A catalyst increase the speed of a chemical reaction, by creating bonds with the reacting molecules, and by letting these to react to a product, which detaches from the catalyst, and leaves it unaltered such that it is available for the next reaction. For example, a catalyst could cause a reaction to happen at a faster rate, or at a lower temperature, than would be possible deprived of the catalyst. Catalysts help in the petroleum process and coal into liquid fuels. Factories use catalysts to make everything from plastic to drugs.This growth is primarily driven by Rising Demand for Manufacturing of Life science and Food Products and Increasing Demand for Catalysts from Petroleum Refining Sector.
Globally, a noticeable market trend is evident Strict Environmental Legislation Regarding Automotive Emissions
. Major Vendors, such as BASF SE (Germany), Johnson Matthey (United Kingdom), Clariant AG (Switzerland), Honeywell International (United States), W. R. Grace & Co.-Conn. (United States), Evonik Industries (Germany), CRI Catalyst Company LP (United States), Sinopec (China), Lyondell Basell Industries (Netherlands), Albemarle Corporation (United States) and Ineos Group AG (Switzerland) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On January 6, 2020 - Clariant, a focused and innovative specialty chemical company, and Anhui Guozhen Group, a Chinese green energy company, and Chemtex Chemical Engineering, a multinational engineering company, today signed a license agreement on sunliquid cellulosic ethanol technology. and On December 21, 2019 - Lone Star Funds to acquire BASF’s Construction Chemicals business. Under the umbrella of Lone Star, the Construction Chemicals team can focus on a growth path with an industry-specific approach.
- Rising Demand for Manufacturing of Life science and Food Products
- Increasing Demand for Catalysts from Petroleum Refining Sector
- Strict Environmental Legislation Regarding Automotive Emissions
- Increasing Number of Chemical Manufacturing Companies
- Limited Development and Distribution of New Catalysts
Rising Demand for Automotive From Emerging Economies and Growing Investment in Research and Development
Fluctuation in the Prices of Raw Material
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