Hydrogenation Catalyst Market Size

Hydrogenation Catalyst Market size was over USD 3.51 billion in 2023 and is poised to cross USD 5.49 billion by 2036, witnessing more than 3.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydrogenation catalyst is estimated at USD 3.61 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.