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Global $48 Billion Catalyst Market to 2027 with Albemarle Corporation and Royal Dutch Shell Dominating
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The global catalyst market size is expected to reach USD 48.0 billion by 2027, expanding at a CAGR of 4.4%.
Increasing the manufacturing of polymers is projected to play a vital role in the growth of the market. In addition, the presence of regulations supporting the manufacturing and use of catalysts is expected to augment market growth over the next eight years.
Catalysts are increasingly being used to reduce the processing time of crude oil refining along with improving refining equipment efficiency. Favorable environmental regulations regarding the non-harmful effects of catalysts in various industries have been driving the market over the past few years. The European Catalyst Manufacturers Association (ECMA) promotes the use of catalysts in various industries in order to cut down e