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Fine Chemical Catalyst Market - Forecast(2023 - 2028)
Fine Chemical Catalyst Market Overview
The Fine Chemical Catalyst
Market size is forecasted to grow at a CAGR of 6.1% during the forecast period
2022-2027. Fine chemical catalysts can be categorized into various types of
materials such as platinum, palladium, vanadium oxide, proline, rhodium and
more. They are used in a wide range of industries which include pharmaceuticals,
paints & coatings, agriculture, rubber and other industries. The expansion
of fine chemical catalysts is primarily driven by their usage in the cosmetic
& personal care industry. In 2020, the surge in the COVID-19 pandemic
negatively impacted cosmetic production activities, thus, temporarily affecting
the growth of the fine chemical catalyst industry. However, a steady recovery
in cosmetic production has been witnessed since 2021, which in turn, is driving
the demand for fine chemical catalysts. For instance, according to the European
Trade Association for the Cosmetics and Personal Care Industry, the total sales
of the cosmetics and personal care industry in Europe was valued at EUR 80
billion (US$ 94.6) in 2021, an increase of 4.3% as compared to EUR 76.7 billion
(US$ 87.6) in 2020, indicating an increase in demand and production from the
sector. An increase in the production of cosmetic & personal care products along
with the surging demand from the rubber industry is expected to drive the
growth of the Fine Chemical Catalyst Market size in the coming years. On the
other hand, high costs of raw materials may confine the growth of the market.
Fine
Chemical Catalyst Market Report Coverage
The
"Fine Chemical Catalyst Market Report – Forecast (2022-2027)” by IndustryARC,
covers an in-depth analysis of the following segments in the Fine Chemical
Catalyst Market.
By Material Type: Platinum, Palladium, Vanadium Oxide, Proline, Rhodium,
Ruthenium, Iridium, Others.
By Application: Flavors
and Fragrances, Agrochemicals, Pigments and Dyes, Active Pharmaceutical
Ingredients, Plastic Additives, Rubber Additives, Others.
By End-Use Industry: Pharmaceuticals, Paints &
Coatings, Agriculture, Rubber, Textile, Cosmetics & Personal Care (Skin
Care, Hair Care, Fragrances), Others.
By Geography: North America
(the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands,
Spain, Denmark, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India,
South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of
APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South
America), Rest of the World (the Middle East and Africa).
Key Takeaways
- Active pharmaceutical ingredients application held a significant share in Fine Chemical Catalyst Market in 2021. The ability of fine chemical catalysts to increase the speed of chemical reactions makes it ideal for use in the production of active pharmaceutical ingredients, whose demand is driven by their usage in the pharmaceutical industry.
- Pharmaceutical industry held the largest share in Fine Chemical Catalyst Market in 2021, owing to the increasing demand for fine chemical catalysts from the pharmaceutical sector across the world. For instance, according to the Brazilian Chemical Industry Association, the production of the pharmaceutical industry in Brazil was valued at US$16.1 billion in 2021, an increase of 2.6% from US$ 15.7 billion in 2020.
- Asia-Pacific dominated the Fine Chemical Catalyst Market in 2021, owing to its increasing demand from the pharmaceutical sector of the region.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Fine Chemical Catalyst Market Report.
Figure: Asia-Pacific Fine Chemical Catalyst Market Revenue, 2021-2027 (US$ Million)
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Fine Chemical Catalyst Market Segment Analysis – by Application
The active
pharmaceutical ingredients application segment held a significant Fine Chemical
Catalyst Market share in 2021. Fine chemical catalysts composed of platinum,
palladium, vanadium oxide, proline and more, are
primarily used during the production of active pharmaceutical ingredients,
owing to their ability to speed up chemical reactions and synthesis. Moreover,
active pharmaceutical ingredients are the most important component of any
medical drug, as they are responsible for fulfilling the purpose of the
medication. Hence, an increase in pharmaceutical production is expected to
drive the demand for fine chemical catalysts for the production of active
ingredients utilized in the industry. For instance, according to the European
Federation of Pharmaceutical Industries and Associations (EFPIA), the total
production of pharmaceuticals including capsules, tablets and other products in
Europe was valued at EUR 310,000 million (approx. US$ 354,080.76 million) in
2020. Thus, such increasing production from the pharmaceutical sector is
expected to increase the demand for fine chemical catalysts for the production
of active pharmaceutical ingredients utilized in the industry. This is expected to drive the growth
of the market during the forecast period.
Fine Chemical Catalyst Market Segment Analysis – by End-Use Industry
The pharmaceutical
industry held the largest Fine Chemical Catalyst Market share of over 25% in
2021. The ability of fine chemical catalysts to increase the speed of chemical
reactions and synthesis makes it ideal for use during the production of active
pharmaceutical ingredients utilized in the pharmaceutical industry. For
instance, according to the Government of Japan Ministry of Health, Labor and
Welfare (MHLW), the production of pharmaceuticals in Japan was valued at US$
87.03 million in 2019, an increase of 39% in comparison to the previous year.
