Industrial Catalysts Market Trend, Covid-19 Outbreak, Information by Type, Application, Regional Analysis and Forecast to 2025

The global industrial catalysts market is categorized into five regions based on geography, namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among them, the Middle East & Africa accounted for around 28% market share as of 2016 and is predicted to grow at a healthy CAGR over the assessment period. The Middle Eastern & African market is categorized into Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. Aforementioned nations are predicted to drive the demand for industrial catalysts in the upcoming years due to the presence of matured oil reserves, resulting in the higher consumption of industrial catalysts. Moreover, rising demand for energy and increasing crude oil production in the Middle East & African countries is predicted to fuel the growth of the market. In North America, the industrial catalysts market is predicted to grow with the highest CAGR during the assessment period, 2017-2023. Crude oil is the main area for industrial catalysts consumption in the region, a majority of crude oil produced in North America is from oil sands, offshore oilfields, and shale formations & tight oil. Relatively, crude oil production from oil sands and offshore oilfield result in increased consumption of industrial catalysts, which, in turn, lead to high demand for industrial catalysts in this region.

Segmentation

 Global Industrial Catalysts Market Trend 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.

Regional Analysis

The global industrial catalysts market has been segmented into five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The market in Asia-Pacific accounted for the largest market share of more than 40% in 2018. This is primarily attributed to the high demand for the industrial catalysts in the rapidly growing chemicals and food processing industry. Additionally, the favorable government policies towards environmental pollution are likely to pave the way for significant use of the industrial catalysts in environmental protection, which is expected to drive market growth of the region. North American market held substantial share in 2018 and is expected grow at a healthy CAGR during the assessment period owing to increasing demand from the environmental and processing applications. Europe is another substantial regional market wherein the growth of the market is primarily driven by rising demand for the product in environmental applications, along with chemicals industry. The market for industrial catalyst in Latin America and the Middle East & Africa is anticipated to witness considerable growth owing to vast growth potential of the petroleum and chemicals industry.

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Key Players

The prominent players in the global industrial catalysts market are Bayer AG (Germany), The Dow Chemical Company (US), Albemarle Corporation (US), BASF SE (Germany), Exxon Mobil Corporation (US), Akzo Nobel N.V. (the Netherlands), Chevron Phillips Chemical Company LLC (US), Clariant (Switzerland), Haldor Topsøe A/S (Denmark), INEOS (UK), and Honeywell International Inc. (US),.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.