Global Environmental Catalysts Market: Overview
Environmental catalysts refer to a genre of catalysts primarily utilized for the purpose of diminishing the level of various harmful emissions and pollutants linked with process and energy based manufacturing industries. In addition to that, environmental catalysts are extensively utilized in various industrial applications and are also utilized to reduce emissions from automotives. Hence, catalysts usually find utilization in chemical plants, steel mills, railroad engines, gas turbines, waste incineration plants, FCC units in refineries, cement production, calcination plants, steam crackers, gas and diesel engines, and power plants. Such multiple uses of the catalyst is estimated to trigger growth of the global environmental catalysts market over the tenure of analysis, from 2020 to 2030.
Environmental catalysts make an offering of efficient and effective solution for limiting the emission of carbon monoxide, hydrocarbons, and nitrogen oxides amongst many other harmful gases in the atmosphere. Environmental catalysts are widely utilized in the process of three way catalytic convertors, dieses oxidation catalysts, and selective catalytic reduction. These processes find use in the diminished emission of nitrous oxide, ammonia, and volatile organic compounds. All these factors are estimated to pave way for rapid growth of the global environmental catalysts market in the years to come.
The global environmental catalysts market has been classified based on three significant parameters, which are application, end use, and region Such segmentation offers better insight into the market.
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Global Environmental Catalysts Market: Notable Developments
The global environmental catalysts market has experienced some path-breaking, important developments over the last few years.
- On November 2020, Germany-based specialty chemicals company, Evonik Industries AG made an acquisition of US-based Porocel Group to accelerate its catalysts business. With this acquisition, Evonik Industries is expected to gain access to catalyst rejuvenation technology of Porocel and better its catalysts business.
Some of the prominent companies in the global environmental catalysts market are mentioned below:
- Environmental Catalyst Technology
- Applied Catalysts
- Treibacher Industrie AG
- BASF SE
- CRI Catalyst Company
- Evonik Industries AG
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Global Environmental Catalysts Market: Key Trends
The global environmental catalysts market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Growing Demand for Environment-friendly Manufacturing Processes to Boost Market
Environmental catalysis has gained immense importance in the last two decades and has driven the use of catalysts in the field. Environmental catalysts also plays an important role in the driving the development of sustainable chemical industry.
The growth of the global environmental catalysts market is estimated to be influenced by the increasing efforts to develop safer, cleaner, and more efficient industrial processes. With this industrial processes are expected to stick to stringent norms and regulations laid by various regulatory bodies and relevant authorities. In an effort to handle both mobile and stationery source of emissions, the demand for the process of environmental catalysis is expected to rise. These factors are estimated to emerge as growth factors for the global environmental catalysts market in the years to come.
Automobile is one of the leading sectors generating huge amount of pollutants and harmful emissions. There has been a increasing demand for the automobile industry to reduce its level of emissions, which is why the demand for environmental catalysts is likely to observe high growth in the years to come.
Global Environmental Catalysts Market: Geographical Analysis
Europe and North America are the leading regions in the global environmental catalysts market over the timeframe of analysis, from 2020 to 2030. Increased awareness about the environment is likely to pave way for rapid growth of the market in the North America region. Driven by China, Asia Pacific is estimated to register high growth in the years to come.
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