Next-Generation Catalysts Market to Reach US$ 3,585.4 Million by 2034 with a CAGR of 5.7% | Fact.MR Report

Rockville, MD, Jan. 06, 2025 (GLOBE NEWSWIRE) — According to Fact.MR, The global next-generation catalysts market was valued at US$ 2,059.6 million in 2024 and has been forecast to expand at a noteworthy CAGR of 5.7% to end up at US$ 3,585.4 million by 2034.

The next-generation catalysts market shows huge growth in the increased demand from diversified industries. Catalysts are needed for various applications in the manufacture of refining, petrochemicals, chemicals, environmental protection, and energy production. The key factors for the growth of the market include strict environmental regulations, the need for energy efficiency in industrial processes, and growing demand for high-value chemicals. Major demand for next-generation catalysts stems from the Asia-Pacific region due to the rapid industrialization and investment in chemical manufacturing.

Europe and North America are also very important markets because of upscaling in technologies and the implementation of tight environmental regulation. With this continuous growth in the global economy, the demand for next-generation catalysts will also be on a strong footing since the world demands efficiency in chemical processes with sustainability.

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Key Takeaways from Market Study

• The global Next-generation Catalysts market is projected to grow at 7% CAGR and reach US$ 3,585.4 million by 2034
• The market created an opportunity of US$ 1,525.8 million between 2024 to 2034
• North America is a prominent region that is estimated to hold a market share of 9% in 2024
• Heterogeneous Catalysts Product type segment is estimated to grow at a CAGR of 5% creating an absolute $ opportunity of US$ 458.8 million between 2024 and 2034
• North America and East Asia are expected to create an absolute $ opportunity of US$ 953.0 million collectively

“The next-generation catalysts market is likely to get a boost from the establishment of more effective and environmentally friendly chemical processes. Key drivers fuelling this growth will include strict environmental regulations, a need for energy efficiency, and growing demand for high-value chemicals. Asia Pacific is coming off as a key market followed by Europe and North America.” says a Fact.MR analyst.

Leading Players Driving Innovation in the Next-Generation Catalysts Market:

Key players in the Next-generation Catalysts market are BASF SE, Johnson Matthey, W. R. Grace & Co., Clariant AG, Albemarle Corporation, Evonik Industries, Haldor Topsoe, Honeywell UOP, Chevron Phillips Chemical, Akzo Nobel N.V. and other prominent players.

The demand for industrial catalysts is driven by strict environmental policies

The next-generation catalysts market in the United States is expected to reach a value of US$ 512.4 million in 2024 and grow at a compound annual growth rate (CAGR) of 5.8% until 2034, creating an absolute potential of US$ 389.5 million.

This is due to its stringent environmental regulations, which have made the US a significant rising market in addition to acting as catalysts, forcing many businesses to implement energy-saving and emission-reducing technologies. Prudent industrialization and pollution management have emerged as major federal and state priorities. Catalysts are used without hesitation in a number of highly regulated U.S. businesses, including the chemical, automotive, and refining sectors.

The industrial sector in the United States is also among the most advanced, with significant R&D expenditures in cutting-edge technologies. Therefore, newer catalysts would encourage executives to use them for long-term energy savings and company sustainability.

The U.S. market for next-generation catalysts is poised for significant growth as green manufacturing continues to gain traction, solidifying the country’s leadership in the adoption of this technology. This confluence of circumstances puts the US in a highly sought-after market and establishes industry standards for catalyst technology.

Next-Generation Catalysts Industry News:

• On Mar 2024, Evonik has announced Octamax, an impressively sustainable catalyst product to enhance the performance of sulfur removal for refinery fuel. This new product is targeted at cracked gasoline hydrodesulfurization (HDS) units.
• On July 2023, Advanced Refining Technologies LLC, a joint venture of Chevron and specialty chemicals leader W. R. Grace & Co. today launched ENDEAVOR, a hydroprocessing catalyst solution to produce renewable diesel (RD) and sustainable aviation fuel (SAF) from 10 percent renewable sources, such as vegetable oils, refined oils, animal fats, and greases.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global Next-generation Catalysts market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of By Product Type (Heterogeneous Catalysts, Homogeneous Catalysts, Enzyme Catalysts, Nano Catalysts, Photocatalysts, Electrocatalysts, Biocatalysts, Polymeric Catalysts)By Application (Petrochemical, Chemical Synthesis, Environmental, Renewable Energy, Pharmaceuticals, Food Processing, Agriculture, Water Treatment),By Material( Metal-Organic Frameworks, Zeolites, Transition Metal Catalysts, Precious Metal Catalysts, Perovskite Catalysts, Enzyme-Based Biocatalysts, Polymeric Catalysts, Metal Oxide Catalysts), By End-Use Industry (Refining, Automotive, Chemicals, Energy Generation, Pharmaceuticals, Food & Beverage, Water Treatment, Agriculture, Pulp & Paper) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).

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