The global catalyst market was valued at USD 31.09 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030. This projected growth is largely attributed to the increasing demand from manufacturers across the globe seeking to optimize industrial processes, enhance product yield, and achieve both cost and energy savings. Catalysts play a critical role in a wide range of applications, including petroleum refining, chemical synthesis, polymers and petrochemicals, and environmental management—sectors that are experiencing heightened activity and demand.

The polymer sector, in particular, is notably diverse and includes thermosets, thermoplastics, and elastomers. Each of these segments is growing independently, and their collective expansion is expected to significantly drive the demand for catalysts over the next eight years. Polymers are witnessing increasing usage in several end-use industries, especially in the automotive and electrical & electronics sectors. As the global need for advanced materials continues to rise, so does the consumption of catalysts used in polymer production. Notably, China is emerging as a key growth driver in this space due to factors such as low-cost labor, robust downstream processing capabilities, and proactive government stimulus initiatives. These factors are fueling the country's demand for polymers like polypropylene and polyethylene, which, in turn, is expected to further stimulate growth in the global catalyst market.

Environmental regulations, though often seen as a challenge for the refining industry, are creating opportunities for growth in the refinery catalyst segment. These stringent regulations necessitate cleaner and more efficient processes, thus increasing the adoption of advanced catalytic technologies. In this context, "drop-in" catalysts—those that can be easily incorporated into existing refinery setups without significant infrastructure changes—are gaining popularity. In response to these evolving industry requirements, catalyst manufacturers are intensifying their research and development (R&D) efforts to innovate and keep pace with the dynamic demands of the refining sector.

The United States represents a particularly promising market for catalysts, with strong growth projections driven by expansion in key end-use industries such as chemicals, refining, and petrochemicals. The rising domestic demand for gasoline is a major factor fueling this trend. As a result, hydrocracking and fluid catalytic cracking (FCC) processes, which are essential for converting heavy crude oil into lighter, more valuable products, are gaining prominence. This shift is expected to positively impact the demand for specialized catalysts used in these processes, thereby strengthening the overall catalyst market in the U.S.

In summary, the global catalyst market is poised for steady growth, propelled by rising industrial demand, environmental compliance requirements, and expanding applications across multiple sectors. With ongoing advancements in catalyst technology and sustained investments in R&D, the market is well-positioned to capitalize on emerging opportunities through 2030.

Detailed Segmentation:

Product by Application Insight

The heterogeneous product dominated the market with a revenue share of 71.6% in 2023. This growth is attributed to its ability to reduce their toxicity, homogeneous catalysts are changed into heterogeneous catalysts using rigid supports. The key heterogeneous catalysts are silicon dioxide, titanium dioxide, calcium carbonate, and barium sulfate.

Raw Material Insight

The chemical compounds raw material dominated the market with a revenue share of 39.8% in 2023. This growth is attributed to the growing consumption of chemical compounds for catalysts used in the manufacturing of polypropylene and polyethylene. Some of the key chemical compounds used in polymer, petrochemical, and chemical industry are sulfuric acid, hydrofluoric acid, and calcium carbonate.

Regional Insights

Asia Pacific region dominated the market with a revenue share of 34.8% in 2023. This growth is attributed to the dominance of China's chemical, polymer, petrochemical, and automobile sectors. Due to rising domestic demand and lower manufacturing costs than the U.S. and other European Union nations, China, which had a sizable number of chemical and polymer production companies, became a major manufacturing hub for chemical and petrochemical goods.

Key Companies & Market Share Insights

The market for catalysts is highly competitive with the presence of a large number of independent manufacturers and suppliers.

• In February 2023,MEGGLE GmbH & Co. KG expanded its distribution network through agreements with exclusive distributors. For instance, it partnered with Barents for the distribution of its west European PGM catalyst in the U.S. These strategic initiatives are anticipated to collectively enable the company to continue playing a major role in west European PGM catalyst market
• In February 2022,Kerry Group plc has undertaken various strategic initiatives to promote sustainability and support milk suppliers in transitioning to highly sustainable farming practices from conventional ones. As a part of this effort, the company launched a sustainability program, namely, Evolve, which provides funds and support to dairy farmers to adopt sustainable farming practices and reduce their carbon footprint. Through this program, Kerry Group plc aims to strengthen its supply chain and create a highly sustainable and resilient dairy industry

Key Catalyst Companies:

The following are the leading companies in the catalyst market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these catalyst companies are analyzed to map the supply network.

• Albemarle Corporation
• Haldor Topsoe A/S
• BASF SE
• Evonik Industries AG
• LyondellBasell Industries Holdings B.V.
• Arkema
• The Dow Chemical Company
• Haldor Topsoe A/S
• W. R. Grace & Co.-Conn.
• Johnson Matthey
• Axens
• Honeywell UOP
• Zeolyst International

Recent Devlopment

• In January 2023, Albemarle Corporation introduced Ketjen-a specialized brand offering tailored advanced catalyst solutions for petrochemical, refining, and specialty chemicals.
• In May 2023, Johnson Matthey (JM) and Hystar joined forces in a three-year strategic supply agreement to bolster renewable hydrogen production which involves the use of catalysts in the membrane electrode assemblies to drive the electrolysis process and produce renewable hydrogen.
• In September 2022, BASF SE unveiled a groundbreaking catalyst innovation, the X3DTM technology, harnessing the power of 3D printing in manufacturing. This cutting-edge technology enables the production of open-structure catalysts, effectively reducing pressure drop within the reactor and achieving a remarkably high surface area for enhanced performance.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.