Catalysts are performance chemicals that enhance the processing and synthesis of chemical elements. Catalysts are substances that increase the speed of reactions. They modify the rate of chemical reactions without being transformed or consumed during the reactions. Catalysts provide an alternative pathway for the building and breaking of chemical bonds of the elements in reactions. They lower the amount of activation energy required for a reaction to speed up its chemical process without affecting the overall thermodynamics of the system.
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Catalysts can accelerate the rates of forward and reverse reactions. Chemical processing catalysts have the primary function to modify the rate of a targeted chemical reaction in order to obtain a product with high space-time yield. They are used in various applications in the industrial sector. Chemical processing catalysts that are more active, selective, stable over longer periods of operation, and less expensive are used in major industries such as petroleum & energy, chemicals & polymer, food, and pharmaceuticals.
The global chemical processing catalysts market is primarily driven by the increase in demand for catalysts in chemical manufacturing industries. Rapid urbanization and increase in automation are other factors likely to drive the chemical processing catalysts market. Rise in demand for non-renewable natural resources is expected to propel the demand for chemical processing catalysts in chemicals and pharmaceutical industries. Developments in nanotechnology are capable of providing opportunities in design and synthesis of nanostructured catalysts. These nanostructured catalysts would offer high surface area and exposed active sites. This would ultimately lead to high catalytic activity in chemical processes. Furthermore, investment in research and development activities in order to optimize the efficiency of catalysts and minimize their cost is projected to offer lucrative opportunities to the chemical processing catalysts market during the forecast period. However, fluctuation in prices of raw materials such as precious metals and their limited supplies are likely to hamper the chemical processing catalysts market in the near future.
Based on type, the chemical processing catalysts market can be segmented into homogeneous, heterogeneous, biocatalysts, and others. The heterogeneous segment held key share of the global chemical processing catalysts market in 2016. These catalysts are cost effective and widely used in chemical synthesis.
In terms of application, the chemical processing catalysts market can be divided into polymerization, oxidation, organic synthesis, hydrogenation, dehydrogenation, and others. The polymerization segment accounted for significant share of the global chemical processing catalysts market in 2016. Catalysts are being increasingly used in the chemical industry to produce plastic materials including polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, and polystyrene.
Based on end-use, the chemical processing catalysts market can be segregated into fine chemicals & intermediaries, petrochemicals, edible oils, oleochemicals, and others. The petrochemicals segment is estimated to constitute major share of the global chemical processing catalysts market in the near future.
In terms of geography, the chemical processing catalysts market can be split into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a rapid pace due to the rise in industrialization in countries such as China, Japan, and India. Furthermore, technological advancements coupled with developing infrastructure are expected to boost the demand for chemical processing catalysts in Asia Pacific. North America and Europe also constitute significant share of the chemical processing catalysts market owing to the rise in demand for chemical processing catalysts in end-use industries.
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Key players operating in the global chemical processing catalysts market include Akzonobel N.V., Albemarle Corporation, BASF SE, Clariant, E.I. Du Pont De Nemours and Company, Evonik Industries AG, and Johnson Matthey.