Global Environmental Catalysts Industry Projected to Reach US$ 59.33 billion by 2032

Posted on 2024-05-31 by Future Market Insights in Chemicals // 0 Comments

The environmental catalysts industry is poised for significant growth, with an estimated CAGR of 4.4% from 2022 to 2032. Valued at USD 38.57 billion in 2022, the market is expected to reach USD 59.33 billion by 2032. This growth is driven by the increasing demand for solutions to combat both fixed and mobile source pollutants.

Key Takeaways:

The market for environmental catalysts is driven by the need to reduce pollutants from both stationary and mobile sources.
North America and Europe are the leading regions, with significant contributions from evolving standards and regulations.
The Asia Pacific region, particularly China, is expected to witness the fastest growth due to increasing domestic demand and lower manufacturing costs.
Innovations and acquisitions, such as Evonik Industries AG acquiring Porocel Group, are playing a crucial role in market expansion.

Market Dynamics:

Environmental catalysts are specialized substances used to minimize harmful emissions and pollutants from industrial processes and automotive sources. These catalysts are critical in power plants, gas and diesel engines, cement production, waste incineration plants, and other industrial applications. They help reduce emissions of nitrogen oxides, hydrocarbons, and carbon monoxide, providing an efficient solution for environmental protection.

The increasing focus on developing cleaner and safer industrial processes to comply with stringent regulations, especially in North America and Europe, is a significant factor driving the market. The demand for environmental catalysts for municipal and industrial waste remediation is also expected to rise, particularly in emerging regions.

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Regional Analysis:

North America and Europe: These mature markets have dominated the global environmental catalysts market due to strict regulatory frameworks and the adoption of advanced technologies. In North America, evolving standards for low sulfur and automotive emissions are significant drivers. The rising consumption of gasoline in the United States is also expected to boost the demand for catalysts used in refining processes. Additionally, the expansion of Mexico’s oil and gas and chemical sectors is contributing to market growth in the region.
Asia Pacific: The Asia Pacific region, led by China, is anticipated to experience the fastest growth. China’s emergence as a manufacturing hub for chemical and petrochemical products, driven by rising domestic demand and lower production costs, is a key factor. Furthermore, increasing foreign direct investments (FDI) and growth prospects in developing countries like India and Vietnam are propelling the market in this region.
Middle East: The Middle East is witnessing a surge in domestic demand for polymers and petrochemicals, encouraging chemical manufacturers to enhance production outputs. This trend is expected to drive the environmental catalysts market in the region.

Global Environmental Catalyst Market: Key Players

Some of the players that operate in the global environmental catalysts market are

BASF SE
Johnson Matthey
CRI Catalyst Company
Axens Group
Environmental Catalyst Technology
Treibacher Industrie AG
Applied Catalysts
EmeraChem

Recent Developments: One notable development in the market is the acquisition of Porocel Group by Evonik Industries AG in November 2020. This acquisition gives Evonik access to Porocel’s catalyst rejuvenation technology, enhancing its catalyst business and offering more efficient solutions to its customers.

The global environmental catalysts market is on a robust growth trajectory, driven by increasing environmental regulations, technological advancements, and rising demand across various regions. With significant investments and strategic developments, the market is set to achieve remarkable growth in the coming decade.

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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 that these catalysts are used for, the global environmental catalysts market is classified into:

VOC oxidation catalysts
CO oxidation catalysts
Selective catalytic reduction catalysts
Others

On the basis of end-use segments, the global environmental catalysts market is segmented into:

Mobile source emission control – heavy-duty vehicles, light duty vehicles, motorcycles, construction equipment among others
Stationary source emission control comprises industrial applications including those in power generation, refineries, municipal waste remediation etc.

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