The Molecular Catalysts Market size is estimated to grow at a CAGR of 4.8% during the forecast period 2022-2027. Molecular catalysts refer to catalysts in which all components of the reaction are dissolved in the same liquid phase and it is widely used for electrochemical reactions, mechanistic investigation, phthalocyanine and oxygen reduction reactions. One of the major factors propelling the expansion of molecular catalysts market size is the rising need for high-performance catalysts that produce greater output, particularly in the oil and gas industry. Market expansion for molecular catalysts has been further fuelled by growth in refining applications internationally. The covid-19 pandemic majorly impacted the market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as transportation, oil & gas and others, the molecular catalysts industry is anticipated to grow rapidly during the forecast period.
Molecular Catalysts Market Report Coverage
The “Molecular Catalysts Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Molecular Catalysts industry.
By Type- Heterogeneous and Homogeneous.
By Application- Plastics, Paints and Coatings, Adhesives and Sealants, Chemical Synthesis, Fuel Cells and Others.
By End-Use Industry- Transportation (Automotive, Aerospace, Marine and Locomotive), Oil & Gas, Agriculture, Packaging, Petrochemicals & Chemicals, Pharmaceuticals, Water Treatment and Others.
By Geography – North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of the Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].
Key takeaways
Asia-Pacific dominates the Molecular Catalysts market size, owing to growing demand from end-use industries such as automobile, oil & gas thereby boosting the demand for molecular catalyst additives in APAC during the forecast period.
The market of oil & gas uses Molecular Catalysts extensively. Over the projected period, it is expected that this will fuel the demand for molecular catalysts.
Government initiatives and rising awareness about the benefits of employing Molecular Catalysts, such as improved energy efficiency, lower emissions in automobile exhaust and other environmental benefits, have propelled the worldwide molecular catalyst market forward.
Figure: Asia-Pacific Molecular Catalysts Market Revenue, 2021-2027 (US$ Billion)
Molecular Catalysts Market
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Molecular Catalysts Market Segment Analysis – by Type
The Heterogeneous held a significant share in the Molecular Catalysts Market in 2021 and is forecasted to grow at a CAGR of 4.9% during the forecast period 2022-2027, owing to the extensive characteristics provided by heterogeneous such as electrochemical reactions, mechanistic investigation, phthalocyanine and oxygen reduction reaction. Heterogeneous catalysts are solids with more than one phase that can be added to solid or liquid reaction mixtures and they have a wide range of applications in the plastic and chemical processing industries. In order to simplify the recovery process and reduce the number of purification steps, heterogeneous catalysts have a nature that makes it simple to separate them from the reactants. Heterogeneous catalysis is widely employed in the chemical and oil & gas industries, which drives the market growth of the molecular catalysts market. Thus, owing to tremendous advantages and availability over other material types, the demand for heterogeneous is growing for application in major industries, thereby boosting the molecular catalysts market share in the coming years.
Molecular Catalysts Market Segment Analysis – by End-Use Industries
The Petrochemical & Chemical segment held a significant share in the Molecular Catalysts Market in 2021 and is forecasted to grow at a CAGR of 5.1% during the forecast period 2022-2027. Molecular catalysts have flourishing demand in the chemical industry for various applications involving fuel cells, auxiliaries in chemical synthesis and others. Molecular catalysts make chemical manufacturing safer, simpler and faster. The chemical industry is growing rapidly owing to an increase in demand for fuel-effective and innovative chemical compounds. For instance, according to the National Investment Promotion & Facilitation Agency, the chemical industry in India is projected to reach US$300 billion by 2025. According to the European Chemical Industry Council (CEFIC), the chemical output in EU27 to grow by 2.5% in 2022, after following a growth of 6% in 2021. The demand for molecular catalysts is rising dramatically along with the petrochemical & chemical industry expansion. Therefore, the growing chemical industry is a key factor in the growth of the molecular catalysts market share over the forecast period.
Molecular Catalysts Market Segment Analysis – by Geography
The Asia-Pacific segment held a significant share in the Molecular Catalysts Market in 2021 up to 41% and is forecasted to grow at a CAGR of 5.3% during the forecast period 2022-2027. The flourishing growth of molecular catalysts is influenced by its major applications across major industries, along with growing development in energy storage and developed the base for molecular catalysts in APAC. The chemical sector in Asia-Pacific is rapidly growing due to a flourishing base for chemical manufacturers, demand for green chemical compounds and production rise. For instance, according to to Make in India, the chemical industry in India is expected to reach US$304 billion and a growth of 9.3% per annum by 2025. According to the European Chemical Industry Council (CEFIC), global chemical sales were US$3.5 trillion in 2020, with China holding a 44.6% share. World chemical sale is projected to reach US$6.2 trillion by 2030, with a major share of 48.6% by China. According to the International Trade Administration (ITA), the estimated value of specialty chemicals in Korea accounted for US$55 billion in 2020, an increase of 3% compared to 2019. With the rise in chemical production and flourishing chemical processing base in APAC, the demand for molecular catalysts for a wide range of applications such as fuel cells, chemical synthesis and others will grow. This is anticipated to boost the market growth for molecular catalysts in the Asia-Pacific region during the forecast period.
