The Global Polymerization Catalysts market is expected to register a CAGR of approximately 6% from 2019 to 2024, as per 360marketupdates.com. Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period. Ethylene, propylene, and others are converted into chain structures (polymers) consisting of multiple repetitive compounds (or units) known as monomer. This process is known as polymerization. Catalysts are used during the polymerization process to produce polymers of desired properties. The increasing consumption of plastics has fueled the need to produce more polymers. This, in turn, has increased the utilization of polymerization catalysts.
Polyolefins are a class of polymers that consist of one monomer (or olefin) consisting of only hydrogen and carbon atoms. They are high molecular weight hydrocarbons. Polyolefin are determined on the basis of their degree of crystallinity and molecular weight. Owing to their excellent chemical resistance, they are unaffected by the common solvents and cannot be bonded or joined together using solvent welding. Polyolefins catalysts are used to reduce the activation energy required for the polymerization process, in turn increasing the rate of reaction and allowing it to continue working under mild conditions. The polyolefins products i.e. polyethylene and polypropylene, are becoming one of the biggest markets with an installed capacity of approximately 182 million metric tons. We expect the polyolefin catalysts market to grow considerably during the forecast period.
Asia-Pacific region is the largest market for polymerization catalysts. China accounted for more than half of the consumption in the region. China has emerged as one of the biggest production houses in the world today, and is the principal location for the manufacture and export of plastic products. The growth of various downstream processing industries that consume PET, PVC, polyethylene, and polypropylene are expected to increase the demand for these in the future. There are many planned polypropylene production capacity additions planned in the coming years, which are expected to gear up the market for polymerization catalysts. China is one of the major importers, as well as producers of polyolefins and PET in the world today. The consumption of various plastics is projected to increase due to the growing demand from different end-user industries, such as packaging, construction, automotive, consumer goods, and electronics, amongst others. This is expected to increase the demand for polymerization catalysts in China