Catalyst Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Catalyst Market Size Worth $34.1 Billion By 2025 | CAGR: 4.5%�
The global catalyst market size is anticipated to reach USD 34.1 billion by 2025, registering a CAGR of 4.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for polymers from industries like automotive and electrical and electronics is impacting market growth. Moreover, increasing preference for catalysts, since they reduce environmental emissions and production costs, is driving the market. Growing chemical industry in U.S. is expected to significantly impact the market. The automotive industry also has a considerable impact on market growth due to rising demand for catalysts for controlling emissions. Increasing use of novel catalytic technologies in catalytic converters is benefiting the automotive segment. Increasing use of catalysts for manufacturing of petrochemical products is trending in the market. Growing economies is an opportunity for market players to strengthen their presence and improve their product portfolio. Moreover, supportive government policies that promote the growth of the automotive sector is affecting market growth.
Rising population, improvement in lifestyle of consumers in developing economies, climate change, and shortage of natural resources are some of the major factors encouraging market players to invest in R&D projects. Increasing research activities is expected to bring developments in the product, thereby impacting the market.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/catalyst-market Catalyst Market Report Highlights
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