Catalyst market to grow at a CAGR of 3.2% from 2014 to 2020
The global catalyst market was valued at USD 20.55 billion in 2013 and is expected to reach USD 27.59 billion by 2020 owing to its wide usage in growing chemical and automobile sectors. They are essential components in any chemical reaction, which generally enhances the rate of reaction without being consumed in the process. Rising manufacturing activities of polymers and chemicals are anticipated to play an important role in the growth of the market over the forecast period. In addition, presence of regulations supporting the manufacture and use of catalysts is expected to augment market growth over the next six years. In 2013, global demand was 6,259.3 kilo tons and is projected to reach 7,803.4 kilo tons with a CAGR of 3.2% from 2014 to 2020. Chemical synthesis was valued at USD 1.73 billion in 2013. Catalysts are being increasingly used in chemical synthesis on account of superior characteristics including high stability, activation of alkenes and alkynes and promoting regio-, diastereo- and enantioselective processes. View summary of this analysis/catalyst-market
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