Aluminum Nickel Catalyst Market Overview
The Aluminum Nickel Catalyst Market size is estimated to reach more than US$5.6 billion by 2027, after growing at a CAGR of 4.1% during the forecast period 2022-2027. Aluminum nickel catalyst is a high-performance catalyst that is utilized in various applications in different end-use industries. The demand for aluminum nickel alloy is massive in the petroleum, pharmaceutical, rubber, paint and agrochemical industries. The growing chemical sector is driving the aluminum nickel catalyst market growth. According to Invest India, the quantum of production of major chemicals increased to 115.82 lakh tonnes during 2021-22 as compared to 101.52 lakh tonnes during the corresponding period of the previous year, recording an increase of 14.09%. Moreover, the increasing requirement for aluminum nickel catalysts in the automotive sector, due to their usage in the production of rubberized automotive body parts, is anticipated to upsurge the growth of the aluminum nickel catalyst industry during the forecast period. The global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in chemical and polymer industries all across the world. It had a significant impact on the growth of the Aluminum Nickel Catalyst market size.
The “Aluminum Nickel Catalyst Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Aluminum Nickel Catalyst industry.
- The Asia-Pacific region dominates the Aluminum Nickel Catalyst market owing to the rising growth of the chemical industry. According to Invest India, fertilizer production increased by 8.2 percent in June 2022 over June 2021.
- Rapidly rising demand for Aluminum Nickel catalysts in the agrochemical industry as agrochemicals intermediates, for the production of insecticides, pesticides, fertilizers and other agrochemicals has driven the growth of the Aluminum Nickel Catalyst market.
- The increasing demand for Aluminum Nickel Catalysts in the automotive sector, due to their usage in the production of automotive body parts made up of rubber and polymer, has been a critical factor driving the growth of the Aluminum Nickel Catalyst market in the upcoming years.
- However, the problems associated with Aluminum Nickel Catalysts such as their short lifespan and lower stability can hinder the growth of the Aluminum Nickel Catalyst market.
Aluminum Nickel Catalyst Market Segment Analysis – by Application
The hydrogenation segment held the largest share of the Aluminum Nickel Catalyst market in 2021 and is estimated to grow at a CAGR of 4.3% during the forecast period 2022-2027. The aluminum nickel catalyst is mainly utilized in the hydrogenation of various functional groups, including nitro, azide, carbon-carbon double bond, nitrile and oxime groups. This catalyst is also applied in hydrogenation reactions, involving very high pressure and temperature. Moreover, aluminum nickel catalysts are utilized in a range of other hydrogenation applications such as nitro compounds, carbonyls, alcohols, nitriles, amines, acetylenes, olefins and saturates. Additionally, they are extensively used in reductive amination, ammonolysis of alcohol and reductive alkylation. The end-use of these hydrogenation reactions is found in the petrochemical, food processing and petroleum industries. In the petroleum industry, hydrogenation is applied in hydrocracking, to break heavy crude’s long hydrogen carbon chains into lighter petroleum products such as gasoline, jet fuel and diesel. Thus, all these exhibit characteristics of hydrogenation make it a preferred choice over the other applications of Aluminum Nickel Catalyst that are driving its segmental growth.
Aluminum Nickel Catalyst Market Segment Analysis – by End-use Industry
The chemical industry held the largest share of the Aluminum Nickel Catalyst Market in 2021 and is estimated to grow at a CAGR of 4.8% during the forecast period 2022-2027. Aluminum nickel catalyst includes fine particles of an aluminum nickel alloy. In the chemical industry, this catalyst presents a high level of performance when utilized in catalytic hydrogenation reactions. These reactions are applied in the production of agrochemicals intermediates, rubber additives, dye, sorbitol and drug intermediates. According to International Trade Administration (ITA), Indonesia is aiming to obtain an investment of US$31.5 billion in the chemical industry by 2023 and to decrease the sector’s imports by 40%. The government estimates to reap the advantages of various new chemical plants that are currently underway. Moreover, in 2022, INEOS Nitriles invested in a world-scale Acetonitrile production facility at their key operating site in Köln, Germany. Acetonitrile is a key component in the agrochemicals and bioscience sectors. Thus, with the rising chemical sector, the market for Aluminum Nickel Catalysts would further increase over the forecast period.
