The environmental catalysts market is estimated to increase at a CAGR of 4.4% from 2022 to 2032, with a value of USD 38.57 billion in 2022. By 2032, the environmental catalysts market is expected to be worth USD 59.33 billion.
The demand for environmental catalysts to combat both fixed and mobile source pollutants is predicted to rise steadily during the forecast period. The rising emphasis on reducing the number of pollutants emitted by automobiles is likely to result in increased adoption of environmental catalysts, fueling the environmental catalysts market growth during the forecast period.
| Attributes | Details |
|---|---|
| Environmental Catalysts Market CAGR | 4.4% |
| Environmental Catalysts Market Size 2022 | USD 38.57 billion |
| Environmental Catalysts Market Size 2032 | USD 59.33 billion |
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During the forecast period, the growing demand for environmental catalysts for municipal and industrial waste remediation is likely to gain traction, particularly in emerging parts of the world.
Environmental catalyst consumption has been steadily increasing in recent years. The increasing efforts to develop more efficient, cleaner, and safer industrial processes in order to adhere to ever-stringent regulations and norms instituted by authorities and regulatory bodies, particularly in regions such as North America and Europe, can be attributed to the growth of the environmental catalysts market.
North America and Europe, both relatively mature markets, have recently dominated the worldwide environmental catalysts market.
North America is the second-largest market, owing to the region's evolving low sulphur and automobile standards, which necessitate the use of environmental catalysts. The rising consumption of gasoline in the United States is expected to increase demand for catalysts used in the conversion of heavy crude oil into light fractions. Furthermore, the expansion of Mexico's oil and gas and chemical sectors is a crucial driver contributing to market growth in North America.
Consumption of these environmental catalysts, on the other hand, is predicted to expand faster in the Asia Pacific region, led by China.
Due to rising domestic demand for environmental catalysts and low manufacturing costs in comparison to the United States and the European Union, China has emerged as a manufacturing destination for chemical and petrochemical products. Growing FDI investments and lucrative growth prospects promised by developing nations such as India and Vietnam are boosting environmental catalysts market expansion in the Asia Pacific.
A surge in domestic demand for polymers and petrochemicals in the Middle East is expected to drive chemical manufacturers to increase production output for polymers and petrochemicals.
Over the last few years, the global environmental catalysts market has seen some ground-breaking, significant breakthroughs.
Evonik Industries AG, a speciality Chemicals Company located in Germany, acquired Porocel Group, a catalysts company based in the United States, in November 2020. With this acquisition, Evonik Industries will have access to Porocel's catalyst rejuvenation technology, which will help the company's catalyst business.
Environmental catalysts are a class of catalysts that is primarily used in order to reduce the level of pollutants and harmful emissions associated with energy and other process based manufacturing industries. Besides their use in industrial applications, these environmental catalysts are also used to reduce automotive emissions.
As such, these catalysts commonly find application in power plants, gas and diesel engines, steam crackers, calcination plants, cement production, FCC units in refineries, waste incineration plants, gas turbines, railroad engines, steel mills, and chemical plants among others. Environmental catalysts provide an efficacious and efficient solution for restriction of emission of nitrogen oxides, hydrocarbons and carbon monoxide among others in to the atmosphere.
Environmental catalysts are most commonly used in selective catalytic reduction, dieses oxidation catalysts, three way catalytic convertors among others in order to reduce the levels of volatile organic compounds emissions, ammonia emissions, and nitrous oxide emissions. Demand for environmental catalysts is expected to witness a steady growth during forecast period.
Principal Consultant
Consumption of environmental catalysts has witnessed a steady growth in the recent past. The growth of environmental catalysts market can be attributed to increasing efforts towards developing more efficient, cleaner and safer industrial processes in order to adhere to ever stringent regulations and norms instituted by authorities and regulatory bodies, especially in regions such as North America and Europe.
The demand for environmental catalysts, in order to tackle both, stationary source emissions and mobile source emissions is expected to witness a steady growth over forecast period. Moreover, growing emphasis on reducing the level of pollutants emanating from automobiles is expected to in turn result in increasing use of environmental catalysts thus driving the growth of environmental catalysts market during forecast period. Also, increasing demand for environmental catalysts for municipal and industrial waste remediation is expected to gain momentum especially in developing regions of the globe during the forecast period.
Depending on the geographies of the globe, global environmental catalysts market is segmented in to seven key geographical segments namely North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, Latin America, and Middle East & Africa.
North America and Europe, relatively mature markets, dominated global environmental catalysts market over the recent past. Whereas, consumption of these environmental catalysts is expected to witness faster growth in Asia Pacific region spearheaded by China.
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Some of the players that operate in global environmental catalysts market are BASF SE, Johnson Matthey, CRI Catalyst Company, Axens Group, Environmental Catalyst Technology, Treibacher Industrie AG, Applied Catalysts, and EmeraChem etc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and Industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global environmental catalysts market is segmented on the basis of the application of catalysts, and end-use segments.
The market is likely to register a CAGR of 4.4% through 2032.
The market is currently valued at US$ 38.57 Bn in 2022.
The market is likely to grow to a valuation of US$ 59.33 Bn by 2032.
Europe is likely to be a leading market during the forecast period.
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Environmental Catalysts Market
