New Tools And Technology Development Will Drive Industrial Catalysts Market In Coming Years

 Market Overview:

Industrial Catalysts refer to substances that assist in speeding up reactions by offering an alternative way for the making and breaking of bonds. They find wide applications in improving the industrial chemical process yield. Catalysts, for instance, are used to lower the pressure and temperature at which the process functions. Consequently, fuel is saved. Besides, it helps to eliminate the number of reactants that are wasted in the formation of unwanted by-products. Industrial Catalysts are widely used in the oil & gas sector.

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Prominent market trends in the Global Industrial Catalysts Market include rising spending on research activities, expanding demand for chemicals, and fast industrialization. Besides, the market is likely to witness a substantial growth owing to the booming oil & gas industry. Increased crude oil production throughout the world is considered as a significant factor for Industrial Catalysts Market Growth. This is owing to the surging demand for sulfur treated petroleum end products globally. Growing demand for commodity chemicals, basic chemicals, specialty chemicals and polymers are anticipated to fuel the market. Additionally, fast industrialization along with expanding gross domestic product (GDP) in emerging nations is projected to drive market growth. However, the negative influence of petrol refining method that emits volatile organic compounds (VOCs) into the environment, is likely to hinder the market growth.

Key Drivers:

The Global Industrial Catalysts Market is led by key players such as Bayer AG (Germany), The Dow Chemical Company (U.S.), Clariant (Switzerland), Chevron Phillips Chemical Company LLC (U.S.), Haldor Topsøe A/S (Denmark), Exxon Mobil Corporation (U.S.), Honeywell International Inc. (U.S.), INEOS (U.K), BASF SE (Germany), and Akzo Nobel N.V. (the Netherlands).

Market Segmentation:

The Worldwide Industrial Catalysts Market has been segmented based on Application, Region and Type.

Based on Application, the market has been segmented into chemical manufacturing, petroleum refining, food processing, and others.

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Based on Type, the market has been segmented as homogeneous and heterogeneous.

Based on Region, the market has been segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.

Regional Analysis:

The Middle East & Africa Market is projected to develop at a higher CAGR over the forecast period owing to the rising oil & gas industry. The potential markets of the Middle East & Africa include the United Arab Emirates, Iraq, Iran, Kuwait, and Saudi Arabia. The presence of huge oil & gas reserves in these areas is responsible for propelling the progress of the market. North America Industrial Catalysts Market is likely to grow at a rapid pace due to increasing production capacities, rising economic growth rate, and high consumption potential. In the North American market, the U.S. is likely to be the key contributor to the Industrial Catalysts Market. The market is anticipated to witness a substantial surge in demand for Industrial Catalysts over the forecast period.

In 2016, the U.S. was represented as one of the prospective markets and it’s estimated to expand at a moderate CAGR. The market growth can be credited to the soaring production of crude oil. In Europe, the prospective markets include countries such as the U.K, Germany, Italy, Spain, Russia, and France. The markets appear promising owing to the increasing purchasing power of the population and surging investments in innovation. Furthermore, the presence of key chemical manufacturers is likely to fuel the market growth. In Asia Pacific, Industrial Catalysts Market is anticipated to grow at a moderate CAGR. The growth is attributed to the progressing crude oil processing industry and developing petroleum refineries in China and India. Additionally, the growth of basic chemicals industry in economies such as India, China, Thailand, Japan, and Malaysia, is also responsible for the development of the market.

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