Chemical Processing Catalysts Market to Rear Excessive Growth During 2026
Catalysts
are performance chemicals that enhance the processing and synthesis
of chemical elements. Catalysts are substances that increase the
speed of reactions. They modify the rate of chemical reactions
without being transformed or consumed during the reactions. Catalysts
provide an alternative pathway for the building and breaking of
chemical bonds of the elements in reactions. They lower the amount of
activation energy required for a reaction to speed up its chemical
process without affecting the overall thermodynamics of the system.
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Catalysts
can accelerate the rates of forward and reverse reactions. Chemical
processing catalysts have the primary function to modify the rate of
a targeted chemical reaction in order to obtain a product with high
space-time yield. They are used in various applications in the
industrial sector. Chemical processing catalysts that are more
active, selective, stable over longer periods of operation, and less
expensive are used in major industries such as petroleum &
energy, chemicals & polymer, food, and pharmaceuticals.
The
global chemical processing catalysts market is primarily driven by
the increase in demand for catalysts in chemical manufacturing
industries. Rapid urbanization and increase in automation are other
factors likely to drive the chemical processing catalysts market.
Rise in demand for non-renewable natural resources is expected to
propel the demand for chemical processing catalysts in chemicals and
pharmaceutical industries. Developments in nanotechnology are capable
of providing opportunities in design and synthesis of nanostructured
catalysts. These nanostructured catalysts would offer high surface
area and exposed active sites. This would ultimately lead to high
catalytic activity in chemical processes. Furthermore, investment in
research and development activities in order to optimize the
efficiency of catalysts and minimize their cost is projected to offer
lucrative opportunities to the chemical processing catalysts market
during the forecast period. However, fluctuation in prices of raw
materials such as precious metals and their limited supplies are
likely to hamper the chemical processing catalysts market in the near
future.
Based
on type, the chemical processing catalysts market can be segmented
into homogeneous, heterogeneous, biocatalysts, and others. The
heterogeneous segment held key share of the global chemical
processing catalysts market in 2016. These catalysts are cost
effective and widely used in chemical synthesis.
In
terms of application, the chemical processing catalysts market can be
divided into polymerization, oxidation, organic synthesis,
hydrogenation, dehydrogenation, and others. The polymerization
segment accounted for significant share of the global chemical
processing catalysts market in 2016. Catalysts are being increasingly
used in the chemical industry to produce plastic materials including
polyethylene, polypropylene, polyethylene terephthalate, polyvinyl
chloride, and polystyrene.
Based
on end-use, the chemical processing catalysts market can be
segregated into fine chemicals & intermediaries, petrochemicals,
edible oils, oleochemicals, and others. The petrochemicals segment is
estimated to constitute major share of the global chemical processing
catalysts market in the near future.
In
terms of geography, the chemical processing catalysts market can be
split into North America, Latin America, Asia Pacific, Europe, and
Middle East & Africa. The market in Asia Pacific is anticipated
to expand at a rapid pace due to the rise in industrialization in
countries such as China, Japan, and India. Furthermore, technological
advancements coupled with developing infrastructure are expected to
boost the demand for chemical processing catalysts in Asia Pacific.
North America and Europe also constitute significant share of the
chemical processing catalysts market owing to the rise in demand for
chemical processing catalysts in end-use industries.
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Key
players operating in the global chemical processing catalysts market
include Akzonobel N.V., Albemarle Corporation, BASF SE, Clariant,
E.I. Du Pont De Nemours and Company, Evonik Industries AG, and
Johnson Matthey.
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