Published On : 03 Oct 2018
Catalysts have been popularly used in chemical industries for speeding up reactions with the aim to reduce the use of fuel by lowering the activation energy and providing alternative pathways. The rising demand for chemical processing catalysts for increasing throughput of chemical reactions, particularly those that involve organic compounds, has driven the evolution of the market. The use of chemical processing catalysts in reducing the generation of undesirable byproducts is also vital for the market growth trajectories. The rising focus of large-scale chemical manufacturers in optimizing their production costs have bolstered the demand for a wide portfolio of chemical processing catalysts.
According to an assessment of the contours of the chemical processing catalysts market by QYResearchReports.com., the prospects are expected to be attractive during the next seven years.
Developments that Influence Demand for Chemical Processing Catalysts
Current and emerging catalyst needs of chemical manufacturing companies in diverse industries such as pharmaceutical, bioengineering, fuel cell, oil and gas, and petrochemicals. To cater to these needs, a range of chemical processing catalysts have emerged as prominent in the market. Few of the important categories are oxidation and hydrogenation catalysts, oleochemical catalysts, environmental catalysts, petrochemical catalysts, syngas catalysts, and fine chemicals.
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The rising demand for chemical processing catalysts in the production of biofuels in various parts of the world. The market has also benefitted noticeably from the advent of effective refiners for recovery of precious metals from spent catalysts. Advances in catalyst chemistries world over have played a crucial role in increasing the performance of chemical processing catalysts in reactions, for both homogeneous and heterogeneous catalysts.
Strategic Landscape Contours that create New Avenues
The global chemical processing catalysts market is expected to witness attractive growth trajectories from the advent of metal catalysts tailored to meet unique end user requirements in various industries. The advent of chemical processing catalysts with high activity, remarkable selectivity, notable versatility, and ease of filtration is a crucial factor unlocking new streams of revenue for vendors. The market has also made a crucial headway from the advent of catalysts that exhibit high handling characteristics for manufacturing plants, in addition to the ease of selectivity. End users are gaining greatly from the advantage that catalyst selectivity offers in improving the value of the chemical reactions in the production of a range of chemicals with vast commercial interest.
These developments are opening new frontiers in the chemical processing catalyst market. Leading manufacturers are leveraging the potential of their vast spectrum of product portfolio that cater to a wide range of chemical environments, which will enable them to gain competitive edge over other players. Few of the leading vendors are also offering services for monitoring the catalyst performance across the lifetime of their use. Some of the prominent companies at the forefront of the market are LyondellBasell, INEOS Group Holdings S.A, Johnson Matthey, Evonik Industries AG, Clariant, and BASF.
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