The global polymerization catalysts market size was valued at USD 3100 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.90% from 2022 to 2030. Demand for polymerization catalysts will continue to grow due to increased production of polymer resins. These include low-density polyethylene and linear low-density polyethylene, which are used for plastic packaging and in the production of various industrial products. These polymers are also used in automotive parts and electrical wires. They are waterproof, moisture-resistant, and flexible. Therefore, the growth of the polymerization catalyst market will be mainly driven by growing applications in wide range of manufacturing industries.
Global Polymerization Catalysts Market: Regional Insights
Regionally, Asia Pacific is projected to dominate the global polymerization catalyst market over the forecast period owing to the presence of strong economy such as China. According to the Coherent Market Insights analysis, China is the largest economy, in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The IMF projected a growth of 5.8% for 2020. In terms of GDP (PPP), China is the largest economy, with a GDP (PPP) of USD 25.27 trillion. Moreover, China is one the biggest producer of plastics products in the world. The strong growth of several downstream processing industries that consume PVC, PET, polyethylene, and polypropylene is projected to raise the demand for these materials in the future.
At the same time, North America is expected to gain significant growth over the forecast period owing to the growing focus of key players in the region to increase production capacity of polymers. For instance, in March 2019, ExxonMobil announced its plan to fund the construction of a new polypropylene production unit in Baton Rouge, which may expand its production capacity along the Gulf Coast, by up to 450,000 metric ton per year
Figure 1. Global Polymerization Catalysts Market Value Share (%), By Region, 2021
Global Polymerization Catalysts Market Drivers:
Increasing production of polymer resins is primarily driving growth of the global polymerization catalyst market. For instance, in August 2018, Sinopec Maoming Petrochemical restarted its polyolefin unit in Guangdong, China, which has a capacity of 200,000 mt/year. Similarly, in October 2018, Lotte Chemical Titan Holding Bhd launched its third polypropylene plant (PP3) in Pasir Gudang, making the total polypropylene production capacity 640 kilo metric ton per annum (KTA).
Growing refinery market in Africa, the Middle East, and Asia-Pacific could act as another key driver for the polyolefin catalyst market over the forecast period. Africa is a net importer of refined products, and its import requirements are projected to further increase. By 2021, in the Middle Eastern region, large refinery and condensate splitter projects are set to be completed in Iraq, Iran, Saudi Arabia, Kuwait, and the UAE, whereas Oman and Qatar will also add to their capacities, by offering a scope for raising the production of polymers, and hence, contributing to the increase in the utilization of catalysts.
Global Polymerization Catalysts Market Opportunities:
Ongoing technological advancement in the field of polymerization catalysts is projected to present significant growth opportunities over the forecast period. For instance, in the recent years the discovery of novel polymerization catalyst, known as redox-active olefin polymerization catalyst, has been done. It is used to achieve catalyst modulation, which helps in maintaining and controlling the extent of polymerization of monomers, while creating various types of polymers that vary in, both, their thermal and mechanical properties.
Increasing automobile production where polyethylene is used in the making of tires is expected to present significant growth opportunities. According to the India Brand Equity Foundation, domestic automobile production increased at 2.36% CAGR between FY16-FY20 with 26.36 million vehicles being manufactured in the country in FY20. Overall, domestic automobiles sales increased at 1.29% CAGR between FY16-FY20 with 21.55 million vehicles being sold in FY20.
|Base Year:||2021||Market Size in 2021:||US$ 3100 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||3.90%||2030 Value Projection:||US$ 4000 Mn|
W. R. Grace & Co.-Conn., Clariant, China Petrochemical Corporation (Sinopec), Dorf Ketal Chemicals (I) Pvt Ltd, Univation Technologies LLC (Dow), Toho, Titanium Co. Ltd, Sumitomo Chemical Co. Ltd, Honeywell International Inc., INEOS AG, Lyondellbasell Industries Holdings BV, McDermott, Mitsui Chemicals Inc., Nova Chemicals Corporation, and PQ Corporation
|Restraints & Challenges:||
Global Polymerization Catalysts Market Trends:
Increasing production of HDPE is a growing trend in the market. This is expected to propel market growth over the forecast period. According to the Coherent Market Insights analysis, the production of HDPE is expected to increase up to 4 million metric ton by 2023. HDPE is mainly used in the manufacturing of housing appliances and packaging. The demand for low-density polyethylene (LDPE) is expected to reach 1.2 million metric ton by the end of 2023.
