April 17, 2017
Wellesley, Mass., Apr 17, 2017 – New proprietary research by BCC Research reveals that rapid industrialization and expansion of refining and polymer manufacturing companies in the Asia-Pacific region is expected to propel growth of catalysts in the industry. The global catalyst market, valued at $6.8 billion in 2015, is expected to total more than $8.0 billion by 2021, growing at a CAGR of 2.8% from 2016 to 2021.
BCC Research's Refinery Catalysts reports that the global demand (volume) for refinery catalysts, which totaled 2,019 metric kilotons in 2016, should reach 2,234.3 metric kilotons by 2021, growing at a CAGR of 2.0% from 2016 to 2021.
"Synthetic zeolites are the most commonly used catalyst material, owing to its affordable cost," says Kevin Fitzgerald, BCC Research editorial director. "However, increasing demand for natural zeolite due to its environmental benefits and decreasing product cost is likely to promote market growth over the next few years."
Increasing Demand for Polymers
Polymer manufacturing is the third-largest end-user industry for refinery catalysts. Polymerization catalyst components are an essential part of the catalyst system used as activator to accelerate the reaction, which produces a polymer. Asia-Pacific is the major market for polymerization catalysts, followed by North America and Europe.
"Rapid industrialization and expansion of refining and polymer manufacturing companies in the region is expected to propel growth of catalysts in the industry," notes Fitzgerald. "Refinery catalysts are an integral part of the polymerization process of a monomer with a carbon-carbon double bond. In chain reaction polymerization, a catalyst used is generally a free radical from organic peroxide. The segment is expected to witness significant growth, owing to increasing demand for high-quality plastics."
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Refinery Catalysts: Technologies and Global Markets( CHM078A )
Publish Date: Apr 2017
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