New York, July 27, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Catalyst Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” – https://www.reportlinker.com/p06480200/?utm_source=GNWCatalysts are substances that increase the rate of a chemical reaction without being consumed in the process.They are used in a wide range of industries, including chemicals, petroleum refining, automotive, and pharmaceuticals, among others.Strict Environmental Regulations for Sustainable Growth is a Key Factor Propelling the Demand for the Catalyst
Environmental regulations have become increasingly strict in recent years, leading to a greater focus on reducing emissions from industrial processes. As a result, the use of catalysts has become increasingly important in meeting these regulations.To fulfill the demand for sustainable products, environmental regulations are expected to become more stringent in the future, which is likely to drive further growth in the catalyst market.In response to these regulations, companies are investing in research and development activities to develop new and improved catalysts that are more efficient and effective.Growing Demand for Cleaner Fuels is Propelling the Global Catalyst Market Demand
The demand for cleaner fuels has been growing significantly in recent years, driven by concerns about climate change and air pollution.Cleaner fuels, such as biodiesel, ethanol, and hydrogen, are seen as less harmful to the environment than traditional fossil fuels.The demand for cleaner fuels is expected to continue growing in the coming years as governments around the world implement policies to reduce greenhouse gas emissions and improve air quality.For example, the European Union has set a target of reducing greenhouse gas emissions by at least 55% by 2030, while the United States has announced plans to achieve net-zero emissions by 2050.Catalysts are also used in the combustion and production of cleaner fuels such as natural gas.Catalysts can be used to improve the efficiency of combustion, leading to lower emissions and improved air quality.Increasing Demand for Efficient Chemical Production Processes Driving the Market Growth
The chemical industry plays a critical role in the global economy, producing a wide range of products that are used in everything from pharmaceuticals and electronics to agriculture and construction.As the demand for chemical products continues to grow, there is a corresponding need for more efficient chemical production processes that can meet this demand in a sustainable and cost-effective way.The increasing demand for efficient chemical production processes is being driven by several factors.First, there is a growing awareness of the environmental impact of chemical production, with concerns about the emission of greenhouse gases and the production of hazardous waste.Recent Developments
• In 2022, Clariant signed a contract with Wanhua Chemical Group to source catalysts for its new maleic anhydride plant. It will be in Yantai City, Shandong province, and is scheduled for commercial operation in 2023. It is one of the largest anhydride plants in the world that produces 200 kilotons of maleic anhydride annually. This plant will be highly dependent on Clariant’s SynDane catalyst for the production process.
• In 2022, Johnson Matthey PLC has started the construction of a new catalyst-products plant in Gliwice, Poland. With the investment of 50 million Euro, Johnson Matthey PLC will build new capacity in 18 months where various range of important catalyst products will be manufactured for the automotive industry to reduce harmful emissions.
• In 2020, BASF introduced Fourtune™ Fluidized Catalytic Cracking (FCC) catalyst to produce and deliver more butylene for refiners. It has been built to deliver superior quality of butylene over propylene selectivity along with maintaining catalyst activity and performance. The product is based on BASF’s Multiple Framework Topology (MFT) technology.
• In 2021, Honeywell signed an agreement to provide Oleflex™ Technology to Anchorage Investments Ltd., a company that develops and invests in industrial projects within the downstream oil and gas and mining, to produce polypropylene in Egypt. By using this technology, annually, almost 750000 metric tons of polymer-grade propylene will be made from its new Anchor Benitoite petrochemicals complex in Suez, Egypt, near the southern terminus of the Suez Canal.Global Catalyst Market is segmented based on raw materials, product, application, and region.Based on raw materials, the market is segmented into chemical compounds, zeolites, and metals.Company Profiles
Evonik Industries AG, Albemarle Corporation (Ketjen Corporation), Honeywell International Inc. (UOP or Universal Oil Products LLC), BASF SE, ExxonMobil Chemical, Co. Haldor Topsoe Inc, Axens SA, Johnson Matthey PLC, Clariant International AG, and The Dow Chemical Company are some of the key players of global catalyst Market.• Catalyst Market, By Raw Materials:
o Chemical Compounds
o Zeolites
o Metals
• Catalyst Market, By Product:
o Heterogeneous
o Homogeneous
• Catalyst Market, By Application:
o Petroleum Refining
o Chemical Synthesis
o Polymers and Petrochemicals
o Environmental
o Others
• Catalyst Market, By Region:
o North America
United States
Mexico
Canada
o Europe
France
Germany
United Kingdom
Spain
Italy
o Asia-Pacific
China
India
South Korea
Japan
Australia
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
South Africa
Saudi Arabia
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(GlobeNewsWire)