The global industrial catalysts market to grow at a CAGR of 5.2% during the period 2016-2020.
Global Industrial Catalysts Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend boosting market growth is the growing application of zeolites in the agricultural sector. The application of zeolite has been increasing across many segments due to its unique features. In the agricultural sector, zeolite is primarily used for odor control, confined animal environmental control, and livestock feed additives.
According to the report, a key growth driver is the rising demand for petroleum products. Petroleum-based fuels contribute to approximately one-third of the total energy consumption globally. Diesel, gasoline, kerosene, jet fuel, and fuel oil are the most widely consumed fuels. The transportation segment accounts for more than 55% of the total consumption share; power generation and industrial segments account for the remaining shares.
Further, the report states that one challenge that could hamper market growth is varying regulations in different countries.