The global solid phosphoric acid catalyst market size is expected to expand at an accelerated pace. The information is published by Fortune Business Insights™ in its report titled “Solid Phosphoric Acid Catalyst Market, 2021-2028“. When we crystallize an amorphous mixture of an acid oxide of phosphorus with the siliceous material at a temperature of 250 – 450° C, the chemical product is obtained. The acid is used for industrial production processes like cracking of petroleum, crude oil, and propene oligomerization. It is a relatively affordable acid catalyst, and the used catalyst can be further utilized as fertilizers. This makes the catalyst not only environment friendly but also cost-effective.
The solid phosphoric acid catalyst is divided by type into zeolites, metals, and chemical compounds. The end-use industry of the product is categorized into the petrochemical industry, chemical industry, and others. The geography of the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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What Does the Report Contain?
The report contains details of the global and regional players operating in this market. The various segments of the market have been studied meticulously for the client’s benefit. Our experts have studied the strategic maneuvers of key players in the market and discussed them to understand the new entrants of the market. The document also includes revenue generation, production cost, market challenges, dormant traps, drivers, restraints, technological advancement, and much more to give concise information. Strategic advice has also been incorporated in this report to advise the stakeholders on the future trends of the market. Our experts have done the prediction after a thorough study on the current market dynamics, which act as a basis for future returns. Moreover, certain potential opportunities yet to be ventured are also incorporated in the report to give an insight into the market potential.
Growing Demand from Petroleum Sector to Boost Market Growth
The past decade has showcased rapid changes in the technology and innovation of the chemical industry. One of the end-user industries of solid phosphoric acid catalyst is the petroleum and natural gas sector. According to the International Energy Agency (IEA), natural gas production has compounded at an annual rate of 2.7 percent. Rapid industrialization in developing countries such as India is expected to boost the demand for the product as petroleum consumption and natural gases continue to grow.
In chemical reactions, the compound is used as a catalyst. The manufacturing bases of chemical industries in China and India provide a big demand for such compounds. Phosphoric acid is used in the hydration of ethane to make ethanol. Such important chemicals are commercially produced by using such catalysts, which is expected to augment global solid phosphoric acid catalyst market growth during the forecast period.
High Demand for Industrial Applications in Asia-Pacific to Promote Growth
Asia-pacific is expected to dominate the solid phosphoric acid catalyst market share during the forecast period. This is mainly owing to the abundant availability of raw materials in the region. Moreover, the government initiatives in China and India support industrialization. The rising consumption of petroleum and natural gas in the region due to population explosion is further estimated to boost the market growth.
North America is anticipated to experience significant growth due to the presence of a large number of chemical manufacturing units. The presence of large oil and natural gas wells in the region also contributes to the demand for phosphoric acid in the region. Technological advancement in the production process in this area is expected to boost the demand for advanced solid phosphoric acid catalysts during the forecast period.
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Prominent Players Focus on Collaboration to Expand Their Product Portfolio and Boost Sales Revenue
The competitive landscape of the global market for the solid phosphoric acid catalyst is fragmented. The far and few prominent players in this market are spread over globally. The report has comprehensive details and statistics on these players. Details such as the revenue generated, production cost, production capacity, production facilities, details of exports & imports, and much more are discussed in detail.
List of Key Players Profiled in the Market Report:
- BASF SE
- Cdti Inc
- Evonik Industries AG
- Vineeth Chemicals
- Clariant Ag
- R.Grace & Co
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