NEW YORK, Oct. 18, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published an in-depth market report on “Global hydrogenation catalyst market‘ for the forecast period, i.e. 2022 – 2031, which includes the following factors:

• Market growth over the forecast period
• Detailed regional summary
• market segmentation
• growth accelerator
• Profiling of key market players

Global hydrogenation catalyst Market size:

It is estimated that the global hydrogenation catalyst market will generate nearly USD 34,182.8 million in revenue by the end of 2031 by growing at a CAGR of 4.6% during the forecast period i.e. 2022 – 2031. Additionally, the market generated nearly USD 21,872.5 million in revenue in 2021. Hydrogenation catalysts are extensively used in petrochemical refining. The growing petrochemical industry is expected to increase the growth of the hydrogenation catalyst market. It is estimated that the petrochemical sector will account for more than a third of the growth in global oil demand by 2030 and almost half of the growth by 2050, adding nearly 7 million barrels of oil per day until then. They are also poised to consume an additional 56 billion cubic meters (bcm) of natural gas by 2030 and 83 bcm by 2050. The global market is expected to be stimulated by factors such as higher demand for hydrogenation catalysts in the chemical industry, alarming need to reduce greenhouse gas emissions, and increased demand for hydrogenation catalysts from the pharmaceutical industry during the forecast period.

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Global hydrogenation catalyst Market: The central theses

• The Asia-Pacific region is expected to account for the highest share of sales by 2031
• The Oil & Gas sub-segment dominates the revenue chart
• The sub-segment of noble metal-based hydrogenation catalysts remains prominent in the product type segment

Alarming need to reduce greenhouse gas emissions to boost market growth

Increasing mergers and acquisitions among key players to drive technology from…