The global refinery catalyst market is growing rapidly. Rising energy demand worldwide is a major driving force behind the growth of the market. Besides, the increasing population, alongside the rapid urbanization and industrialization across the globe, substantiates the consumption of refinery catalysts, creating a huge demand for energy. Also, an increase in the global economy accelerates market growth, driving industries across the world.
According to Market Research Future (MRFR), the global refinery catalyst market is expected to increase at 4% CAGR during the forecast period (2017-2023). There has been a huge rise in energy consumption during the coronavirus epidemic. Resultantly, the market is witnessing an augmenting demand for all refinery catalysts. Nearly all refinery production plants remained open during the lockdown.
Most of them were increasing their production, while others were working on upgrading and improving their production units to increase their manufacturing capacity. Additionally, growing numbers of refineries and discoveries of oilfields substantiate the market demand. The demand in the refinery catalysts industry is expected to augment further over the review period. Furthermore, the rising demand for petroleum derivatives and stringent environmental regulations push the growth of the market.
On the other hand, stringent regulations imposed on the VOC emitting refinery catalysts act as major growth impeder for market growth. Also, receding crude oil reserves in some regions is expected to hinder the rate of the global refinery catalyst market growth. Nevertheless, the growing demand for FCC catalysts due to their advantageous properties would support the growth of the market growth throughout the review period. FCC catalysts can efficiently convert the high-boiling, high molecular weight hydrocarbon fractions of crude petroleum oils into more valuable gasoline, olefinic gases, and other products.
Global Refinery Catalyst Market - Segments
The report is segmented into three dynamics;
By Type : FCC Catalysts, Hydrocracking Catalysts, Hydrotreating Catalysts, Catalytic Reforming Catalysts, and others.
By Ingredient: Zeolites, Metals, Chemical Compounds, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Refinery Catalyst Market - Regional Analysis
Asia Pacific dominates the global refinery catalysts market. The largest market share attributes to the overall growth in refinery infrastructure and increased fuel consumption in countries such as India and China. Rising demand for energy across the region is a key growth driver for the market. Besides, factors such as the ever-increasing population, rapid urbanization, and industrialization foster regional market growth, creating a huge demand for electricity.
China, Japan, South Korea, and India, heading with the rapid industrialization in these countries, account for major contributors for the growth of the regional market. The APAC refinery catalyst market is projected to retain its leading position in the global market throughout the review period.
North America stands second in the global refinery catalyst market. The market is driven by the substantial growth in the overall energy consumption and volatility in global fuel prices in the region. Moreover, the rapid increase in population and industrialization have certainly created a high potential for the refinery catalyst market in the region. The North American refinery catalyst market is estimated to create a substantial revenue pocket over the assessment period.
The refinery catalyst market in the European region is too growing rapidly. The presence of well-established chemical companies, alongside the rising numbers of refineries in the region, acts as a major growth driver for the market. Augmenting demand for energy across the industrial sector in the region is a key tailwind for the market growth. Additionally, massive investments in major industries support the regional market. The European refinery catalyst market is expected to achieve remarkable growth during the forecast period.
Refinery Catalyst Market - Competitive Analysis
Highly competitive, the global refinery catalyst market appears diversified due to the presence of many well-established players. These, alongside small players and new entrants, form a competitive landscape. Further, to gain a larger competitive share, matured players incorporate strategic initiatives such as mergers & acquisitions, expansions, collaborations, and product/technology launch.
Major Players:
Players leading the refinery catalyst market include W. R. Grace & Co. (US), Albemarle Corporation (US), Haldor Topsoe A/S (Denmark), Criterion Catalysts & Technologies LP (US), Honeywell, UOP LLC. (US), Axens SA (France), China Petroleum & Chemical Corporation (Sinopec Corp.) (China), BASF SE (Germany), Exxon Mobil Corporation (US), and Clariant International Ltd (Switzerland), among others.
Industry/Innovation/ Related News:
May 12, 2020 --- Southwest Research Institute (SwRI - the US), a leading producer of different catalysts, announced the expansion of its fuel processing capabilities with a new large-scale-reactor. SwRI designed this system to be used for refinery processes, such as hydrotreating and hydrocracking, to produce a stable fuel from alternative sources with a new, custom fixed-bed reactor.
SwRI not only develops & evaluates different catalysts and processes to test new chemistries, but also validate their impacts on commercial operations and reduce oxygen, sulfur, and nitrogen. It can also modify the properties of fuels, refineries, and natural gas by-products produced from conventional & unconventional feedstock.
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