The market is expected to grow at a CAGR of 3.3 % during the forecast period. Polymer synthesis catalysts, accounting for 32% of the market, are expected to grow at a slightly higher rate. Increasing demand for polymers and imposition of regulations for the development of better standard products is expected to enhance the demand over the forecast period although advances will be limited by weak motor vehicle demand.
North American 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 USA, the EPA and the national highway traffic safety administration continuously revise the fuel economy and environmental labels and implement regulations. Hydroprocessing catalyst market to process sour (high sulphur) crude is boosted by the presence of more stringent vehicle emission standards which require low sulfur fuel.
Market Dynamics of the North American Market for Catalysts in Petroleum Refining, Chemicals and Polymer synthesis:
The increasing demand for petroleum products and polymers is a major driving force in 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 North American 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 (USA, Canada, and Mexico ). The key players in this industry are:
Key Deliverables in the Study: