Saudi Arabia Catalyst Market Is Anticipated To Increase At A CAGR Of 4.50% In The Forecast Period Through 2028
Rising demand from oil and gas industry is expected to drive Saudi Arabia Catalyst Market in the forecast period,
2024-2028.
According to TechSci Research
report, “Saudi Arabia Catalyst Market – By Region, Forecast
and Opportunities, 2018-2028”,
Saudi
Arabia Catalyst Market is anticipated to value at USD 1229.48 million in 2028 with
a growth rate of 4.50% in the forecast period. Catalysts are substances
that enhance the rate of a chemical reaction by lowering the activation energy
required for the reaction to occur. They are used in a wide range of industrial
processes, from the production of chemicals and fuels to the purification of
water and air. The rising demand for Catalyst
in various applications such as gas refining, petroleum refining, water
treatment, and others which acts as the lucrative growth of the Saudi Arabia Catalyst
Market. Noble metals (such as platinum, palladium, ruthenium, rhodium, gold,
and copper) and non-noble metals (such as tungsten and molybdenum) are used for
dehydrogenation and hydrogenation, while other metals like nickel and cobalt
are also important raw materials for catalysts. These materials speed up the
breakdown and rearrangement of aromatic and olefin fractions to yield alkanes
and naphthene. Zeolites are another type of important raw material used in
catalysts, along with metals and chemical compounds.
Zeolites are primarily
employed in catalyzing and adsorbent applications because of their porosity and
huge surface area. Zeolites' porous structure allows them to support a variety
of ions. These can be produced commercially as well as spontaneously through crystallization
reactions. One of the key trends driving the catalyst
market is the increasing demand for cleaner and more efficient industrial
processes. Catalysts are critical to achieving these goals, as they enable
processes to run at lower temperatures and pressures, reducing energy
consumption and emissions. This trend is expected to continue in the coming
years, as governments around the world implement stricter environmental
regulations and consumers demand more sustainable products and processes.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on “Saudi Arabia Catalyst Market “.
The major applications
of catalysts include petroleum refining, chemical synthesis, environmental
protection, and food processing. Petroleum refining accounts for the largest
share of the catalyst market, with catalysts used to improve the efficiency of
processes such as cracking, hydro processing, and reforming. Chemical synthesis
is another major application, with catalysts used in the production of a wide
range of chemicals including plastics, fertilizers, and pharmaceuticals.
Environmental protection is a growing application, with catalysts used to
remove pollutants from air and water. Food processing is a relatively small but
growing application, with enzymes used to improve the efficiency and quality of
food production.
However, the scarcity of raw materials like
coal, silicate, bauxite, zeolite, and clay, and their limited coverage may hamper the growth of
the market in the forecast period.
Saudi Arabia Catalyst
Market is segmented into type, material, region, and company.
Based on type,
the market is divided into heterogeneous catalysts and homogeneous catalysts.
The segment heterogeneous catalyst is expected to witness a
rise through the forecast period. This is attributed to the rising demand from refineries.
Based on material,
the market is segmented into zeolites, chemical compounds, metals, and additives.
Petroleum refining is anticipated to grow at a faster rate during the forecast
period. Saudi Arabia is one of the largest producers of oil and the largest
export of fossils across the globe, hence demand for zeolite-based catalyst used
in petroleum refining is boosting the demand of Saudi Arabia Catalyst Market.
Major
companies operating in Saudi Arabia Catalyst Market are:
- BASF Saudi Arabia
Co. Ltd.
- Honeywell UOP
- Axens Catalyst
Arabia Ltd (ACAL)
- Sinopec Catalyst
Co. Ltd.
- Shell plc (Shell
Catalysts & Technologies)
- SABIC Industrial
Catalyst Company
- Arkema Chemicals
Saudi Arabia
- Haldor Topsoe
Middle East
- Clariant Ali Al
Abdullah Al Tamimi Company Ltd
- AFI Group
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“Eastern region is expected to witness significant
growth in the upcoming years, due to which the presence of most of the oil
field and hydrocarbon production plants in the region accounting for their
application in the petroleum industry. Saudi Arabia is one of the greatest
exporters of petroleum and is home to over 17% of the world's proven oil
reserves. the catalyst industry in Saudi Arabia is an important part
of the country's petrochemical industry, which is expected to continue to grow
in the coming years. With companies like Sabic, Saudi Aramco, and Tasnee
producing a range of catalysts, the industry is well-positioned to meet the
increasing demand for petrochemicals worldwide. The country's commitment to
diversify its economy and develop other industries, including petrochemicals,
is also driving the growth of the catalyst industry in Saudi Arabia. As such,
the future looks bright for the catalyst industry in Saudi Arabia.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Saudi Arabia Catalyst
Market, By Type (Heterogeneous Catalysts, and Homogeneous Catalysts),
By Material (Zeolites, Chemical Compounds Metals, and Additives), By Region, Competition Forecast and Opportunities, 2028 has evaluated the future
growth potential of Saudi Arabia Catalyst Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Catalyst Market.
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