Press Release

According to the latest report by IMARC Group titled, “North America Industrial Catalyst Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market to reach a value of US$ 7.3 Billion by 2024, registering a CAGR of around 4% during 2019-2024.

Catalysts are substances that enhance the rate of a chemical reaction without being consumed. They aid in the production of various chemical products, owing to which they are employed in numerous industries across North America. For instance, refining catalysts are utilized in the petroleum industry to produce high-quality fuels. Catalysts are also used in chemical reactions to convert raw materials into useful products, such as plastics, fertilizers, and pharmaceuticals.

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The increasing shale gas exploration activities in North America represents one of the key factors driving the industrial catalyst market in the region. In addition to this, the rising demand for chiral compounds in the pharmaceutical industry, along with a well-established healthcare sector, is boosting the overall sales of industrial catalysts in the region. Moreover, catalysts, such as zeolites, are widely utilized in the production of gasoline from crude oil, which in turn is impelling the market growth. Besides this, catalysts are also employed as catalytic converters in the automotive industry for reducing the emissions of harmful gases, such as nitrogen oxide and carbon monoxide, which is anticipated to strengthen the market growth in the coming years.

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Key Market Segmentation

Market Breakup by Type

1. Heterogenous Catalysts
2. Homogenous Catalysts
3. Biocatalysts

Market Breakup by Raw Material

1. Mixed Catalysts
2. Oxide
3. Metallic
4. Sulfide
5. Organo-metallic Catalysts

Market Breakup by Application

1. Petroleum Refinery
2. Chemical Synthesis
3. Petrochemical
4. Others

Market Breakup by Region

1. United States
2. Canada
3. Mexico

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.