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Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) — The “Inorganic Catalyst Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type, By Application, By Region, and Competition” report has been added to ResearchAndMarkets.com’s offering.
The global inorganic catalyst market is poised for substantial growth within the forecasted period of 2024-2028, primarily fueled by the escalating need for catalysts across a spectrum of industrial applications.
Zeolite, a key component in this market, demonstrates significant import shipment, with an annual volume of 2,860,000 tons distributed among 2,010 distinct importers, sourced from 1,192 suppliers worldwide. Notably, China, India, and South Korea emerge as the leading exporters of Zeolite, underscoring their role in the global catalyst supply chain.
Inorganic catalysts, harnessed from substances such as metals, metal oxides, and zeolites, hold a pivotal position within the global chemical landscape, catalyzing chemical reactions to enable various industrial processes. With applications spanning industries like petrochemicals, chemicals, pharmaceuticals, and automotive, the significance of inorganic catalysts extends far and wide.
Several compelling drivers propel the demand for inorganic catalysts on the global stage. The call for cleaner and more efficient energy sources stands as a paramount driver, precipitated by mounting environmental concerns and the imperative to reduce reliance on fossil fuels. Inorganic catalysts play an integral role in producing clean energy resources like hydrogen, biodiesel, and bioethanol, thus meeting the evolving energy landscape.
Moreover, the burgeoning demand for petrochemicals and polymers propels the inorganic catalyst market forward. These catalysts contribute to the production of a range of petrochemicals and polymers, including polyethylene, polypropylene, and polyvinyl chloride. The surging applications of these materials across sectors such as packaging, construction, and automotive generate a consequential demand for inorganic catalysts on the global stage.
The automotive industry, too, plays a significant role in driving the need for inorganic catalysts. These catalysts facilitate the creation of various automotive components, notably catalytic converters that minimize emissions from vehicles.
As the automotive sector intensifies its focus on emission reduction, the demand for inorganic catalysts is projected to experience a substantial upswing in the forthcoming years. The confluence of these factors collectively contributes to the escalating demand for global inorganic catalysts, creating a landscape ripe with growth opportunities.
Increasing Demand for Clean and Efficient Energy Sources
The increasing demand for clean and efficient energy sources is being driven by several factors, such as growing concerns about climate change, the need to reduce dependence on fossil fuels, and the desire for more sustainable energy sources. Inorganic catalysts play an important role in the production of clean energy sources, such as hydrogen, biodiesel, and bioethanol.
In the case of hydrogen production, inorganic catalysts are used in a process called steam methane reforming, which involves the conversion of natural gas to hydrogen. In the case of biodiesel and bioethanol production, inorganic catalysts are used in the transesterification and dehydration reactions, respectively.
Moreover, to their use in clean energy production, inorganic catalysts are also being used to improve the efficiency of energy production from fossil fuels. For example, inorganic catalysts are used in the production of refined petroleum products such as gasoline and diesel fuel, as well as in the production of petrochemicals and plastics.
Hence, the increasing demand for clean and efficient energy sources is driving the development and adoption of new technologies and processes that rely on inorganic catalysts. As a result, the global inorganic catalyst market is expected to continue to grow in the upcoming periods as demand for clean energy sources continues to increase.
Growing Demand from the Automotive Industry
The growing automotive industry is driving the demand for inorganic catalysts. Inorganic catalysts are used in the production of various automotive parts, such as catalytic converters, which reduce emissions from vehicles. The increasing focus on reducing emissions from vehicles is driving the demand for inorganic catalysts in the automotive industry.
Catalytic converters are a key component of a vehicle’s exhaust system, and they use inorganic catalysts to convert harmful pollutants in the exhaust gases into less harmful substances. The most used inorganic catalysts in catalytic converters are platinum, palladium, and rhodium. As governments around the world tighten emissions regulations, the demand for catalytic converters and inorganic catalysts is expected to continue to increase.
In addition, inorganic catalysts are also used in the production of other automotive parts, such as fuel cells, which are used in electric vehicles. Fuel cells use inorganic catalysts to convert hydrogen into electricity, which can power the vehicle’s electric motor. Hence, the growing automotive industry is driving the demand for inorganic catalysts, particularly in the production of catalytic converters and fuel cells.
As the automotive industry continues to grow and shift towards more sustainable technologies, the demand for inorganic catalysts is expected to continue to rise in the upcoming years, thereby driving the growth of global inorganic catalyst market.
Increasing Demand from Petrochemicals and Polymers
The increasing demand for petrochemicals and polymers is driving the growth of the global inorganic catalyst market. Inorganic catalysts play a critical role in the production of petrochemicals and polymers, which are used in a wide range of industries, including automotive, construction, electronics, and packaging.
Inorganic catalysts are used in a variety of chemical reactions in the production of petrochemicals and polymers, including cracking, polymerization, and hydrogenation. For example, in the production of polyethylene, one of the most widely used plastics, inorganic catalysts are used in a process called Ziegler-Natta polymerization. This process involves the use of inorganic catalysts such as titanium, magnesium, and aluminum to polymerize ethylene into polyethylene.
Inorganic catalysts are also used in the production of other petrochemicals, such as propylene, butadiene, and benzene. These chemicals are used as feedstocks to produce a wide range of products, including synthetic rubber, plastics, and solvents. The increasing demand for petrochemicals and polymers is being driven by several factors, including population growth, urbanization, and the increasing use of plastics in various applications.
As a result, the global inorganic catalyst market is expected to continue to grow in the coming years as demand for petrochemicals and polymers continues to increase. As the demand for these products continues to increase, the need for more efficient and cost-effective production methods using inorganic catalysts is expected to grow as well. All these factors are going to increase the demand for global inorganic catalysts market.
Favorable Government Policies & Schemes
Government policies can have a significant impact on the growth of global inorganic catalyst market. Governments around the world are increasingly implementing policies to promote the use of clean and sustainable energy sources, reduce emissions from industries, and promote the development of new technologies. These policies are driving the demand for inorganic catalysts in various industries, including energy, automotive, and petrochemicals.
For example, governments have implemented emissions regulations for vehicles, which require the use of catalytic converters and inorganic catalysts to reduce harmful emissions. In addition, some governments offer tax incentives or subsidies for the production and use of clean energy sources, such as hydrogen fuel cells, which use inorganic catalysts to convert hydrogen into electricity.
Governments are also promoting the development and adoption of new technologies, such as carbon capture and storage, which require the use of inorganic catalysts to convert carbon dioxide into useful products. In addition, some governments are implementing policies to promote the use of renewable energy sources, such as wind and solar power, which require the use of inorganic catalysts in the production of solar panels and other components.
Company Profiles: Detailed analysis of the major companies present in the global Inorganic Catalyst market.
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