Catalysis is a process of increasing the rate of chemical reaction through the addition of a substance, which may or may not take part in the chemical reaction. This substance is called catalyst. Catalysts are used in smaller amounts in the reactions which results in faster chemical reactions. During the process, the catalyst reacts and creates an intermediate, which then regenerates the original catalyst throughout the reaction. Rhodium-based catalysts are excessively used in reactions for manufacturing organosilicon compounds. These catalysts are suitable for promoting the activation of C-H bond. They are used in catalytic dehydrogenative cross-coupling and C-C bond construction. Growth in the global economy and increase in population in developing economies are anticipated to boost the demand for energy. This, in turn, is estimated to drive the rhodium-based catalyst market in the near future.
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Increase in demand for rhodium-based catalysts in chemical & petrochemical products and extensive use of these catalysts in medical products are factors augmenting the rhodium-based catalyst market. This is prompting companies to increase production of these catalysts. Additionally, easy availability of raw catalysts is anticipated to boost the demand for rhodium-based catalyst in the near future.
The global rhodium-based catalyst market is witnessing technological advancements. Companies are constantly striving to develop new and better ways to manufacture these catalysts. Development of new manufacturing processes of rhodium-based catalyst and applications is estimated to propel the market. However, volatility in prices of raw materials prices is projected to hamper the market.
In terms of carrier, the rhodium-based catalyst market can be divided into alumina, silica, carbon, and others. The silica segment of the rhodium-based catalyst market is anticipated to expand at a fast pace due to the increase in demand for these catalysts in chemical and petrochemical applications.
Based on type, the rhodium-based catalyst market can be segregated into new catalyst and regenerated catalyst. The new catalyst segment is anticipated to expand at a significant pace owing to the increase in demand for these catalysts in emerging economies such as India and China.
Based on application, the rhodium-based catalyst market can be classified into chemical & petrochemical, medical, dye, pesticide, and polymer materials. The chemical & petrochemical segment dominates the market owing to the extensive use in emerging economies such as India and China.
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Based on geography, the rhodium-based catalyst market can be split into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute key share of the market during the forecast period. The rhodium-based catalyst market in Asia Pacific is also estimated to expand a considerable pace owing to the increase in demand for these catalysts in chemical & petrochemical applications in the region. Middle East & Africa is likely to be an attractive region of the rhodium-based catalyst market during the forecast period due to the rise in demand for these in medical applications in the region.