Aluminum Nickel Catalyst Market Segment Analysis – by Geography
Asia-Pacific region held the largest share of up to 36.9% in the Aluminum Nickel Catalyst market in 2021, due to the increasing requirement for aluminum nickel catalyst in developing countries such as China, Japan, India and South Korea. India is expected to continue its dominance in the aluminum nickel catalyst market during the forecast period. This is due to the growth of the chemical and pharmaceutical industries in the country. According to International Trade Administration (ITA), the Indian chemicals industry stood at US$178 billion in 2020 and is projected to reach US$300 billion by 2025. Moreover, in 2022, Clariant’s Catalysts business has been awarded three new contracts by China’s Lihuayi Group for its upcoming chemical and petrochemical manufacturing units. Such an increasing chemical sector in the APAC countries is anticipated to raise the demand for aluminum nickel alloy for its use in chemical production in the forecast period. It is proving to be a booster for the Aluminum Nickel Catalyst market size in this region.
Aluminum Nickel Catalyst Market Drivers
Growing Agrochemical Industry:
The Aluminum Nickel Catalyst is utilized as an agrochemical intermediate, for the production of insecticides, pesticides, fertilizers and others. There have been a number of government initiatives to strengthen the agrochemicals sector in order to support farmers. According to the Indian Brand Equity Foundation, in 2021-2022, the government plans to introduce production-linked incentives (PLI) scheme to promote domestic manufacturing of agrochemicals such as insecticides, herbicides and fertilizers, with an allocation of US$32.2 million to the department of chemicals and petrochemicals. Moreover, in May 2021, Corteva Agriscience and BASF Canada Agricultural Solutions partnered toward a joint approach to weed control by recommending the combined utilization of Liberty 200 SN and Enlist herbicides on Enlist E3TM soybean acres. This would increase the utilization of herbicides and expand the market for agrochemicals. Due to these factors, the Aluminum Nickel Catalyst market size is expected to grow.
Increasing Automotive Sector:
The Aluminum Nickel Catalyst is utilized in the production of rubber, which is further used in the automotive industry for various automotive body parts. Aluminum nickel catalyst is utilized for the production of rubber and polymers to make the automotive engine’s diaphragm, engine mount, gasoline and diesel engine seals and gaskets, head gaskets, hoses and manifold gaskets. Also, it is utilized in rubber tires, airbags, floor mats, seals, bumper, cover, mud flaps and other automotive parts. In 2021, 79.1 million motor vehicles were manufactured globally - a rise of 1.3% in comparison to 2020, according to the European Automobile Manufacturers' Association (ACEA). Also, in the U.S., the manufacturing of motor vehicles increased from 62,39,401 units in 2020 to 68,57,182 units in 2021, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA). Moreover, in Austria, motor vehicle manufacturing surged from 86,300 units in 2020 to 92,000 units in 2021. With the increasing production of automobiles, it is estimated that in the upcoming years, the requirement for rubber, polymers and Aluminum Nickel Catalysts in the automotive industry would rise, which would further boost the Aluminum Nickel Catalyst industry.
Aluminum Nickel Catalyst Market Challenges
Problems Associated with Aluminum Nickel Catalyst:
The Aluminum Nickel Catalyst is used in various industries such as pharmaceutical, chemical and others. However, its short lifespan and lower stability are major concerns in its commercial applications. For instance, on drying, aluminum-nickel catalyst catches fire due to atmospheric conditions. Thus, for the purpose of storage, it has to be submerged in a compatible solvent such as ethanol, dioxane and water. Also, the aluminum-nickel catalyst presents some levels of toxicity, that are known to hamper its demand and the industrial growth rate of aluminum-nickel catalyst. Therefore, the problems associated with Aluminum Nickel catalysts would create hurdles for the growth of the Aluminum Nickel Catalyst market in the forecast period.
Aluminum Nickel Catalyst Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies players adopt in the Aluminum Nickel Catalyst markets. The top 10 companies in the Aluminum Nickel Catalyst market are:
- BASF SE
- Evonik In-dustries AG
- Haldor Topsoe A/S
- Hangzhou Jiali metal Technology Co. Ltd.
- Johnson Matthey
- Sigma Aldrich
- Vineeth Chemicals
- W. R. Grace & Co
Report Code: CMR 39570
Report Code: CMR 1323
Report Code: CMR 34995
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