Catalyst Market Overview and Applications, 2014 to 2020

The total volumes in the global catalyst market in 2013 were 6,250 kilo tons. They are expected to grow at a CAGR of 3.1%%%% from 2014 to 2020. The market will be valued at USD 27 billion by 2020. It will mainly be driven by growing demand for energy. Catalysts are an integral part of petroleum refining. They are used in various refinery processes like hydroprocessing, cracking, and reforming. Rising environmental awareness is leading to the adoption of green technologies. Growing need for efficient industrial processes is contributing high demand for catalysts. Chemical synthesis is a key application of catalysts. Growth in the chemical manufacturing industry will also lead to higher demand for catalysts.