Refinery Catalyst Market to Grow at a Significant Rate through 2025
According
to TechSci Research report, “Global Refinery Catalyst
Market By Type (FCC Catalysts, Hydrotreating Catalysts,
Hydrocracking Catalysts, and Catalytic Reforming Catalysts, Upgrading &
Others), By Ingredient (Zeolites, Metals, Additives and Chemical Compounds),
By Region, Competition, Forecast & Opportunities, 2025”, the
global refinery catalyst market is expected to grow at a steady CAGR during the
forecast period. Increasing
need for octane rated products worldwide is one of the major factor accounting
for the growth of global refinery catalyst market. Moreover, surge
in requirement for transportation fuel is further expected to bode well for the
growth of global refinery catalyst through the forecast period. In addition to
this, utilization of nano-catalysts, which are made of high purity minerals in various
refining processes is anticipated to positively influencing the market growth
in the years to come. Also, major players operating in the market are focusing
more towards the production of next generation catalyst for producing
polypropylene which is expected to fuel
the growth of global refinery catalyst market over the coming years.
However, increasing initiatives by the organizations towards the use of ecofriendly
options such as electric vehicles and solar power plants and high cost of raw
materials needed for the production of refinery catalysts are some of the major
factors that might act as a major impediments to the growth of global refinery
catalyst market through 2025.
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Global
refinery catalyst market can be segmented based on type, ingredient, company and
region. Considering the ingredient, the market is fragmented into zeolites,
metals, additives and chemical compounds. The metals segment dominated the
global refinery catalyst market in terms of largest revenue until 2019 and is
further anticipated to lead the market during the forecast period. The growth
is driven by growing usage of metals for hydrocracking and hydrotreating in
order to eliminate the unwanted impurities as well as to lessen the emission of
harmful gases into the atmosphere. Additionally, environmental regulations for
the reduction of air pollution by ultra-low sulfur content in diesel and sulfur
content in gasoline, which in turn is positively influencing the growth of the
segment across the globe.
W. R.
Grace & Co., Haldor Topsoe A/S, Honeywell, UOP LLC., Catalysts &
Chemicals Industries Co, Axens SA, BASF SE, China Petroleum & Chemical
Corporation (Sinopec Corp.), Clariant International Ltd, Johnson Matthey Plc,
Albemarle Corporation are among others are the leading players operating in global
refinery catalyst market. the leading players are adopting several growth
strategies to enhance the market scenario of refinery catalyst. For instance, Haldor
Topsoe company is focusing on a 4-year research project in collaboration with
Aarhus University in order to develop a nanomaterial to improve selective
catalytic reduction which in turn will increase the catalysts performance by around
30%.
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“Asia-Pacific is forecast to dominate the global refinery catalyst
market in terms of both value and volume during the course of next 5 years on
the account of impressive production of transportation fuels particularly in
the growing economies of Asia-Pacific region. Moreover, upcoming capacity expansions
in these economies such as China, India and Japan are also contributing to the high
demand of refinery catalysts in the region. For instance, one of the top oil
refineries in India, known as Indian Oil Corp. Ltd, is planning to invest INR
1.8 trillion coupled with the expansion of Barauni and Gujarat refineries to
expand the refining capacity in the country in the next five years, which is expected
to boost the growth of refinery catalyst market in the region through 2025.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global
Refinery Catalyst Market By Global Refinery Catalyst Market By Type (FCC
Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic
Reforming Catalysts, Upgrading & Others), By Ingredient (Zeolites, Metals,
Additives and Chemical Compounds), By Region, Competition, Forecast &
Opportunities, 2025” has evaluated the future growth potential of global refinery
catalyst market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global refinery catalyst
market.
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