Molecular Catalysts Market Drivers
Increasing Government Investments Towards Water Treatment Sectors:
The demand for Molecular Catalysts is rapidly growing as government investment in water treatment increases. Molecular catalysts are the most efficient method for water treatment. These include photocatalysis, electrochemical reaction, sulfate and hydroxyl-radical-based advanced oxidation methods. Due to its usefulness and prospective benefits in water purification, molecular catalyst techniques have attracted more attention in the field of refractory pollutants abatement, which drives the market growth of molecular catalysts. The extensive properties of molecular catalysts and rising government investments to improve water and wastewater treatment will drive the growth of the molecular catalysts industry. For instance, In July 2020, the United States Department of Energy’s (DOE) Office of Energy Efficiency and Renewable Energy (EERE) announced a US$ 20 million investment opportunity to develop technology innovations that strengthen America’s water infrastructure and enable advanced water resource recovery systems that could be net energy positive. Furthermore, the US Department of Agriculture (USDA) stated on July 7, 2020, that it will invest US$ 307 million in 34 states and Puerto Rico to upgrade rural drinking water and wastewater infrastructure. According to the Ministry of External Affairs, India will invest $270 billion in water supply over the next 15 years. As a result, increased government investments in Water Treatment are expected to boost the molecular catalysts market share throughout the forecast period.
Bolstering Growth of the Oil and Gas Industry:
The major factor propelling the expansion of the global market for Molecular Catalysts is the rising need for high-performance catalysts that produce greater output, particularly in the oil and gas industry. Molecular catalyst is utilised in hydrocracking, which transforms higher molecular weight petroleum fractions to lower molecular weight fuels and includes properties like electrochemical reactions, mechanistic investigation, phthalocyanine and oxygen reduction reaction, therefore it is widely utilised in the oil & gas industry. According to India Brand Equity Foundation, by 2030, India’s oil consumption is projected to expand by 50%, compared to a 7% increase in global demand. According to the Government of Canada, Oil production in Canada increased by 18% in August 2022 compared to August 2020. Oil sands output climbed by 21.1 percent year on year, while conventional oil production increased by 6.2 percent. This is anticipated to result in the widespread use of these molecular catalysts, bolstering the industry’s dominance. Thus, significant growth in the oil & gas industry is fuelling the growth of the molecular catalysts market, thereby driving the market growth.
Molecular Catalysts Market Challenge
Adoption of Renewable Energy:
The growing awareness of renewable energy sources may limit various end-use industries’ growth prospects. Crude oil stocks are diminishing in the next years, increasing reliance on fossil fuels, which hampering the Molecular Catalysts market. Furthermore, numerous governments and corporations are turning to renewable energy to minimize their reliance on fossil fuels. APAC oil producers are investing in solar energy, electric vehicle projects and other areas. According to the India Brand Equity Foundation (IBEF), renewable energy is predicted to receive a USD 500 billion investment by 2028. The preference for electric vehicles over gasoline and volatility in crude oil prices will provide a significant challenge to the various industries, resulting in limited demand and diminishing growth for the molecular catalysts industry.
Molecular Catalysts Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Molecular Catalysts market. The top 10 companies in the Molecular Catalysts market are:
Grace Catalysts AB
BASF SE
Albemarle Corp.
Johnson Matthey Plc
JGC Catalysts & Chemicals Ltd.
Inprocat Corporation
Luoyang Jalon Micro-Nano New Materials Co. Ltd.
Sinopec International Petroleum Exploration & Production Corporation
China National Petroleum Corp.
Sumitomo Chemical Company Limited
Recent Developments
In January 2022, Sinocompound Catalysts Co. Ltd., collaborated with InCatT to provide a specialized Catalyst Screening Service for pharmaceutical and fine chemical businesses seeking to optimise their reactions.
In November 2020, The Porocel Group in Houston has been acquired by Evonik Industries AG (USA). With this acquisition, the business intends to broaden its expertise with new technologies and products in order to improve the global presence of Evonik’s catalyst activities.
In March 2020, BASF SE introduced a Tri-Metal Catalyst that can lower the cost of catalytic converters for automobiles while also partially rebalancing consumer demand for Platinum Group Metals (PGMs), enhancing the market’s sustainability.