Hydrogenation Catalyst Market Share

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.