Environmental Catalysts Market | Current and Future Demand Analysis, Growth and Forecast by 2032
The global environmental catalysts market is poised for substantial growth, with projections indicating a compound annual growth rate (CAGR) of 4.4% from 2022 to 2032. Currently valued at USD 38.57 billion in 2022, the market is expected to reach an impressive USD 59.33 billion by 2032. This growth is driven by the increasing need to combat pollutants from both fixed and mobile sources.
The global environmental catalysts market is on a robust growth trajectory, driven by increasing environmental regulations and the need for cleaner industrial processes. With significant contributions from North America, Europe, Asia Pacific, and the Middle East, the market is set to achieve notable advancements and expansions in the coming decade.
Key Takeaways:
Rising Demand for Pollution Control: The need for environmental catalysts to reduce pollutants from automobiles is a significant growth driver. As regulations on emissions become stricter, the adoption of these catalysts is expected to rise.
Industrial and Municipal Waste Remediation: There is a growing demand for environmental catalysts in the remediation of municipal and industrial waste. This trend is particularly strong in emerging markets.
Technological Advancements and Regulations: Efforts to develop more efficient, cleaner, and safer industrial processes are boosting the market. Regulatory bodies in regions such as North America and Europe are enforcing stringent norms, contributing to market growth.
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Regional Insights:
North America: As the second-largest market, North America benefits from evolving low-sulphur and automobile standards that necessitate environmental catalysts. The US is a major consumer due to its high gasoline consumption, while Mexico’s expanding oil, gas, and chemical sectors further drive regional growth.
Europe: Europe, alongside North America, dominates the global market. Stringent environmental regulations and the region’s commitment to reducing emissions are key factors behind this dominance.
Asia Pacific: This region is expected to witness the fastest growth, led by China. China’s domestic demand and low manufacturing costs have positioned it as a hub for chemical and petrochemical production. Moreover, increasing foreign direct investment (FDI) and growth prospects in countries like India and Vietnam are boosting market expansion.
Middle East: A surge in domestic demand for polymers and petrochemicals is pushing chemical manufacturers to increase production. This trend is likely to drive significant growth in the region’s environmental catalysts market.
Recent Developments:
A notable development in the market includes the acquisition of Porocel Group by Evonik Industries AG, a German specialty chemicals company, in November 2020. This acquisition provides Evonik access to Porocel’s catalyst rejuvenation technology, enhancing its catalyst business.
Environmental catalysts are essential in reducing pollutants and harmful emissions in energy and manufacturing industries. They are widely used in applications such as power plants, gas and diesel engines, steam crackers, cement production, and waste incineration plants. These catalysts play a crucial role in controlling emissions of nitrogen oxides, hydrocarbons, and carbon monoxide, thereby improving air quality and adhering to environmental standards.
Global Environmental Catalyst Market: Key Players
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.
Global Environmental Catalysts Market: Segmentation
The global environmental catalysts market is segmented on the basis of the application of catalysts, and end-use segments.
On the basis of the application:
VOC oxidation catalysts
CO oxidation catalysts
Selective catalytic reduction catalysts
Others
On the basis of end-use:
Mobile source emission control – heavy duty vehicles, light duty vehicles, motorcycles, construction equipment among others
Stationary source emission control that comprises industrial applications including those in power generation, refineries, municipal waste remediation etc.
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