Expert Research Market Explores Top 5 Catalyst Companies in the World

The global catalyst market acquired a value of about USD 37.49 billion in 2022. The market is expected to grow at a CAGR of 5% during the forecast period of 2023 to 2028. As per the analysis by Expert Market Research, the market is expected to be driven by the increased utilisation of catalysts in chemical synthesis, petroleum refining, polymers, and petrochemicals.

The market is expected to be driven by the rising demand for the product in petrochemical and chemical applications as several manufacturers are trying to add value to their feedstock or refining by processing value-added petrochemicals and chemicals, such as polyolefins and methanol. Further, the shifting energy trends emphasizing the use of renewable fuels, such as biodiesel and shale gas fuel, are anticipated to fuel the market growth.

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The key players in the global catalyst industry, including Albemarle Corporation (NYSE: ALB) and Evonik Industries AG (ETR: EVK), have bolstered their production capacity with the help of mergers and acquisitions in the market, further uplifting their position in the highly competitive environment. In 2018, W.R. Grace Co. announced the purchase of Albemarle Corporation's (NYSE: ALB) catalyst company. This acquisition has aided the company's polyolefin catalysts and components business. On 3 November 2020, Evonik accomplished the acquisition of the Porocel Group, Houston (USA), for USD 210 million. It has granted Evonik access to catalyst rejuvenation technology, which would help reduce harmful CO2 emissions and facilitate a circular economy. It has also helped Evonik increase production and shifted the focus to stable and high-margin speciality chemicals, resulting in an improved portfolio for the company. In addition, Honeywell International Inc. announced that the acquisition of Sparta Systems would be completed by the first quarter of 2021 for USD 1.3 billion to move into life sciences.

Top 5 Catalyst Companies in the World:

Albemarle Corporation

Albemarle Corporation is a leading developer, marketer, and manufacturer of highly-engineered specialty chemicals. Albemarle was the largest lithium provider for electrical vehicle batteries. As of the year 2020, the corporation has served 2,300 customers across 75 countries. The corporation had annual revenue of USD 3.128 billion in 2020, with a workforce of approximately 5,900 workers.

Evonik Industries AG

Evonik Industries AG is the second-largest German speciality chemicals company. It has production plants in 27 countries and has served across 100 countries. The company had annual revenue of EUR 12.199 billion in 2020, with over 33,000 employees working for the company.

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BASF SE

BASF SE is a German-based chemical company. It is the largest chemical producer globally and has approximately 390 production sites in over 80 countries worldwide. It serves customers in over 190 countries. BASF SE had annual revenue of EUR 59.3 billion in 2019, with a workforce of 117,628 workers (54000 in Germany). The company has been spreading its international activity with a focus on Asia.

Honeywell International Inc.

Honeywell International Inc. is an American-based company that operates in aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. Honeywell saw a fall of 11% in revenue with a revenue of USD 32.64 billion in 2020. The company had approximately 103,000 employees all over the world in 2020.

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The Dow Chemical Company

The Dow Chemical Company produces plastics, chemicals, and agricultural products. The company supplies its products as raw material to other companies instead of selling in end-use markets. It has a presence in approximately 160 countries. The Dow Chemical Company had annual revenue of USD 38.542 million in 2020, with a workforce of approximately 54,000 employees.

Also, Read: Global Catalyst Market to Grow at a CAGR of 5% During 2021-2026, Aided by the Increasing Demand in Various Application Sectors