The global hydrogenation catalyst market size is projected to grow at a prolific speed in the upcoming years owing to the increasing demand for heterogeneous catalysts from chemical applications, finds Fortune Business Insights™ in its report, titled “Hydrogenation catalystMarket, 2021-2028”.
The catalysts used for hydrogenation are called as hydrogenation catalyst. In recent years, there has been a rising demand for heterogeneous catalysts from chemical applications as these catalysts can easily be filtered away from the rest of the chemical reaction, making purification of the product much more effortless. Hence, there is a high demand for such catalysts from numerous end-user industries such as chemicals, oil and gas, and others. Thus, this is an important factor driving the growth of this market. However, the strict rules and regulations imposed by the government in order to prevent harmful gas emissions are projected to impede the growth of this market.
The demand for hydrogenation catalyst has declined during the COVID-19 pandemic due to the rising lockdown restrictions worldwide, which has forced all the major industries and businesses to remain closed and stop their manufacturing units. Thus, the hydrogenation catalyst market’s growth has decreased during the outbreak of the COVID-19 pandemic.
On the basis of product type, this market is classified into precious metal based, common metal based, and alloy based. Based on form, the market is divided into homogenous catalyst and heterogeneous catalyst. In terms of end-use, the market is categorized into oil and gas, chemical, pharmaceuticals, petrochemicals, polymer, and others. By geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Covered in the Hydrogenation Catalyst Market Report:
The report supplies holistic research, based on primary, secondary, and tertiary sources, on the various factors and trends driving the market. This report also contains a comprehensive understanding of the key market players and their dominant growth strategies. Along with this, the report provides a nuanced segmentation of the market and a thorough analysis of each and every segment. Lastly, the report shares a broad-based study of the regional developments shaping the future outlook of the market.
Increasing Research and Development Activities in Chemicals Industry to Fuel the Market
There has been a substantial rise in the research and development activities in the chemicals and materials industry by the governments of several countries across the world. This has resulted in increasing investments in the chemicals industry, which is expected to propel the growth of this market during the forecast period.
Rising Research for Platinum Metals to Boost the North America Market Growth
North America region is projected to dominate in the hydrogenation catalyst market share on account of the rising research for platinum metals in the countries such as the US and Canada.
Asia Pacific region is anticipated to grow rapidly in this market due to the increasing number of chemicals and specialty chemicals industries in the countries such as India and China.
Increasing Production Capabilities to Feed Competition
The leading companies in the hydrogenation catalyst market are focusing on increasing their production capabilities due to the high demand for hydrogenation catalysts from various end-user industries. This has resulted in the increasing competition among key companies which will enable them to widen their product offerings and strengthen their market foothold.
September 2020: BASF announced the launch of new series of selective hydrogenation catalysts portfolio. The new palladium alumina catalyst shows tolerance to sulphur impurities and offers superior activity.
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