The Industrial Catalyst Market is a multi-faceted field that has seen significant growth in recent years. Industrial catalysts are materials used to speed up chemical reactions without undergoing any change themselves. Industrial catalysts are essential components in a wide range of processes and products, from food production to oil refining to petrochemicals. The Industrial Catalyst Market is divided into a number of subsectors, each providing specialized services and products related to the production and application of industrial catalysts.
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Asia Pacific has emerged as the largest market for industrial catalysts due to its booming chemical industry. China alone accounts for more than 30% of global industrial catalyst consumption while India stands second with a share of around 15%. Europe is another major market where Germany and the United Kingdom account for more than 40% of regional demand. North America follows suit with Canada and the United States accounting for more than 75% of regional demand respectively.
Industrial Catalysts are used across several industries including automotive, petrochemical, pharmaceuticals, paints & coatings, fertilizers, oil & gas etc. Automotive industry was the largest consumer of industrial catalysts globally in 2017, followed by petrochemical industry which accounted for more than 18% share of total consumption volumes during the same year. Fertilizer and paints & coatings segments follow suit with 12 % and 11 % respectively as their contribution towards Industrial Catalyst market share in 2017. Industrial catalyst manufacturers focus on developing specialty grade products catering to specific end-use applications such as hydroprocessing or aromatics production which require highly selective and efficient catalysts that operate under extreme conditions such as high temperatures and pressures in order to yield optimum results from chemical transformations involved within the technology process.
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