The demand for catalysts is envisaged to rise significantly, triggered by International Maritime Organisation (IMO) 2020 regulations for sustainable environmental practices. Upward trend of the catalysts/additives industry is majorly driven by the petrochemical refining sector, fuel combustion processes in power generation and marine applications. The global catalyst market is flourishing with huge impetus from technological advancements, optimisation and increased efficiency in achieving operating goals. Catalysts/additives are used in combustion process of power generation, followed by rail locomotives, motor vehicles, gas pipeline compressors, Automobiles and Aviation industries. The catalysts bring economic benefits to the ship operators by handling the key issues namely fuel stability, fuel compatibility, low-temperature operability, lubricity improvement, combustion improvement, and corrosion protection.
Key drivers for global catalyst demand growth are upward trajectory of capacity additions trend in downstream, driven by demand for fuels and petrochemicals to enhance efficiency of downstream processes conversion level, yield of target products as per change of market dynamics, and better use of all sources and stringent environment and safety regulations worldwide both for fuel specifications and composition.
Supply and demand
The global catalyst market is projected to flourish at a compound annual growth rate (CAGR) of around 5% by 2026. Growth of this industry will be driven with advancements and upgradations in refining, petrochemicals, chemicals and evolving environmental factors which are cementing the demand for more catalysts and additives, and investment in research & development. The global sale of all catalysts is growing by 3.6% per annum. Refining catalysts segment dominates the market with its contribution of $4.7 billion this year.
Combustion catalysts industry is highly fragmented with number of players.
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