The different catalysts available in the market include zeolites, chemical compounds, enzymes, and metals that are used in the industries like industrial reaction, automotive, oil & gas, construction, and others. Growth in macroeconomics trends like ever-growing population along with surging economic progress in developing economic, strict environmental regulations about automotive emissions and rise in number of applications in end use industries are few factors driving catalyst market. Asia Pacific is predicted to register substantial growth in the coming years due to increase in demand for automotive from developing countries like China and India. Additionally, rise in standards of living and speedy industrialization activities in these regions support the growth of market.
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Moreover, development of biochemical through catalysis is predicted to introduce new opportunities for future growth in near future. However, controlled development and distribution of new catalysts hamper the growth of catalyst market. Biocompatibility of enzyme catalysts has made catalysts perfect for manufacturing wide range of life science and food products like ointments, packaged foods, cosmetics, and processed dairy products.
The demand for polymerization catalyst is expected to rise considerably with respect to accelerating global polymer production. Nevertheless, the commodity nature of several polymers and the related raw materials prices will stimulate focus on product differentiation that will boost a shift in polymer catalyst product mix, especially in the developed nations. Polymer catalyst demand is expected to be strong in Middle East and Asia where low price commodity polymer is predicted to expand at a steady rate. In some parts of Europe and North America, polymer production is expected to be uncertain, but manufacturers in those areas will focus more on specialized products to sustain in the catalyst market on the global scale. Such a focus will result in increased demand for Ziegler-Natta and single-site catalysts.
The increase in demand for fuels is one of the major driving factors for the catalyst market in refineries. In addition, the growth of end user industries like polymer and chemical industries has also increased the demand for catalyst in the recent years. The rising demand from emerging economies due to the increasing number of automobiles, high spending power and speedy expansion of oil refineries is predicted to boost the market in the years to come. The development of innovative product portfolio in catalyst market is one of the major trends in the industry. However, the unstable prices of raw material are still obstructing the growth of the market.
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