Growing investment in the petrochemical industry and upcoming olefin projects, the demand for catalyst is expected to grow in the near future. This is expected to increase the use of polyolefin catalysts in the production of olefin derivatives.
Global Polymerization Catalysts Market Restraints:
Strict regulations on phthalate-based catalysts due to its toxicity is projected to hamper the market growth. For instance, the US EPA (Environmental Protection Agency) and the European Union’s REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) has identified phthalate catalysts as possible carcinogens.
Unfavorable conditions arising due to Covid-19 is also projected to restrict the market growth. With the halt in the manufacturing facilities, there has been a sharp fall in the demand for polymers. For instance, the petrochemical industry has been facing adverse effect of the COVID- 19 outburst
Figure 2. Global Polymerization Catalysts Market Value Share (%), By Application, 2021
Global Polymerization Catalysts Market Segmentation:
The global polymerization catalysts market report is segmented into classification, catalyst, and region
Based on classification, the market is segmented into Polyolefin Catalysts, Condensation Polymer Catalysts, Thermosetting Polymer Catalysts, and Additional Polymer Catalysts. Out of which, Polyolefin Catalysts is expected to dominate the global market over the forecast period and this is attributed to their superior resistance against chemicals. Moreover, they are unaffected by the common solvents and cannot be bonded together using solvent welding.
Thermosetting Polymer Catalysts segment is also expected to witness significant growth in the near future and this is owing to their high mechanical and physical strength. Thermosetting Polymer Catalysts support the speeding up of cross-linking activity of thermosetting polymers.
Based on catalyst, the market is segmented into Zeigler-Natta, Single-site, Chromium, Peroxide, and Other Catalysts. Out of which, Zeigler-Natta is expected to dominate the global market over the forecast period and this is attributed to the growing demand for producing wide range of polyolefins, including polypropylene, polyethylene, and polybutene-1. They are widely used to manufacture HDPE and LLDPE grades
Chromium segment is also expected to witness significant growth in the near future and this is owing to the fact that these catalyst is used to manufacture more than one-third of the global commercial polyethylene.
Global Polymerization Catalysts Market: Key Developments
Global Polymerization Catalysts Market: Key Companies Insights
The global polymerization catalysts market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global polymerization catalysts market are W. R. Grace & Co.-Conn., Clariant, China Petrochemical Corporation (Sinopec), Dorf Ketal Chemicals (I) Pvt Ltd, Univation Technologies LLC (Dow), Toho, Titanium Co. Ltd, Sumitomo Chemical Co. Ltd, Honeywell International Inc., INEOS AG, Lyondellbasell Industries Holdings BV, McDermott, Mitsui Chemicals Inc., Nova Chemicals Corporation, and PQ Corporation
*Definition: Polymerization catalysts are molecules that control the incorporation of monomers into polymer chains. Monomer incorporation can be crucial because it can dictate the properties of the final product. The characteristics of the monomer chains can be controlled by the chemist through a variety of methods, including the use of metal centers and ligand scaffolds. In terms of application, polymerization catalysts are used in several different industries. They are mainly used in the production of plastics, such as bags, film wrap, and milk jug.
Polymerization catalysts are substances that facilitate the synthesis of various polymers. These catalysts are based on metal ions and organic ligands. Typically, the polymerization process starts with the addition of one monomer to a reaction center. The addition of subsequent monomers occurs in a specific geometry. For example, catalysts that exhibit certain Cs symmetries produce syndiotactic polymers, while catalysts with C2 symmetries typically produce isotactic polymers.
The primary applications of polymer catalysts are in the production of plastics. These include plastics for packaging, consumer goods, and pharmaceuticals. Growing global population and economies are expected to increase the demand for catalysts. Growth of this industry is also driven by increasing demand for polyethylene from wide range of manufacturing sector
On the other hand, strict regulations regarding the usage of phthalate- based catalyst is projected to restrict the market growth.
Key features of the study: