market includes metals, zeolite, chemical compounds and others. The products market consists of homogeneous catalysts and hetrogeneous catalysts. The applications catalyst market includes chemical synthesis, petroleum refining, environment and polymers.
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Escalating demand for catalysts in all the mentioned application sectors is anticipated to drive the demand for the catalyst market. The geographical regions market encompasses four key regions. These are Europe, North America, rest of the world and Asia Pacific. The worldwide market is predicted to reach revenue worth about USD 27.6 billion by 2020. Rising demand for polymers is estimated to lead towards augmented use of refinery capacities.
This factor is anticipated to drive increased demand for the catalyst market. Supportive regulatory circumstances for the coming up of effective, high yield and preservative production procedures are also likely to augment the demand for the market through the forecast period. Catalysts are supplementary substances in various chemical reactions. They enhance the speed of chemical reactions.
Rising demand for energy, together with emphasis on eco-friendly technologies has caused boosting demand for the catalyst market in operations of petroleum refinement. Catalysts also find applications across hydro processing, reforming and cracking procedures in processing plants. Escalating demand for catalysts across various processing plant procedures is also likely to push the sales of the catalyst market.
Chemical synthesis is one of the biggest application bases of the worldwide catalyst market. Thus, expansion in the industry of chemical manufacturing is projected to drive escalated demand for the catalyst market. Demand for the market from the sector of petroleum refinement is also estimated to rise. This is owing to improved market productivity in the Middle East, Africa and Asia Pacific.
Robust demand for catalysts from refineries was one of the main driving factors of the catalyst market in the last five years. However, the changeable costs of valuable metals which are the most extensively utilized catalysts could hinder the pace of the market. Crude oil resources are exhausting fast and causing petroleum refineries to reduce. This would lead to lesser demand for the catalysts market.
Zeolites and chemical compounds dominate the materials catalyst market. They are utilized in refinement of petroleum and applications with regard to decreased ejections. The products market is leaded by heterogeneous catalysts.
This is due to the growing uses of these catalysts in the industries of refinery, stationary and automotives. Homogeneous catalysts are predicted to grow through the forecast period. Chemical synthesis leads the applications catalyst market. Environment is also a significant application and estimated to experience the fastest expansion in the years ahead.
Asia Pacific is the biggest catalyst market in the world. It captured nearly 33.5 percent of the worldwide demand in 2013.
The worldwide demand for the catalyst market, in terms of volume, was estimated at about 6, 259 kilo tons in 2013. It is predicted to attain around 7, 803 kilo tons by 2020.
Information Source: Grand View Research