Environmental Catalysts Market Projected to Reach US$ 59.33 billion by 2032

The global market for environmental catalysts is poised for substantial growth, with estimations indicating a robust Compound Annual Growth Rate (CAGR) of 4.4% from 2022 to 2032. According to a recent market analysis, the environmental catalysts market was valued at USD 38.57 billion in 2022 and is anticipated to surge to USD 59.33 billion by 2032.

The escalation in demand for environmental catalysts stems from the urgent need to combat both fixed and mobile source pollutants. With a concerted emphasis on reducing automotive emissions, the adoption of environmental catalysts is expected to witness a steady upsurge throughout the forecast period.

Key Factors Driving Growth

A significant determinant propelling the demand for environmental catalysts is their indispensable role in municipal and industrial waste remediation, especially in emerging regions worldwide.

The consistent uptick in environmental catalyst consumption can be attributed to the ongoing efforts to develop cleaner, safer, and more efficient industrial processes. This drive is largely fueled by stringent regulations and norms set forth by regulatory bodies, particularly in mature markets like North America and Europe.

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Mature Markets Dominate, Asia Pacific Gains Traction

North America and Europe, as mature markets, have traditionally led the global environmental catalysts market. In North America, evolving low sulfur and automobile standards necessitate increased usage of environmental catalysts. Additionally, the expanding oil and gas sector in Mexico contributes significantly to market growth in the region.

Meanwhile, the Asia Pacific region, particularly China, is witnessing a surge in environmental catalyst consumption. China’s emergence as a manufacturing hub for chemical and petrochemical products, coupled with rising domestic demand, is driving market expansion in the region. Furthermore, lucrative growth opportunities in nations like India and Vietnam are fueling the environmental catalysts market in Asia Pacific.

Recent Developments

A notable recent development in the environmental catalysts market is Evonik Industries AG’s acquisition of Porocel Group in November 2020. This strategic move enhances Evonik’s catalyst business by granting access to Porocel’s catalyst rejuvenation technology.

Environmental Catalysts: Paving the Way for Cleaner Industries

Environmental catalysts play a pivotal role in reducing pollutants and harmful emissions across various industries. From power plants to automotive engines, these catalysts offer efficient solutions to mitigate nitrogen oxides, hydrocarbons, and carbon monoxide emissions.

As global efforts intensify to combat environmental degradation, the demand for environmental catalysts is expected to witness sustained growth. With a commitment to cleaner and greener practices, industries are increasingly turning to environmental catalysts to drive sustainable development.

Global Environmental Catalyst Market: Key Players

Some of the players that operate in the global environmental catalysts market are

• BASF SE
• Johnson Matthey
• CRI Catalyst Company
• Axens Group
• Environmental Catalyst Technology
• Treibacher Industrie AG
• Applied Catalysts
• EmeraChem etc.

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Global Environmental Catalysts Market: Segmentation

The global environmental catalysts market is segmented on the basis of the application of catalysts, and end-use segments.

By Application:

• VOC oxidation catalysts
• CO oxidation catalysts
• Selective catalytic reduction catalysts
• Others

By End-use:

• Mobile source emission control – heavy-duty vehicles, light-duty vehicles, motorcycles, and construction equipment among others
• Stationary source emission control comprises industrial applications including those in power generation, refineries, municipal waste remediation, etc.