Light-powered Catalyst Market to Cross $11.5 billion Revenue by 2030

Light-powered Catalyst Market Overview

“The Light-powered Catalyst Market Predictable at $3.12 billion in 2022, is estimated to increase at a CAGR of 11.80% from $4.11 billion in 2023 to $11.5 billion by 2030.”

Researchers are exploring light-driven chemical reactions for generating medications and other compounds. Photoredox catalysts absorb light and transport energy to chemical processes, capturing light energy. These catalysts can be tuned to perform various reactions and could be integrated into materials like textiles or particles. Photoredox catalysts collect photons and convert their light energy into chemical energy, similar to how chlorophyll converts solar energy into sugar molecules.

Researchers are exploring the use of catalysts to coat magnetic beads, vials, or textiles, making them easier to remove from solutions post-reaction. They are also working on incorporating a wider range of catalysts into their polymers and optimizing them for specific applications.

The global market for catalysts is expanding due to increasing demand in applications like polymers, petrochemicals, chemical synthesis, petroleum refining, and environmental. These catalysts help manufacturers meet emission criteria and are in high demand due to energy trends towards alternative fuels like biodiesel and shale gas fuel. Companies also seek to add value to their feedstock or refining by producing value-added petrochemicals and chemicals.

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Market Dynamics

Growth Factors

A biohybrid photocatalyst is a new catalyst with a light-harvesting protein that absorbs light and converts it into energy for pharmaceutical synthesis, waste conversion, and biofuel production. It can also promote lignin depolymerization, aiding in biofuel production from hardwood or other hard plant sources. This type of catalyst has potential applications in various industries.

Imperial College London researchers have discovered the potential of organic photocatalysts called hyper-cross linked polymers (HCP), which can be used to synthesize solar fuels more efficiently and sustainably. This discovery could contribute to the transition to net zero emissions and make solar fuels more sustainable.

The high demand for rare-earth materials poses significant environmental challenges, including costly extraction, inefficient mining, and release of dangerous materials. Common semiconductors are limited by their ultraviolet activity, affecting their application. As a result, more efficient visible-light-active photocatalysts with fewer rare-earth metals have been developed, reducing the need for extraction and promoting sustainable energy production.

Researchers demonstrated how to alter the physical properties of a polymer backbone, such as thickness and porosity, depending on the application. They created fluorinated polymers that attach to fluorinated tubing, used in continuous flow production. Chemical reagents were run through tubes during components insertion, filtration, or isolation stages.

New materials like graphene and graphene oxide (GO) have gained popularity as photocatalysts due to their sustainability and flexibility in modification and design. The addition of cationic or anionic dyes can enhance GO's photocatalytic activity under visible light. These dyes, sensitive to visible light, inject electrons into semiconductor conduction bands, initiating photocatalytic reactions.

Selective oxidation is a crucial process in organic chemistry, and solar light photocatalytic oxidation is a promising technology for environmentally friendly conversion processes. The need for low-cost, eco-friendly alternatives to powerful oxidants has led to increased interest in light-powered catalysts for executing these activities.

Growth Divers

The increasing demand for catalysts

The demand for catalysts in various industries, including polymers, petrochemicals, chemical synthesis, petroleum refining, and environmental protection, is driving a market for process optimization, yield improvement, cost-saving, and energy-saving. This demand is fueled by the shift towards alternative fuels like biodiesel and shale gas fuel, as well as the desire to add value to feedstock.

Restraint:

Alternatives are readily available.

The availability of substitutes like zinc oxide and cadmium sulphide in the market poses a significant challenge to the industry's highest-grossing commodity, as they are less expensive and more affordable, making them an easy substitute, posing significant commercial hurdles.

Opportunity:

Reactions with a lot of energy

A bio hybrid photo-catalyst is a catalyst with a light-harvesting protein that captures light and transfers it to a metal-containing catalyst. This energy is converted into processes for pharmaceutical synthesis or waste conversion into biofuels or other valuable chemicals. Catalysts accelerate reactions by lowering the energy barrier, enabling reactions that would not occur without additional energy input. This factor impacts market growth.

Competitive Landscape of the Light-powered Catalyst Market

• Clariant AG
• Dorf Ketal Chemicals (I) Pvt. Ltd.
• Dow Chemical Company
• Evonik Industries AG
• Exxonmobil Corporation
• Johnson Matthey
• W.R. Grace and Co
• Albemarle Corporation Johnson Matthey
• BASF SE 
• Chevron Phillips Chemical Company LLC

Recent Developments in Light-powered Catalyst Market

In October 2022, Clariant and Dorf Ketal, two of the world's leading specialty chemical products and services companies, have announced a definitive agreement for Dorf Ketal to acquire Clariant's North American (NORAM) Land Oil business, a provider of chemical technologies and services to the North American oil and gas industry.

In September 2019, Chevron Phillips Chemical Company LLC and Qatar Petroleum announced they have signed an agreement to jointly pursue development of a new petrochemical plant in the Gulf Coast region of the United States.

Regional Insights

China's dominance in automotive, petrochemical products, polymer, and chemical industries is expected to lead to Asia Pacific accounting for the highest value share (32% in 2022). With rising domestic demand and low manufacturing costs, China is a preferred manufacturing location for these products. FDI investments and development potential from developing countries like India and Vietnam are also driving market expansion.

North America is the second-largest market for oil and gas catalysts due to rising low sulphur and automotive regulations. The US's increased gasoline usage is expected to increase demand for catalysts for heavy crude oil conversion into light fractions like diesel, kerosene, and gasoline. Mexico's oil and gas sector expansion is a key driver of market growth.

The Middle East and Africa, with a market value of 6.75% in 2022, is expected to attract petroleum refining catalysts due to its dominance in the oil and gas industry, coupled with increased demand in building, packaging, automotive, and pharmaceutical sectors.

Segments Covered in the Light-powered Catalyst Market

Light-powered Catalyst Market By Raw Material

• Chemical compounds
• Metals
• Zeolites
• Others

Light-powered Catalyst Market By Product

• Heterogeneous Catalyst
• Chemical synthesis
• Chemical catalysts
• Adsorbents
• Syngas production
• Others
• Petroleum refining
• FCC
• Alkylation
• Hydrotreating
• Catalytic Reforming
• Purification
• Bed grading
• Others
• Polymers and petrochemicals
• Ziegler Natta
• Reaction Initiator
• Chromium
• Urethane
• Solid Phosphorous Acid catalyst
• Others
• Environmental
• Light-duty vehicles
• Motorcycles
• Heavy-duty vehicles
• Others

Light-powered Catalyst Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the light-powered catalyst market size?

Light-powered Catalyst Market Predictable at $3.12 billion in 2022, is estimated to increase at a CAGR of 11.80% from $4.11 billion in 2023 to $11.5 billion by 2030.

What will be the CAGR of global light-powered catalyst market?

The global light-powered catalyst market will register growth rate of 11.80% between 2023 and 2032.

Who are the prominent players operating in the light powered catalyst market?

The major players operating in the light powered catalyst market are Albemarle Corporation Johnson Matthey, BASF SE, Chevron Phillips Chemical Company LLC, Clariant AG, Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Chemical Company, Evonik Industries AG, Exxonmobil Corporation, Johnson Matthey, W.R. Grace and Co.

Which are the driving factors of the light powered catalyst market?

The use of a catalyst increases the optimization of hydrocracking processes while also conserving money and energy. This has aided market expansion in petroleum refinery applications.