The Catalyst Refining market is estimated to exhibit a CAGR of over 3.1% during the forecast, 2019–2027.
catalyst enhances the rate of chemical reactions and are considered a critical part of a process in terms of cost and time efficiency. Refinery catalyst are used in refineries for the process of converting petroleum refining products from crude to high octanes liquid products such as diesel, kerosene, gasoline, and others. These catalysts are used in various processes such as hydrotreating, hydrocracking, and catalyst reforming among others.
The growing demand for cleaner petroleum products is the major factor driving the growth of the refining catalyst market during the assessment period. Moreover, the growing population across the globe has triggered the need for energy, which is contributing to the growth of the market. Moreover, the growing oil and gas related activities, especially in the emerging Asia Pacific region, is also likely to fuel the demand for refinery catalyst during the forecast period.
On the basis of type, hydrocracking catalyst segment is expected to exhibit the highest growth during the forecast period. The hydrocracking catalysts are used extensively because it does not produce coke as a by-product, which results in the efficient conversion of feedstock. On the basis of the ingredient, the metal segment accounted for the largest share in 2019 and is anticipated to exhibit the same trend during the forecast period. The metals are highly employed in hydrocracking and hydrotreating for the removal of unwanted particles and for reducing emissions of harmful gases. Thereby, the growing demand for less emitting fuel owing to the stringent government regulations is majorly contributing to the growth of the segment.
Some of the prominent players operating in the global Refining catalyst are Albemarle Corporation. W. R. Grace & Co., Haldor Topsoe A/S, Honeywell, Uop Llc., Criterion Catalysts & Technologies L.P, Axens Sa, BASF SE, China Petroleum & Chemical Corporation, Clariant International Ltd, and Johnson Matthey Plc among others.
Refining catalyst Share by Ingredients
Source: MRFR analysis
The global refining catalyst market is segmented into five regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
Asia Pacific is the largest market and is expected to grow at an expanding CAGR during the assessment period. The presence of the most populated economies has augmented the demand for energy in the region, which is a significant factor driving the demand for refining catalyst in the region. Moreover, the rapid development of polymer manufacturing and refining companies in the region is affecting the market growth positively. Furthermore, the presence of the largest refinery in the region is also projected to drive the demand for refinery catalysts .
The Middle East is expected to grow at a steady CAGR owing to the growing oil and gas exploration activities.
The North American region is another dominant market for refinery catalyst. The recent shale gas boom in the region has boosted the demand for refinery catalyst mainly in the U.S. Moreover, the stringent regulations pertaining to the use of crude emission is significantly the revenue of the refinery catalyst market.
The global refining catalyst is segmented into a type, ingredients, and region. On the basis of the type, the market is segregated into Fluid Catalytic Cracking (FCC) Catalysts, hydroprocessing catalysts, catalytic reforming catalysts, and others. On the basis of the ingredients, the market is segregated into zeolites, metals, chemical compounds and others.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
In February 2020, researchers from the University of Sydney declared that the new silica-aluminum material has been developed using the strongest acidity of all silica-aluminum materials created. This material will find significant use as a catalyst in the petroleum refining process. This also gets ample application in biofuel manufacturing. Scientists revealed that it could lessen the carbon dioxide emissions (CO2) 28 percent during crude oil production.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Ingredients|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Albemarle Corporation. W. R. Grace & Co., Haldor Topsoe A/S, Honeywell, Uop Llc., Criterion Catalysts & Technologies L.P, Axens Sa, BASF SE, China Petroleum & Chemical Corporation, Clariant International Ltd, and Johnson Matthey Plc|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global refining catalysts market is expected to expand at 4% CAGR from 2018 to 2023.
High demand for clean petroleum products is the major driver of the global refining catalysts market.
Hydrocracking catalysts can dominate in the ‘type’ segment in the global refining catalysts market.
The APAC region is estimated to contribute the maximum to the global refining catalysts market due to the massive demand for energy in developing economies.
Haldor Topsoe A/S, Axens Sa, Clariant International Ltd, W. R. Grace & Co., China Petroleum & Chemical Corporation, Albemarle Corporation, Johnson Matthey Plc, Honeywell, Uop Llc., BASF SE, and Criterion Catalysts & Technologies L.P are major players in the global refining catalysts market.