The global refinery catalyst market is anticipated to reach at USD 6.18 billion. by 2022; finds a latest report by Grand View Research, Inc. The global market is anticipated to register a healthy CAGR of 3.3% over the forecast period (from 2015 to 2022). Rising need for eco-friendly and high performance fuels is projected to be a key factor driving the market growth. Strict environmental regulations from the organizations such as the United States Environmental Protection Agency (EPA) and the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) to reduce sulfur and nitrogen oxide emissions caused due to growing refinery is also anticipated to have a major impact on the global market development.
On the other hand, availability of substitute fuels like biofuels and the high adoption of “Go Green” campaigns along with various environmental regulations and policies adopted by different economies may hinder growth of the global refinery catalyst market over the forecast period. However, these catalysts are widely used in refining of petroleum to improve their functional efficiencies, which would help boost the overall demand. In addition, high cost of refining is also likely to have a major impact on the demand for refinery catalysts over the next few years.
Furthermore, rising demand for high octane fuel, especially in metropolitan towns from the countries like United States, Germany, United Kingdom, India, and Japan is estimated to contribute toward the market expansion. These materials are also used to deal with complex issues like heat balance effects and metal contamination in the processing of tight oil. Thus, rising production of tight oil in US, China, Argentina, and Russia is predicted to boost the overall product demand during the forecast years.
Browse Research Report on Refinery Catalyst Market:
The global refinery catalyst market is categorized as per material, application, and region. On the basis of material, the market is categorized into metallic, zeolites, chemical compounds, and others. On the basis of application, the market is segregated into hydrocracking, alkylation, fluid catalytic cracking (FCC), hydrotreating, catalytic reforming, and others. On the basis of geographies, the market is fragmented into Europe, Asia Pacific, North America, and Rest of the World (RoW).
The Asia Pacific (APAC) regional market led the global market in the past accounting for 30% of the total market share in terms of volume. The Europe region was the second largest consumer that accounted for one-fourth of the worldwide demand. The APAC region is expected to maintain its dominance even during the forecast period. Increasing number of refineries in India, China, and Southeast Asia along with many emerging capacity expansions in these regions is considered the key factor driving the region’s development. China, in particular, has emerged as one of the lucrative production sites for petrochemical and chemical products on account of rising domestic demand along with the low cost of production as compared to the US and countries from Europe. This is also predicted to augment the growth of the APAC regional market in near future.
The North America region is also expected to witness high growth over the forecast period on account of the rapid expansion of oil and gas and chemical sectors in Mexico. High demand for cleaner transportation fuels in US is likely to enhance the importance of catalysts used for converting heavy crude oil into diesel, kerosene, and gasoline. This is also expected to spur the regional market expansion in the forthcoming years. Some of the leading companies operating in the worldwide refinery catalyst market include E. I. du Pont de Nemours and Co.; W. R. Grace & Co.-Conn.; Zeolyst International Inc.; Johnson Matthey PLC; and INEOS Group Ltd.
Siluria Technologies, Inc. and Wood Group recently declare the availability of their Modus technology for petroleum refiners. Developed by these two companies, Modus is based on commercially proven catalyst system and offers cost-effective single step solution to convert low-value refinery offgases into high-value refinery products.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-refinery-catalyst-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
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