Growth in macroeconomic trends such as global population growth coupled with surging economic progress in emerging economies, stringent environmental legislation regarding automotive emissions, and increase in number of applications in end-user industries are the factors that drive the market growth.
Portland, OR -- (SBWIRE) -- 09/25/2017 -- Allied Market Research published a detailed report on the global Catalyst Market. As per the findings of the report, the market is anticipated to garner $40,000 million by 2022. It is expected to exhibit a CAGR of 4.8% during the forecast period 2016–2022. Catalysts have the ability to modulate the reaction rate by raising or lowering the activation energy involved in the process. They possess characteristic chemical properties such as initiation of the reaction process, its enhancement, and its optimization.
Catalysts find varied applications in diverse industries ranging from the automotive industry to chemical industry, among others. Catalysts help in the reduction of emissions in the automotive industry. Their selective and isolative nature help in bulk polymerization as well as in chemical synthesis. The rate of chemical reactions can be increased by catalysts, without them getting consumed during the process. They appear in the various steps of the reaction, yet remain isolated in the final product. A high CAGR of 7.4% and 3.8% is expected to be witnessed in the environmental and chemical synthesis applications respectively.
Almost one-fourth of the global catalytic market by segment was accounted for by zeolite in 2015. The market was dominated by the petroleum refining application and accounted for more than one-fourth of the total market, based on applications. On the basis of the geographical segmentation, Asia-Pacific is projected to exhibit the fastest growth rate, due to the growing demand for automotive and an increase in the spending power of consumers in the developing countries. In 2015, two-fifths of the market share was contributed by Asia-Pacific, followed by North America and Europe. In the Asia-Pacific Catalyst market, one-third of the total revenue was accounted for by China, owing to the growing prevalence of petroleum refining.
The prominent players profiled in this report include Clariant AG, Johnson Matthey PLC, Evonik Industries AG, Chevron Phillips Chemical Company LP, Albemarle Corporation, W.R. Grace & Company, Dow Chemicals Company, Dorf Ketal Chemicals LLC, BASF SE, and Exxon Mobil Corporation.
Key Findings of the Catalyst Market Report:
- The catalyst market will be dominated by Asia-Pacific, however, the highest CAGR of 4.7% will be displayed by the U.S.
- The European catalyst market was dominated by Europe, which accounted for almost one-fourth of the total revenue in 2015.
- Based on the applications, the market was dominated by the petroleum refining and environmental applications segments. Together, they accounted for two-thirds of the revenue in 2015.
- The LAMEA catalyst market was dominated by Brazil, which is estimated to grow at a CAGR of 5.8% during 2016–2022.
Get PDF Brochure of Catalyst Market Report Study: https://www.alliedmarketresearch.com/request-sample/1736