July 11, 2019 - Catalysts typically possess chemical characteristics such as process enhancement, reaction initiation, and reaction selectivity to simplify chemical process and reaction’s optimization. Due to their exclusive characteristics, each group of catalysts has wide applications in a range of end-user industries. For instance, in automotive industry, it is used for reduction of emissions, likewise, it is critical in chemical synthesis due to its reaction-optimizing and selective properties.
Product Type Segment to Contribute Substantial Demand to the Market
The major product type variants in the market include homogeneous and heterogeneous catalysts. The heterogeneous segment is estimated to hold major share in the market and will continue its dominance over the forthcoming period. Scope of these products in polymer, chemical, automobile, and petrochemical industries is anticipated to propel the demand by 2025.
These products are mainly used in the form of iron in Haber procedure to produce ammonia. Rising production of ammonia as fertilizers owing to new product expansion, such as nitrogenous fertilizers, as well as rising agriculture industry in China and India, is anticipated to drive segment growth throughout the forthcoming period.
Furthermore, increasing significance of ammonia as a substitute for chlorofluorocarbon (CFC) compounds in refrigeration applications is anticipated to expand the sector development in the years to come.
Heterogenous segment is followed by Homogenous segment and is expected to be the highest-growing segment throughout the forecast period. Furthermore, demand for biofuels due to promising governing support is predicted to expand enzymes market development as homogeneous products in the forthcoming period.
Market Insights
Technology licensing, mergers and acquisitions, and capacity expansion are the major strategies assumed by most of the key players. Johnson Matthey Process Technologies well-established a new manufacturing site in Brazil for the production of a catalyst for captive hydrogen manufacturing in the refining sector. This initiative guarantees product supply to refining establishments in the Latin America region.
In June 2014, Ineos Technologies certified its Innovene S procedure to Hyundai Engineering Co., Ltd. for Turkmengas’ new Greenfield world-scale petrochemical compound in the Balkan Region of Turkmenistan.
Leading players operating in the catalyst market include Akzo Nobel N.V.; BASF SE; Zeolyst International, Inc.; Clariant International Ltd.; Chevron Corporation; W.R. Grace and Co.; Johnson Matthey Process Technologies; Albemarle Corporation; E. I. du Pont de Nemours and Company; and Evonik Industries AG.
No comments:
Post a Comment