The market was valued at USD XX.XX in 2016 and is projected to reach USD XX.XX by 2022, at a CAGR of XX.XX% during the forecast period from 2016 to 2022. Asia-Pacific is the largest regional market for catalysts accounting for 33.0% market share in 2013, owing to the fact that the region has 35.0% of the world’s petroleum refining and polymer synthesis capacity. The polymer synthesis catalysts segment accounts for 29.0% of the market and is expected to grow at a slightly higher rate.
The global catalysts in petroleum refining, chemicals, and polymer synthesis market has been segmented on the basis of chemical material (metals and organometallic catalysts (inexpensive metals, precious metals, metallic compounds), aluminosilicates (zeolites, molecular sieves), chemical compounds (peroxides, acids, amines, other chemicals), and other catalysts); on the basis of application (petroleum refining catalysts (fluid catalytic cracking, hydrocracking, hydrotreating, alkylation, reforming, isomerisation, gas processing), chemical synthesis catalysts (organic synthesis, oxidation, hydrogenation, dehydrogenation, synthesis gas and syngas processes), and polymerisation catalysts (polyolefins, condensation polymers, thermosetting polymers, additional polymers)); on the basis of geography(North America (USA, Canada, Mexico), Europe (Germany, Russia, France, UK, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of APAC), and the rest of the world).
Market Dynamics of the Global Catalysts in Petroleum Refining, Chemicals, and Polymer Synthesis Market:
The principal market driver for catalyst industry in Asia-Pacific is the growing per capita income reflected by a higher GDP growth leading to a higher consumption of petroleum products including transport fuel, polymers and other life amenities. The catalyst market in North America, Europe, and Japan is driven by the introduction of government norms and legislations, which call for more investments in catalysts providing the expected pollution standards along with better quality. Worldwide, the hydroprocessing catalyst market is boosted by the presence of more stringent vehicle emission standards, which require low sulfur fuel. Additionally, there is also a rise in the demand for high octane fuels and stringent environmental norms against the use of large amounts of sulphur in fuel, thereby, increasing the innovation in the market for more environment-friendly products. The 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 in North America, Europe, and Japan.
The high manufacturing costs and the depleting natural resources are expected to restrain the growth of this market. Other factors, such as the fluctuating precious metal prices and the weakening economy in many countries, also weaken the market growth.
The major players present in this market are:
Key Deliverables in the Study: