Lucintel's latest market report analyzed that industrial catalyst provides attractive opportunities in the petroleum refinery, chemical synthesis, and petrochemical markets. The industrial catalyst market is expected to reach $21.1 billion by 2028 with a CAGR of 4.5%. In this market, heterogeneous catalysts is the largest segment by product type, whereas petroleum refinery is largest by application.
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Based on product type, the industrial catalyst market is segmented into heterogeneous catalysts, homogeneous catalysts, and biocatalysts. The heterogeneous catalysts segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to increasing usage of these catalysts in the agriculture, chemical, pharmaceutical, and petrochemical sector.
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The Industrial Catalyst Market is marked by the presence of several big and small players. Some of the prominent players offering industrial catalyst include Albemarle, Arkema, Clariant, Evonik Industries, Exxon Mobil, Akzo Nobel, Chevron Phillips Chemical, and DOW Chemical.
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