According to the latest report by IMARC Group titled, “North America Industrial Catalyst Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market to reach a value of US$ 7.3 Billion by 2024, registering a CAGR of around 4% during 2019-2024.
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Catalysts are substances that enhance the rate of a chemical reaction without being consumed. They aid in the production of various chemical products, owing to which they are employed in numerous industries across North America. For instance, refining catalysts are utilized in the petroleum industry to produce high-quality fuels. Catalysts are also used in chemical reactions to convert raw materials into useful products, such as plastics, fertilizers, and pharmaceuticals.
The increasing shale gas exploration activities in North America represents one of the key factors driving the industrial catalyst market in the region. In addition to this, the rising demand for chiral compounds in the pharmaceutical industry, along with a well-established healthcare sector, is boosting the overall sales of industrial catalysts in the region. Moreover, catalysts, such as zeolites, are widely utilized in the production of gasoline from crude oil, which in turn is impelling the market growth. Besides this, catalysts are also employed as catalytic converters in the automotive industry for reducing the emissions of harmful gases, such as nitrogen oxide and carbon monoxide, which is anticipated to strengthen the market growth in the coming years.
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Key Market Segmentation
Market Breakup by Type
1. Heterogenous Catalysts
2. Homogenous Catalysts
3. Biocatalysts
Market Breakup by Raw Material
1. Mixed Catalysts
2. Oxide
3. Metallic
4. Sulfide
5. Organo-metallic Catalysts
Market Breakup by Application
1. Petroleum Refinery
2. Chemical Synthesis
3. Petrochemical
4. Others
Market Breakup by Region
1. United States
2. Canada
3. Mexico
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