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The increasing focus of manufacturers on process optimisation, yield enhancement, cost-reduction, and energy-saving is significantly driving the demand for catalyst in various industries, which is aiding the growth of the overall market. In addition to this, there has been a rise in demand for environmental catalysts as they help manufacturers comply with NOx, SOx, and carbon dioxide emission regulations, thus, contributing to the demand. Based on material, chemical compounds represent one of the significant segments in the industry. The growth of the segment can be attributed to the increasing demand for compounds like sulphuric acid, calcium carbonate, and others for a wide range of applications in industries like chemical, petrochemical, and polymers. These compounds are used as catalyst raw materials to prepare various end use products.
The firms are expanding their production capacities through mergers and acquisitions in order to broaden their market reach and enhance their position in a highly competitive environment. W.R. Grace Co., for example, announced the purchase of Albemarle Corporation's (NYSE: ALB) catalyst company in 2018. The company's polyolefin catalysts and components business has benefited from this acquisition. Such developments are expected to aid the market growth in the forecast period.
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The major players in the global catalyst market are Albemarle Corporation, Evonik Industries AG, Honeywell International Inc., BASF SE, The Dow Chemical Company, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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