Albany, NY -- (SBWIRE) -- 07/20/2018 -- Nanocatalysts are defined as catalysts that use nanoparticles. These include nanoscale materials with at least one nanoscale dimension. Nanocatalysts may also have modified nanoscale structure to increase the catalytic properties. Nanocatalysts are used to accelerate or decelerate the rate of change of chemical reactions without getting consumed and without changing their permanent physical or chemical states. Nanocatalysts are becoming prevalent in the market owing to their ability to provide larger surface area to accelerate the rate of reactions.

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Furthermore, nanotechnology provides custom design specification to catalysts in order to facilitate faultless selectivity in a catalyst based reaction. Nanocatalysts with higher specific surface and higher catalytic activities help resolve some of the problems faced by chemical reactions. Most commercial catalysts are still produced by 'mixing, shaking, and baking' mixtures of multi-components. Nanocatalysts are used in a wide spectrum of applications such as food processing, pharmaceuticals, chemical, and oil refineries.

Increase in focus on environmental conservation and rise in awareness about reducing carbon footprints are the major factors driving the nanocatalysts market. Growth in demand for nanocatalysts in refineries and petrochemical plants owing to the wide usage in heavy oil upgrade, catalytic cracking of hydrocarbons, desulfurization, cleaning up oil drip, and coal liquefaction is augmenting the nanocatalysts market.

Easy availability of cost-effective substitutes is hampering the nanocatalysts market.

Based on chemical properties, the nanocatalysts market can be segmented into nanoparticle catalysts, nonporous catalysts, nanocrystalline catalysts, and supramolecular catalysts.

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In terms of application, the nanocatalysts market can be divided into biomass, oil and gas, fossil fuel, oil refineries, fuel cells, water and waste water treatment, environmental applications and pharmaceuticals. The oil refineries segment accounts for significant share of the market owing to its wide application in treating hydrocarbons in refineries. Environmental is a rapidly growing segment of the nanocatalysts market owing to the increase in awareness about environmental conservation.