According to the latest report by IMARC Group, titled “North America Industrial Catalyst Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the Industrial Catalyst market size in North America reached a value of US$ 5.9 Billion in 2019.
Industrial catalysts are substances that accelerate or initiate reactions by directing an alternative reaction path with lower activation energy than the uncatalyzed reaction. They work both on the forward and reverse reactions to maintain the equilibrium constant. Catalyzed reactions initiate several industrial chemical processes pertaining to food processing, pollution control, and for producing petroleum, energy, chemicals, and polymers.
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The rising adoption of industrial catalysts in petroleum refining and petrochemical industries is primarily augmenting the market growth in North America. Several petroleum-based products witness massive demand from the industrial and power generation sectors, thereby propelling the utilization of industrial catalysts. Moreover, the increasing utilization of industrial catalysts in the automotive industry further augments the market growth in the region. Besides this, the growing demand for palladium to manufacture catalytic converters for reducing toxic emissions is also propelling the market for industrial catalysts.
Additionally, these catalysts are also extensively used in the pharmaceutical industry due to the growing requirement for chiral compounds. Industrial catalysts further aid in producing cleaner fuels and lubricants with enhanced performance properties, which is expected to drive the North America industrial catalyst market. Looking forward, IMARC Group expects the market to reach a value of US$ 7.4 Billion by 2025, registering a CAGR of 3.8% during 2020-2025.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Breakup by Type
- Heterogenous Catalysts
- Homogeneous Catalysts
Market Breakup by Raw Material
- Mixed Catalysts
- Oxide Catalysts
- Metallic Catalysts
- Sulphide Catalysts
- Organometallic Catalysts
Market by Application
- Petroleum Refinery
- Chemical Synthesis
Competitive Landscape Key Player:
- Albemarle Corporation
- Arkema S.A.
- BASF Corporation
- Clariant AG
- Evonik Industries AG
- Exxon Mobil Chemical Corporation
- Akzo Nobel N.V.
- Chevron Phillips Chemical Company
- The DOW Chemical Company
- DuPont de Nemours Inc
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