Hydrogenation Catalyst Market size was over USD 3.63 billion in 2024 and is projected to reach USD 5.68 billion by 2037, growing at around 3.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hydrogenation catalyst is assessed at USD 3.74 billion.
The growth of the market can be attributed largely to the rising demand for heterogenous catalysts from industrial and chemical application areas, and growing use of hydrogenation for manufacturing medicines and aroma chemicals. Along with these, rapid shift of energy trends towards alternative fuels, such as biodiesel and shale gas, is projected to raise the demand for hydrogenation catalysts in the upcoming years. The global biofuel production in the world reached a value of about 1.8 million barrels of oil equivalent per day in 2019, up from approximately 1.6 million barrels of oil equivalent per day in the year 2018. Furthermore, growing utilization of the product for producing a variety of commercial chemicals, such as agrochemicals, flavors, pharmaceuticals, fine chemicals, and fragrances and dietary supplements, is expected to offer lucrative opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
3.5% |
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Base Year Market Size (2024) |
USD 3.63 billion |
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Forecast Year Market Size (2037) |
USD 5.68 billion |
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Regional Scope |
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The market is segmented by end user into chemical, oil & gas, food, pharmaceutical, and polymer, out of which, the food segment is anticipated to hold the largest share in the global hydrogenation catalyst market. This can be accounted to the high usage of hydrogenation for making a large variety of manufactured goods, such as spreads and shortenings, from liquid oils. Apart from this, growing utilization of hydrogenation process to increase the chemical stability of food products is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of form, the heterogeneous segment is assessed to acquire the largest share during the forecast period ascribing to the ease of separation provided during catalysis by this type of catalysts
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Form |
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By End User |
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Regionally, the global hydrogenation catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is poised to hold largest revenue share by 2037, on account of increasing investments in oil & gas exploration activities, where hydrogenation catalysts are used for petroleum refining. In addition, high manufacturing of chemicals and specialty chemicals is also expected to drive market growth in the region in the coming years. According to the European Chemical Industry Council, AISBL, the total chemical sales in China in 2020 amounted for USD 1,752.38 billion, with the country contributing for 44.6% of global chemical sales in that year. Moreover, the market in North America is projected to grab the largest share during the forecast period primarily in view of the increasing multidimensional R&D activities about exploring the efficacy of platinum group metals when used as hydrogenation catalysts.
September 2021- BASF announced the launch of its high performance oxo alcohol catalyst Ni 3354 E, that has been qualified to produce IPA through hydrogenation of acetone.
February 2020- Evonik launched hydrogenation pilot plant at a site in Dombivili, India for target-oriented, fast and efficient production and testing of catalysts.
Author Credits: Rajrani Baghel
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