Catalysts are supplementary chemicals compounds that are added in small amounts to increase the rate of chemical reaction. Catalyst does not undergo any type of chemical changes in them. Catalyst reduces reaction time and energy required to complete a chemical reaction.
With the advancement in molecular chemistry, the catalysis control over the broad range of chemical reaction has been observed in past years. Catalyst is one of the most important areas of chemical industry, where increasing investment in research and development is observed even during the economic slowdown.
Based on the product type, the global catalyst market can be broadly segmented as, heterogeneous catalyst and homogeneous catalyst. On the bases of material type the global catalyst market can be broadly segmented as zeolites, metals, and chemical compound.
Based on the various application of catalyst the market can be segmented as refinery, chemical synthesis, polymer and environment. Chemical compound has been the largest segment of the catalyst market in 2014. The segment is also expected to witness considerable growth during the forecast period, attributed to its cost-effective working capacity, as compared to other type of catalyst. Based on the product type, heterogeneous catalyst has been the largest segment in 2014.
Rising demand for clean fuels is one of the most important driving factors for the catalyst market in refineries. In addition, the growth of end user industries such as polymer and chemical industries has also increased the demand of catalyst in recent years. The rising demand from developing economies owing to the increasing number of vehicles, growing purchasing power and rapid expansion of oil refineries is expected to drive the catalyst market during the forecast period.
The development of innovative product portfolio in catalyst market is one of the recent trends in the industry. However, the fluctuating prices of raw material are one of the major hindrances for the Global catalyst market.
Asia Pacific was the largest and fasted growing market of catalyst in 2014. The market dominance of Asia Pacific is attributed to the presence of large number of refineries in India and China: two major importer of crude oil in the world. In addition, the rising number of vehicles and increasing demand of plastic from the developing countries of Asia Pacific is also driving the catalyst market. India, China and Japan are some of the major markets of catalyst in Asia Pacific. The significant growth of catalyst is also expected from the major oil producing countries of Middle-East; considerable expansion of the oil production from this region is expected in coming years. In Latin America, Brazil is expanding their nameplate capacity of refineries, which is expected to drive the catalyst market during the forecast period. North America is also expected to grow at a healthy pace owing to gain in chemical and polymer production as manufacturers benefit from low natural gas prices.
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