Refinery Catalyst Market Report: Industry Manufacturers Analysis 2023-2030
Refinery catalysts are employed during processes of hydrocracking, hydroforming, and fluid catalytic cracking to improve the performance of petroleum. The global refinery catalyst market report by Market Research Future (MRFR) contains valuable insights, opportunities, and revenue forecasts for the period of 2022 to 2030 (forecast period). The dip in fuel prices due to the COVID-19 pandemic has also been taken into account in the report.
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The global refinery catalyst market is expected to grow at a CAGR of 4% during the forecast period. The use of oil in various applications is the major driver of the market. Rise in exploration activities by the oil & gas industry can induce the demand for refinery catalysts for fine processing of end-products. Rise in energy consumption, demand for petroleum derivatives, and stringent regulations pertaining to the environment are factors expected to define the overall market.
The market can face challenges in the form of electric and hybrid vehicles. Development of alternative fuels can also deter the market growth.
The global refinery catalyst market survey is segmented by type and ingredient.
By type, it is segmented into catalytic reforming catalysts, hydrocracking catalysts, hydrotreating catalysts, and FCC catalysts. FCC catalysts have captured the largest share of the global refinery catalyst market. This can be credited to its use in alteration of distillates and atmospheric residue into motor oils. Huge demand for refining manufacturers in China and India can fuel the segment growth over the forecast period.
Based on ingredients, it is segmented into metals, zeolites, and chemical compounds. Among them, the metals segment held the largest market share in the refinery catalyst market. This growth can be credited to the growing use of metals in hydrocracking and hydrotreating processes for elimination of undesirable impurities and production of dangerous gases into the environment. Strict environment regulations aimed at reducing air pollution levels by diminishing the sulfur content in gasoline and diesel are further projected to drive the demand for metals in the refinery catalyst market.
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions considered for the valuation of the market.
APAC is expected to lead in the market till the end of the forecast period. China and India are projected to largely contribute to the regional refinery catalyst market due to rapid industrialization and expansion of oil & gas and pharmaceutical sectors. The huge demand for catalysts to cater to the demand from major companies across end-use industries can fuel regional market growth.
North America follows APAC in the market. According to the American Petroleum Institute, the demand for petroleum had risen to 750,000 barrels a day in 2018. The large demand for crude oil and developments in aerospace and automotive sectors can fuel the demand for refinery catalyst in the region. Huge demand for aviation fuel can induce the need for hydroprocessing treatment method.
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Axens SA, Clariant International Ltd, W. R. Grace & Co., Honeywell, Uop LLC., Exxon Mobil Corporation, Criterion Catalysts & Technologies L.P., Albemarle Corporation, China Petroleum & Chemical Corporation (Sinopec Corp.), Haldor Topsoe A/S, and BASF SE are key players in the global refinery catalyst market.
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