Global Catalysts Market Is Expected To Reach USD 24.1 Billion By 2018: Transparency Market Research
(PRWEB) March 06, 2013
North America had garnered highest revenue share in the global catalysts market in the year 2012. The global catalysts market is dominated by Asia Pacific, which accounted for 33% of total volume consumed across the world in 2011. Growth of the catalysts market in Asia Pacific is mainly driven by growing demand from the chemicals industry. Asia Pacific is leading the global chemical industry in terms of both production and consumption.
The demand for catalysts in Asia Pacific is expected grow at a rapid pace as compared to North America and Europe. Asia Pacific was followed by North Americawith 30.6% share in total volume consumption. Growth of the catalysts market in North America is mainly driven by growing demand for catalysts from petroleum refineries. Europe is another important geography, where increasingly stringent regulations are driving demand for environmental catalysts.
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In terms of application, chemical synthesis segment dominated the global market, accounting for 29.4% of total catalyst volume consumed in 2011. Strong demand from Asia Pacific is expected to be a major growth driver for chemical synthesis catalysts. Environmental catalysts formed another critical market segment, accounting for 28.7% share of total catalysts volume consumed in 2011. The major driving factor for the growth of environmental catalysts is the various regulations introduced by different countries for effective emission control to safeguard the eco system.
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Petroleum refinery is another important market for catalysts. However, demand for petroleum refinery catalysts is expected to move at a sluggish rate owing to tight refining margins.
Catalyst regeneration market is expected to reach 1,688.8 kilo tons in 2018, growing at a CAGR of 3.5% from 2012 to 2018. Off-site regeneration dominated the market, accounting for 63.9% of total regenerated volumes in 2011.
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