Catalysis Market size is valued at USD 39.6 billion in 2021 and is expected to grow at a significant CAGR of 5.9% period 2022 to 2028. The global market provides a detailed overview of the Catalysis market and which can be segmented by type, raw material, application, and region. By type, the catalysis market has been segmented into heterogeneous, and homogenous. By type, the heterogenous catalysts accounted for the largest revenue share in 2021, and are expected to have progressive demand in this segment in the next few years owing to their enormous features, such as, they can easily be recovered, recycled, and exhibit ecologically friendly behavior. Furthermore, with their exceptional performance, heterogeneous catalysts are being used to produce biodiesel from non-edible oil and they have drawn interest from all across the world. By raw material, the Catalysis market has been segmented into chemical compounds, zeolites, metals, and others. By raw material, the zeolites segment held the largest revenue share of the catalysis market in past years and is expected to have the fastest growth rate over the forecasted period due to the increasing demand for zeolites-based catalysts across various industries.Based on the application, the segment has been segregated into petroleum refining, chemical synthesis, polymer catalysis, environmental, and others. The petroleum refining segment accounted for the largest revenue share in past years. A variety of catalysts have been developed and are frequently employed in petroleum refining operations to produce high-quality transportation gasoline as a result of advancements in preparation technologies. Some zeolites, including USY, ZSM-5, and MCM family, are employed to enhance the output of light olefins from crude oil with large molecular weights. By region, the North America market is expected to witness the highest market share during the forecast period owing to the well-established various industrial sectors, as well as the presence of major pharmaceutical companies, resulting in increased demand for catalysts. Demand for catalysts has increased as a result of supportive government regulations. For instance, the U.S. announced reducing economy-wide net greenhouse gas pollution by 50% to 52% from 2005 levels by 2030, founding a carbon-pollution-free power sector by 2035, and achieving net zero emissions economywide by no later than 2050 to combat the climate crisis and prevent most severe effects of climate change.
In Jan 2022, A new and highly efficient catalyst for propylene production was developed by Hokkaido University. Researchers have developed an innovative catalyst for the synthesis of propylene, which has potential benefits for the chemical industry and carbon recycling.
In May 2015, Chevron Philips Chemical Company and W.R. Grace and Co announced the launch of their collaboration with the establishment of Advanced Refining Technologies (ART). Advanced Refining Technologies is planning to build a residue hydro-processing catalysis plant in Louisiana, US with an investment of USD 135 million.