Catalysts for Energy Market size is set to register over 5.5% CAGR during the forecast period i.e., between 2024-2036.
The growth of the market can be attributed to the increasing demand for catalysts in the energy & power industry for various applications, such as, raising energy production and protecting the environment. Petroleum refining is one of the major application of catalysts. Increasing demand for petroleum products, backed by rising sale of automobiles and increasing disposable income, is estimated to boost the market growth. The increasing manufacturing and sale of passenger cars, with more than 60 million cars sold globally in the year 2020, is estimated to positively influence the market growth.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.5% |
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Regional Scope |
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The catalysts for energy market for energy applications is segmented by material into chemicals, zeolites, metals, and others, out of which, the zeolites segment is anticipated to hold the largest share in the market during the forecast period as zeolites can withstand high temperatures and have large surface area for adsorption. On the basis of type, the market is segmented into refinery catalyst, gasification catalyst, and others. On the basis of application, the market is segmented into crude oil production, oil recycling, photovoltaic cells, energy conversion, environment protection and others, out of which, the crude oil production segment is estimated to garner significant share over the forecast period, owing to the increasing demand for fossil fuels amongst the constantly rising population.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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Material |
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Regionally, the catalysts for energy market for energy applications is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America industry is predicted to account for largest revenue share by 2036, propelled by growing oil & gas industry in the region, coupled with presence of major oil refining companies. Moreover, large number of refineries in the region is estimated to act as the major growth factor for the market. Canada is the 4th largest producer of crude oil, and holds over 10% of the world’s share for oil wells. On the other hand, the United States is one of the largest producers and exporters of refined petroleum products.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period increasing import of crude oil and presence of refineries in countries, such as, India, and China, is estimated to boost the catalysts for energy market growth in the region.
September 28, 2020: BASF SE announced the launch of a new series of hydrogenation catalysts that offer higher tolerance to impurities.
Author Credits: Rajrani Baghel
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