Pune, India -- (SBWIRE) -- 03/16/2018 -- The proliferation of the chemical industry is resulting into the discovery and development of catalysts. Industrial Catalysis is essential for most modern, cost and energy efficient means for the production of a broad range of petroleum refining, chemical products, pharmaceuticals and for environmental protection. These catalysts are majorly categorized into oxidation, hydrogenation, catalytic cracking, refinery, petrochemical, olefin polymerization, synthesis gas, ammonia, and environmental

Some of the prominent factors that positively influence the growth of Industrial Catalysts Market are increasing crude oil production, rising demand for basic chemicals, and increasing industrialization. Increasing research & development along with rising gross domestic product (GDP) in developed and emerging economies are predicted to drive the growth of the market over the forecast period, 2017-2023. High adoption rate along with the increasing number of chemical plants owing to the reason, fossil resources, mainly oil & gas, represent the raw materials of choice for all synthetic materials surrounding the ever-growing population. Moreover, continuous expansion of industries as well as shifting manufacturers focus towards environmental catalysts to reduce the volatile organic compounds (VOCs) are estimated to fuel the growth of the market during the review period, 2017 to 2023. However, growing prices for Industrial Catalysts is predicted to hinder the market growth over the assessment period.

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Key Players

Some of the prominent players operating in the Global Industrial Catalysts Market are BASF SE (Germany), Bayer AG (Germany), The Dow Chemical Company (U.S.), Akzo Nobel N.V. (the Netherlands), Clariant (Switzerland), Chevron Phillips Chemical Company LLC (U.S.), Exxon Mobil Corporation (U.S.), Haldor Topsøe A/S (Denmark), INEOS (U.K), and Honeywell International Inc. (U.S.), among others.

Regional Analysis

The Middle East & Africa is estimated to be the largest Industrial Catalysts Market followed by Asia Pacific, North America, and Europe due to strong existence of crude oil reserves. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for industrial catalysts in chemicals manufacturing. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for Industrial Catalysts, and are estimated to grow at the same pace over the forecast period. Improving living standards along with the flourishing growth of petro refineries and coal gasification industry is predicted to contribute to the regional market growth. In North America, the U.S. Industrial Catalysts Market is anticipated to grow rapidly due to expansion of offshore and onshore activities as well as increasing innovations. In Latin America, Mexico is expected to register a strong growth due to the robust presence of petro refineries manufacturers.

Segmentation

The Global Industrial Catalysts Market is categorized on the basis of type, application, and region. On the basis of the type, the market is bifurcated into homogeneous and heterogeneous. On the basis of the substance, the industrial catalysts market is categorized into metallic, chemical, zeolite, organometallic, and others. On the basis of the application, the market is segmented into petroleum refining, chemical manufacturing, environmental, food processing and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

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