As per our research report, the global Molecular Catalysts market size is estimated to be growing at a CAGR of 4.8% from 2023 to 2030.
Due to the market's dependency on oil and gas, chemical, polymer catalysis, automotive, and other industries, the COVID-19 epidemic has hurt the molecular catalysts market. According to a survey by Energy and Economic Growth Survey, the oil and gas industry would be among the most negatively impacted, with an average decline of -2.8% in 2020. Additionally, the demand for catalysts in the automobile sector has declined as a result of more than 100 governments restricting international travel and non-essential commerce. The temporary shutdown of the oil refineries during COVID-19 has also led to supply-demand difficulties. Due to the risk of employee infection, several chemical production companies that heavily rely on catalysts for chemical synthesis, hydroprocessing, and other applications have either scaled back or stopped operations. As a result, the demand for molecular catalysts has temporarily decreased during the COVID-19 era. The travel restrictions imposed by many nations have also temporarily hurt the aerospace and aviation industries. The temporary suspension of various aircraft production projects due to COVID-19 has also decreased demand for catalysts in the aerospace and aviation sectors. Nevertheless, a lot of big companies, such as BASF SE and others, continue to grow their reach and search for new investment possibilities despite the COVID-19 environment.
Government investment in water treatment has led to a rapid growth in the demand for molecular catalysts. The use of molecular catalysts is the most effective method for purifying water. These include advanced hydroxyl radical-based, sulfate-based, electrochemical, and photocatalytic oxidation processes. Due to its usefulness and prospective advantages in water purification, molecular catalyst approaches have acquired more traction in the field of refractory pollutants abatement, which is what is causing the market growth of molecular catalysts. Due to the vast spectrum of molecular catalysts' capabilities and growing government investment in improving water and wastewater treatment, the market for molecular catalysts will grow. For instance, in July 2020, the US Department of Energy (DOE)'s Office of Energy Efficiency and Renewable Energy (EERE) announced a USD 20 million investment opportunity to develop technological innovations that strengthen America's water infrastructure and enable advanced water resource recovery systems that may be net energy positive. Additionally, the US Department of Agriculture (USDA) declared on July 7, 2020, that it will invest USD 307 million in Puerto Rico, 34 states, and 34 rural drinking water and wastewater infrastructure upgrades. Therefore, it is estimated that throughout the projected period, the market share for molecular catalysts will increase due to increased government expenditure on water treatment.
The primary factor driving the expansion of the global market for molecular catalysts is the rising need for high-performance catalysts with greater output, particularly in the oil and gas industry. Because it has characteristics like electrochemical reactions, mechanistic analysis, phthalocyanine, and oxygen reduction reaction and is used in hydrocracking, which transforms higher molecular weight petroleum fractions into lower molecular weight fuels, the oil and gas industry frequently uses molecular catalysts. As a consequence of the growing development of the oil and gas industry, the market for molecular catalysts is growing.
The greater knowledge of renewable energy sources may limit the possibility for growth in many end-use industries. The market for molecular catalysts will be hindered in the next years by the reduction in crude oil stocks and the rising reliance on fossil fuels. Additionally, a lot of businesses and governments are switching to renewable energy sources to lessen their reliance on fossil fuels. APAC oil producers are investing in solar energy, electric car projects, and other sectors. According to the India Brand Equity Foundation (IBEF), investments in renewable energy will reach USD 500 billion by 2028. The preference for electric cars over gasoline-powered vehicles and the volatility in crude oil prices would provide a severe challenge to the different industries, resulting in low demand and sluggish growth for the molecular catalysts industry.
It is necessary to limit the use of molecular catalysis to systems made completely of molecules. These molecular systems face challenges compared to solid-phase catalysts. Separating the catalyst from the rest of the reaction mixture when everything is dissolved in the same solution can be quite difficult. Purification, the process of separating the products from the catalyst, is typically costly and time-consuming. Separating the catalyst from the reaction mixture is especially important when the catalyst is expensive to create. In metal-containing molecular catalysts, a variety of rare and costly metals, such as ruthenium, iridium, and platinum, are used. Only a few examples of the rare and expensive metals utilized in several molecular catalysts include ruthenium, iridium, and platinum. The need for extensive effort and understanding may make it challenging to create well-tailored catalysts. The stability of molecular catalysts has drawbacks as well. While very durable solid-phase catalysts are commonly active at high temperatures, molecular catalysts can break down at temperatures as low as 100 °C.
Based on the type, the heterogeneous segment held a sizable share in the global market for molecular catalysts and is anticipated to expand at a CAGR of 4.9% from 2023 - 2030 due to the wide range of characteristics provided by heterogeneous, such as electrochemical reactions, mechanistic investigation, phthalocyanine, and oxygen reduction reaction.
Based on the end-user, The Petrochemical & Chemical segment, which accounted for a sizeable portion of the Molecular Catalysts Market, is anticipated to expand at a CAGR of 5.1% from 2023 - 2030.
Based on the region, The Asia-Pacific region is anticipated to hold the majority of the global market share for molecular catalysts during the forecast period due to rising demand from end-use industries including the automotive and oil & gas sectors.
Companies playing a leading role in the global Molecular Catalysts market profiled in this report are Grace Catalysts AB, Albemarle Corp., BASF SE, Johnson Matthey Plc, JGC Catalysts & Chemicals Ltd., Inprocat Corporation
Heterogeneous
Homogeneous
Transportation
Oil & Gas
Agriculture
Packaging
Petrochemicals & Chemicals
Pharmaceuticals
Water Treatment
Others
North America
Europe
Asia-Pacific
South America
Middle East and Africa
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