Catalyst Market Size, Share & Trends Analysis growing at a CAGR of 4.6% from 2024 to 2030

The global catalyst market size was valued at USD 31.09 billion in 2023 and is projected to reach USD 42.63 billion by 2030, growing at a CAGR of 4.6% from 2024 to 2030. There has been an increase in demand for catalysts from manufacturers worldwide for process optimization, yield improvement, cost-saving, and energy saving due to the escalating demand from applications such as petroleum refining, chemical synthesis, polymers & petrochemicals, and environmental.

Key Market Trends & Insights

• Asia Pacific region dominated the market with a revenue share of 34.8% in 2023.
• The U.S. RegTech market held the largest revenue share of the regional market in 2023
• Based on product by application, the heterogeneous product dominated the market with a revenue share of 71.6% in 2023.
• By raw material, the chemical compounds raw material dominated the market with a revenue share of 39.8% in 2023.

Market Size & Forecast

• 2023 Market Size: USD 31.09 Billion
• 2030 Projected Market Size: USD 42.63 Billion
• CAGR (2024-2030): 4.6%
• Asia Pacific: Largest market in 2023

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The polymer market is highly fragmented and includes thermosets, thermoplastics, and elastomers. Growth in these individual markets is anticipated to boost the market for catalysts over the next eight years. The consistent rise in demand for polymers in various end-use industries, including the automotive and electrical & electronic industries, is anticipated to have the highest potential for growth of the catalyst market, as China is likely to fuel the demand for polypropylene and polyethylene due to low-cost labor, downstream processing capacity conditions, and government stimulus packages.

Moreover, stringent environmental regulations are a major disadvantage to the refining industry; however, they prove to be very advantageous to the refinery catalyst market. The use of “drop-in” catalysts is a preferred choice for existing refinery setups. Intensive R&D activities are being undertaken by catalyst manufacturers to keep pace with the rapidly expanding refinery industry.

The U.S. catalyst market is projected to grow at a significant rate on account of expanding end-use industries including chemical, refinery, and petrochemical. The growing gasoline demand in the U.S. is anticipated to contribute to the significance of hydrocracking and FCC activities intended for transforming heavy crude oil to light cuts, thereafter, influencing the catalyst market on a positive note.

Global Catalyst Market Report Scope: