The European market for catalysts in petroleum refining, chemicals and polymer synthesis is expected to grow at a CAGR of 3.4% during the forecast period. Europe accounts for 22% of the global market share in petrochemical catalysts. Polymer synthesis catalysts, accounting for 35% of the market, are expected to grow at a slightly higher rate. Increasing demand for polymers and automobiles and also the imposition of regulations for the development of better standard products is expected to enhance the worldwide demand over the forecast period although advances will be limited by weak motor vehicle demand.
European catalyst production is expected to slow slightly due the shift of catalyst manufacturing base to Asia-Pacific, the Middle East and Africa. However with continuous implementation of new government norms and legislations which result in more investments in catalysts to provide the expected pollution standards and better quality, the catalyst market would be boosted. In the European Union, the regulation - REACH (regulation on registration, evaluation, authorization and restriction of chemicals) is responsible for making industries responsible for accessing and managing the risks posed by chemicals and complying with quality standards. Hydroprocessing catalyst market is boosted by the presence of more stringent vehicle emission standards which require low sulfur fuel.
Market Dynamics for the European market for catalysts in petroleum refining, chemicals and polymer synthesis:
The increasing demand for petroleum products and polymers is a major driver for the market. There is also a rise in demand for high octane fuels and stringent environmental norms against the use of large amounts of sulphur in fuel thus, increasing the innovation in the market for more environment friendly products.
The high manufacturing costs and the depleting natural resources are the restraints to this market. Other factors like the fluctuating precious metal prices and the weakening economy in many countries also weaken the market growth.
The European market report for catalysts in petroleum refining, chemicals and polymer synthesis is segmented by chemical metals (metals and organometallic catalysts, aluminosilicates, chemical compounds and other catalysts), by application (petroleum refining catalysts, chemical synthesis catalysts and polymerization catalyst) and by geography (U.K, France, Italy, Germany and other countries). The key players in this industry are:
Key Deliverables in the Study