Demand from the automotive, construction and coatings industries is helping to drive growth of the global polymerisation catalysts market, according to a report by BCC Research.
The market expects to see a compound annual growth rate (CAGR) of 5.4% through 2023, when it could be worth $5.5bn, according to the report ‘Polymerisation Catalysts: Technologies & Global Markets.”
Major players in the market include AkzoNobel, Arkema, BASF, Clariant International, DowDuPont, Innova, Mitsubishi Chemical Holdings and PQ.
The leading resin type by size was polyolefin, which had a 2018 value of $2.8bn, followed by synthetic rubber and other elastomers at $790.7mn. The leading catalyst by type was Ziegler-Natta, which is estimated to have a 2023 value of $3.6bn, followed by metallocene/single-site at $853.9mn and chromium at $327.1mn. Growth will be led by the Asia-Pacific region, which has a CAGR through 2023 of 5.5%, followed by North America and Europe, each with 5.3%.
“The polymerisation catalyst occupies a significant position in the market due to the increasing applications of polymers across a wide range of industries,” notes report author Aneesh Kumar. “The packaging industry along with building and construction account for the increasing application of polymers globally. In recent years, various vendors in the market have developed a few variations with existing catalysts to provide better properties to polymers.”
Two primary factors challenging the market include concerns over pollution and the introduction of bioplastics. Plastics are a major pollution concern worldwide because of their toxic material composition and inability to biodegrade, and efforts to curtail them could dampen market expansion.
Meanwhile, researchers are working on developing environmentally friendly alternatives to plastics made from compounds such as potato starch and sugarcane, which can biodegrade; the growing popularity of these materials could further impact market growth.
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