Moreover, recent insights from the International Trade Administration state
that the total production of pharmaceutical products in Mexico was valued at
US$ 11.1 billion in 2020, representing an increase of 2.8% from US$ 10.8
billion in 2019. Thus, such increasing production from the pharmaceutical
sector is expected to increase the demand for fine chemical catalysts, owing to
its above-mentioned properties. This is expected to expand the Fine Chemical Catalyst Market size during the forecast period.
Fine Chemical Catalyst Market Segment Analysis – by Geography
Asia-Pacific
held a dominant Fine Chemical Catalyst Market share of around 31% in the year
2021. The consumption of fine chemical catalysts is particularly high in this
region due to its increasing demand from the pharmaceutical sector. For
instance, according to the General Statistics Office of Vietnam, the total
pharmaceutical production in Vietnam was valued at US$3484.5 million in 2020,
an increase of around 7% from US$ 3255.6 million in 2019. According to
Vietnam’s Ministry of Health, the pharmaceutical industry is expected to grow
at a rate of 10% per year from 2017 to 2028, owing to an increase in
pharmaceutical production and sales in the country. Furthermore, India Brand
Equity Foundation (IBEF), India ranked 3rd in terms of pharmaceutical
production by volume in 2021. It further states that the domestic
pharmaceutical industry in India includes around 3,000 drug companies and
approx. 10,500 manufacturing units.
In this way, such increasing production from pharmaceutical sectors in the region is expected to increase the demand for fine chemical catalysts composed of platinum, palladium, vanadium oxide, proline and more for use in the production of active pharmaceutical ingredients utilized in the industry. This is expected to accelerate the growth of the market during the forecast period.
Fine Chemical Catalyst Market Drivers
An increase in the production of cosmetic & personal care products
Fine chemical catalysts are primarily used in the production of preservatives, additives and fragrances utilized in cosmetics & personal care products. The use of fine chemical catalysts during the production process of cosmetics & personal care products ensures the highest process yields and efficiencies. According to the International Trade Administration (ITA), South Korea accounts for one of the world's top ten beauty industries, responsible for about 2.8% of global sales in 2019. The industry was valued at US$ 9.4 billion in 2019, with total local production increasing by 4.9% in comparison to the previous year. Moreover, according to a study published on Fashion Network, skin care and sun care products produced an average annual growth of 5.6% in 2020. Hence, such surging production of cosmetics and personal care products is expected to increase the demand for fine chemical catalysts, owing to their above-mentioned usage. This is expected to fuel the growth of the market in the upcoming years.
Surging demand from the rubber industry
Fine chemical
catalysts are primarily in the rubber industry during its production in order to
polymerize the monomers into controlled structures with the aim of achieving
the rubber’s required performance objectives in their applications. For
instance, according to the Gulf Petrochemicals and Chemicals Association
(GPCA), the synthetic rubber industry is expected to grow by 5.5% by the end of
2022. It further states that the demand for synthetic rubber from industrial
and consumer applications is expected to remain high in 2022. In 2019, the
government of India launched its National Rubber (NR) Policy 2019. Which aims
at meeting the demand for 2 million tons of rubber production by 2030.
Furthermore, recent insights from the European Tyre & Rubber Manufacturers
Association (ETRMA) states that the major countries that produced synthetic
rubber in 2020 were China with a share of 22%, followed Europe with 14% and
the USA with 13% respectively. In this way, an increase in production from the rubber
industry is expected to increase the demand for fine chemical catalysts for use
in rubber additives utilized during the production of rubber. This is expected
to accelerate the growth of the Fine Chemical Catalyst Market in the upcoming
years.
Fine Chemical Catalyst Market Challenges
High cost of raw materials
The primary
materials used in fine chemical catalysts such as platinum, palladium, rhodium
and more are usually associated with a high cost, which in turn, may restrain
the growth of the market. For instance, according to Monex Precious Metals, the
price of palladium in 2022, reached up to US$ 63,303.35/kg, representing an
increase of US$ 482.25 in comparison to 2021. Likewise, the price of platinum
reached up to US$ 28,032/kg in July 2022, depicting an incline of 5.64% in
comparison to the previous week. Furthermore, in 2022, the price of rhodium
reached US$ 435,642.62/kg. Thus, such high costs associated with primary
materials used in fine chemical catalysts may limit the growth of the fine
chemical catalyst industry during the forecast period.
Fine Chemical Catalyst Industry Outlook
Technology launches, acquisitions and increased R&D activities are
key strategies adopted by players in the Fine Chemical
Catalyst Market. The top companies in Fine Chemical Catalyst Market are:
- BASF SE
- Albemarle Corporation
- Johnson Matthey
- Clariant AG
- Honeywell International
- Grace
- Evonik Industries
- Sinopec
- Lyondell Basell Industries
- JGC Catalysts and Chemicals
Relevant Reports
Report Code: CMR 0411
Report Code: CMR 0205
Report Code: CMR 84008
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