The demand for catalysts is escalating owing to the surging applications in polymers and petrochemicals, petroleum refining, and chemical synthesis. Catalysts are used in various processes and help in cost-saving. yield improvement, process optimization, and energy savings in manufacturing sector. Moreover, there is a high demand for environmental catalysts, which help manufacturers meet the stringent regulatory mandates pertaining to carbon dioxide, NOx, and SOX emissions. The rising carbon emissions and subsequent climate change have forced the government to shift towards renewable energy sources and the rising government initiatives this direction is stimulating the manufacturers to shift towards alternative fuels. The rising adoption of alternative energy and fuels, such as biodiesel and shale gas fuel, are expected to boost demand for the catalyst in the foreseeable future.

Furthermore, the manufacturers are seeking for value-added feedstock by manufacturing value-added chemicals such as polyolefins and methanol. This has significantly fostered the demand for the catalysts in petrochemical and chemical applications. The industrial usage of chemicals is directed towards cost reduction and scarcity of the catalytic types based on rare metals via the metal reclaiming process. The growing focus on adopting more cheaper and abundant base metal catalysts and To avoid the use of rare metals in the metal reclaiming process, it is expected to spur the growth of the global catalyst market. The rising energy demand owing to the rapid industrialization and rapid urbanization of rural areas across the globe significantly boosting the demand for catalysts in oil refining and is expected to foster market growth during the forecast period.