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South Korea, Seoul, Sept. 23, 2022 (GLOBE NEWSWIRE) -- The global catalyst carriers market is estimated at US$ 414.1 million in 2022 and is forecasted to expand at 3.9% CAGR during the forecast years of 2022-2032.
Innovation and research have remained a significant driving force for the catalyst carriers market . Market players are focusing on improving the performance of catalyst carriers, pore volume, catalytic deactivation mechanism, and carrier effects to offer seamless application. The improved pore structure of catalyst carriers provides a larger reaction site for catalysts, leading to optimized performance. Catalysts are now helping in the processing of hydrocarbons and delivering optimization characteristics for butylene over existing propylene.
Catalyst have showcased the technological capabilities to increase the demand for octane due to strict regulations on sulfur for its post-treatment. Growing research has enabled the use of catalysts for increasing transportation fuel yields. The opening of R&D centers across the globe by market players will provide them with successful growth potential in the years ahead.
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Paramount Demand for Catalyst Carriers in Pharmaceutical & Petrochemical Industries
Growing versatility and applicability of catalyst carriers have opened new doors in the pharmaceutical and petrochemical industries. Increased spending by governments on the petrochemical and pharmaceutical industries has stimulated the growth of the market. Catalyst carriers enable manufacturers to refine mixtures into highly pure substances. The need for highly pure grades of substances in the pharmaceutical industry has driven the market. Pharmaceutical applications in the industry have remained a steady growth factor for the market over the last few years. Continuous demand from the pharmaceutical industry is likely to boost the market over the coming years.
Key Takeaways from Market Study
- The catalyst carriers market is set to expand at a CAGR of 3.9% and reach US$ 608.9 million by 2032.
- The market expanded at 2.5% CAGR between 2017 and 2021.
- Under type, ceramics catalyst carriers dominate and are valued at US$ 288.1 million.
- North America leads the global market with 22.8% share.
- Chemical industries are likely to represent 34.5% market share in 2022.
- Revenue from catalyst carriers is expected to increase at CAGRs of 4.9% and 4.8%, respectively, in North America and East Asia.
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Segmentation of Catalyst Carriers Industry Research
- By Type :
- Silicon Carbide
- Activated Carbon
- By Form :
- By Surface Area :
- Low (0-10 m2/g)
- Intermediate (10 - 120 m2/g)
- High (>120 m2/g)
- By Pore Volume :
- 0-0.3 cm3/g
- 0.3-0.7 cm3/g
- >0.7 cm3/g
- By End-use Industry :
- Oil & Gas
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Manufacturers' Key Strategy Analysis
Prominent catalyst carrier manufacturers are Almatis, Evonik Industries, BASF, Cabot Corporation, Magma Catalysts, Noritake Co. Limited, CeramTec, CoorsTek, SASOL, and W.R.Grace.
The market for catalyst carriers is growing with increased applications and use cases in end-use industries globally. Catalyst carrier demand and supply across the globe are well-maintained by the presence of active suppliers and local sourcing available in surplus. Burgeoning demand for active applications of catalyst carriers, ranging from pharmaceutical to oil & gas, will induce the need for a strong supply chain and procurement sources.
Carriers are used as a prominent element during the catalytic reaction in the petrochemical industry to refine crude-based products.
Eminent Players' Growth Stratagem
Market players such as Evonik Industries, Almatis, BASF SE, and others are expanding their production bases for producing high-end catalyst carriers for reliable applications. The heightening of gross value added for key industries associated with catalyst carriers has made a positive impact on the demand and supply of carriers for key end-use industries.
Market players are now focusing on improving the material composition of carriers to penetrate the market with better and more reliable carrier materials and structures for production. Similar strategies have been adopted by key end-use industries looking for continuous improvement in material.
The market for catalyst carriers is still under-saturated and periodic investments with a hiked index of industrial production may possibly add positive growth to the industry.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global catalyst carriers market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (ceramic (alumina, titania, magnesia, silicon carbide, silica, others), activated carbon, zeolite, others), form (sphere, extrudate, powder, granulated, honeycomb, others), surface area (low (0-10 m2/g), intermediate (10 - 120 m2/g), high (>120 m2/g)), pore volume (0-0.3 cm3/g, 0.3-0.7 cm3/g, >0.7 cm3/g), and end-use industry (chemicals, petrochemicals, oil & gas, automotive, pharmaceuticals, agrochemicals, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Phosphorus Based Catalyst Market - The global phosphorus based catalyst market is projected to register substantial growth during the forecast period due to the increased demand for phosphorus based catalysts from various industry products such as fertilizers, detergents, water treatment chemicals, metal finishing, flame retardants, and foods.
Secondary Reforming Catalyst Market - The rapid growth of the petrochemical industry has created an upsurge in the demand for secondary reforming catalysts in the manufacturing of various chemicals and gases. The refinery catalyst market is also growing at a high rate and increasing refinery capacities are pushing the demand for high-performance secondary reforming catalysts, which is projected to continue over the forecast period 2021-2031.
Primary Reforming Catalyst Market - The demand for primary reforming catalysts from petrochemical industries is on the rise. The rapid growth of the petrochemical industry has created an upsurge in the demand for primary reforming catalysts for the manufacturing of various chemicals and gases. The refinery catalyst market is also witnessing significant growth. An increase in the capabilities of refineries is boosting the demand for high-performance primary reforming catalysts, which is projected to continue over the forecast period.
Fertilizer Catalyst Market - Rising demand for catalysts is being witnessed from the fertilizer industry. Fertilizer catalysts are various kinds of metal oxides that are used for increasing the reaction rate in the fertilizer industry. Fertilizer catalysts are primarily used during ammonia production.
Honeycomb Board Market - According to the latest market study by Fact.MR, market valuation of honeycomb boards is anticipated to increase at a CAGR of 6.5% over the period of 2021 to 2031, and is set to reach around US$ 2 Bn by 2031, on the back of constant shift in end-user preference towards lightweight and strong materials.
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