Catalyst Market by Raw Material (Chemical Compounds, Metals, Zeolites, and Others), Product by Application (Heterogeneous Catalyst and Homogeneous Catalyst), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Catalyst Overview

The business that produces, distributes, and uses catalysts is known as the catalyst market. By reducing the activation energy necessary for a chemical reaction to happen, a substance, known as a catalyst, speeds up chemical reactions. Because it does not go through any irreversible chemical changes during the process, it may be reused and is very beneficial in many industrial operations. In fields including petroleum refining, chemical production, pharmaceuticals, and environmental protection, catalysts play a critical role in improving the efficiency, selectivity, and sustainability of chemical reactions.

The market for catalysts includes a wide variety of catalyst types, including enzymatic, heterogeneous, and homogeneous catalysts, each created for a particular use. Technology advances, R&D initiatives, environmental restrictions, and the drive for cleaner and more sustainable processes are some of the factors that have an impact on the industry.

Global Catalyst Market Analysis

The global catalyst market size was $36.1 billion in 2022 and is predicted to grow with a CAGR of 5.1%, by generating a revenue of $61.8 billion by 2032.

COVID-19 Impact on Global Catalyst Market

The COVID-19 pandemic has had a significant impact, and the catalyst market was no exception. The decreased activity in sectors like automobile and aerospace industries is one of the pandemic's major consequences on the market for catalysts. The manufacture and sales of cars and airplanes have taken a serious hit as a result of travel bans and shutdown procedures. As a result, the demand for catalysts employed in these industries' manufacturing processes has drastically decreased.

The pandemic also presented difficulties for the chemical and petrochemical sectors, which are significant consumers of catalysts. Due to labor shortages, problems in the supply of raw materials, and decreasing demand, several chemical facilities and refineries were forced to scale back or stop operations. The need for catalysts in various industries has been directly impacted by this. The catalyst market is anticipated to rebound as vaccination efforts advance and countries progressively recover from the pandemic's effects. In the post-pandemic age, the demand for catalysts is projected to be driven by the restoration of industrial operations, increasing infrastructural investments, and growing attention to sustainable practices.

Diverse Catalyst Applications to Propel Market Growth in Various Industries

The need for catalysts is being fueled by the swift expansion of industrial activities, particularly in emerging economies. Catalysts are highly utilized by sectors including petrochemicals, refining, and chemical production to improve their production methods, which boosts the adoption and sales of catalyst products. The ongoing campaign for energy efficiency and the increased emphasis on renewable energy sources are important additional drivers. Fuel cells and biomass conversion are two examples of energy conversion processes where catalysts play a critical role in increasing efficiency, driving up demand in these industries. Furthermore, advances in catalyst research and development have produced a variety of brand-new, extremely efficient catalysts. These cutting-edge catalyst compositions provide higher performance, selectivity, and durability, piquing the attention of a variety of end-users from the pharmaceutical to the automotive industries.

Complex Syntheses of Catalysts to Restrain Market Growth

High costs of production and concerns regarding sintering, a significant cause of loss of catalytic performance of industrial catalysts operating at extreme temperatures, are a few issues impeding market revenue development. Furthermore, various variables contribute to the high cost of developing and purifying catalysts. They are manufactured in small quantities, and small-scale manufacturing is usually costly. These catalysts generally require multistep syntheses, which raises the cost. Furthermore, sintering, or heat deactivation, is a significant mechanism for catalyst activity reduction. This is especially true for catalytic high temperature processes such as catalytic combustion, steam reforming, and automotive exhaust treatment. Catalyst deactivation is mostly caused by the agglomeration of active metals generated by sintering.

Advancements in Technology to Drive Excellent Opportunities

The catalyst market is anticipated to have tremendous growth and fantastic potential, mostly due to technological advances. The application of nanotechnology represents a significant improvement in catalyst technology. Nanocatalysts have astounding catalytic activity and selectivity due to their incredibly small size and large surface area. Chemical processes can be made more effective and sustainable by using nanocatalysts, which also result in lower energy use and waste production. As a result, nanocatalysts are becoming more widely used in sectors including fuel cells, renewable energy, and environmental remediation, providing fantastic potential for catalyst producers. Technology improvements are creating a wave of new prospects for the catalyst sector. The sector is being revolutionized by nanotechnology, artificial intelligence, and sustainable catalysts, which enable more effective procedures, specialized catalyst design, and eco-friendly solutions. The catalyst industry is set to flourish as long as businesses continue to place a high priority on innovation, sustainability, and efficiency, offering fantastic opportunities for both producers and researchers.

Global Catalyst Market Share, by Raw Material, 2022

The chemical compounds sub-segment accounted for the highest market share in 2022.

, a key driver for the chemical compound subsegment is the ongoing pursuit of cost-effectiveness and process optimization. Industries are looking for catalysts that have a greater stability, a longer lifetime, and can be produced from easily accessible and inexpensive raw materials. In order to find chemical compounds that match these requirements and perform better in practical applications, manufacturers are investing in their exploration and optimization. The quest for increased sustainability and environmental friendliness is one of the major factors driving the chemical compound section of the catalyst market. There is a rising need for catalysts that can enable cleaner and more energy-efficient processes as industries come under increasing pressure to lessen their environmental effect. High catalytic activity, selectivity, and eco-friendly qualities are highly desired in chemical compounds.

Global Catalyst Market Share, by Product by Application 2022

The heterogeneous catalyst sub-segment accounted for the highest market share in 2022.

These catalysts are essential in a variety of industrial operations, from environmental cleanup to the refining of petroleum. The market for catalysts has been considerably impacted by environmental legislation and sustainability issues, which has increased demand for heterogeneous catalysts in emission control applications. These catalysts help to mitigate air pollution by lowering hazardous emissions from automobiles, power plants, and industrial facilities when used in catalytic converters. Additionally, the catalyst industry's continual research and development activities have produced breakthroughs in catalyst design that have enhanced selectivity, activity, and stability. As a result, heterogeneous catalysts are now being used in a wider variety of applications.

Global Catalyst Market Share, by Region, 2022

The Asia-Pacific catalyst market generated the highest revenue in 2022. The region has seen a spike in industrial operations and infrastructural development due to its expanding economies, such as China and India. This has resulted in a strong demand for catalysts across a variety of sectors. Both domestic and foreign catalyst manufacturers have been expanding their operations in the Asia-Pacific region to meet the growing demand. The Asia-Pacific region's catalyst market does, however, also confront certain difficulties. These include the demand for ongoing research and development to keep up with changing industry standards, the existence of strict laws, and competition from low-cost substitutes. Overall, due to its strong industrial expansion, rising environmental concerns, and emphasis on renewable energy sources, the Asia-Pacific region offers a potential market for catalysts. The region is anticipated to have a significant role in determining the future of the market as it continues to grow and develop.

Competitive Scenario in the Global Catalyst Market

Investment and agreement are common strategies followed by major market players. One of the leading market players in the industry is BASF Group. In December 2021, BASF announced plans to separate its mobile emissions catalysts business from its precious metals trading, recycling, and related goods and services businesses to form BASF Automotive Catalysts and Recycling (ACR), a new standalone company.

Some of the leading catalyst market players are Albemarle Corporation, Haldor Topsoe A/S, BASF SE, Industries Evonik AG, LyondellBasell Industries Holdings B.V., Arkema, The Dow Chemical Company, Haldor Topsoe A/S, W. R. Grace & Co.-Conn., and Johnson Matthey.