Catalyst Market Growth, Industry Trends To 2024: Grand View Research, Inc

The global¬†catalyst market¬†is expected to reach USD 34.3 billion by 2024, according to a new report by Grand View Research, Inc. The accelerating use of catalysts for reducing the cost of manufacturing chemicals, petrochemicals and polymers are expected to remain a favorable factor. Also, rising application of catalytic reforming and fluidized bed catalytic cracking for enhancing the yield of light cut and medium cut oils may promote the use of the product over the next eight years.   In terms of volume, chemical synthesis is expected to witness growth at a CAGR of 3.5% from 2016 to 2024. In September 2014, the Government of India proposed the “Draft National Chemical Policy” which is intended for increasing the country’s global chemical output share from 3% in 2014 to 6% by 2020. The mentioned government initiative about the improvement of the chemical production output in India is expected to open new avenues for growth over the next eight years.   Further key findings from the study suggest: The market for chemical compounds as catalysts are expected to foresee volume growth at a CAGR of 4.2% from 2016 to 2024. Rising application of amine catalyst for the production of polyurethane foam on account of enhancing the rate of reaction between polyols and polyurethane is expected to have a positive impact in the near future. Moreover, increasing requirement of polyurethane (PU) foams is projected to augment demand for catalysts over the forecast period. Catalyst demand in petrochemicals & polymers was 1,419.1 kilo tons in Continue reading Catalyst Market Growth, Industry Trends To 2024: Grand View Research, Inc