Refinery Catalyst Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH893 | Last Updated On: Jun 24 2022 | Available Formats

> Global Refinery Catalyst Market Expected to reach a high CAGR of 2.3% By 2029: DataM Intelligence

Global Refinery Catalyst Market is segmented By Component (Zeolites, Organometallic materials, Metals, Chemical Compounds, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Refinery Catalyst Market" is expected to grow at a high CAGR of 2.3% during the forecasting period (2022-2029).

  • Catalysts enhance the rate of the chemical reactions thus saving energy and limiting the cost incurred in the entire process. Refinery catalyst is a substance that increases the speed of the conversion of petroleum refinery naphthas into high-octane liquid products.
  • Catalyst also converts low octane hydrocarbons into cyclic naphthalenes and other branched alkanes. These are again dehydrogenated to produce aromatic hydrocarbons with a higher octane number. Refinery catalyst produces top valued end products that are used in petrochemicals, diesel, and gasoline.

Market Dynamics

  • Refinery catalyst is primarily used for the fluid catalytic cracking process in petroleum refineries. Rising demand from petroleum industries for refinery catalysts is driving the growth of the Global Refinery Catalysts Market.
  • Also, companies now are focusing on the up-gradation of existing refineries to improve their Nelson Complexity Index (NCI), which will further drive the growth of the global refinery catalyst market over the forecast period 2019-2026.
  • Depleting crude oil reserves coupled with increasing usage of alternative fuel which is slowing down the production of crude oil is a major factor restraining the growth of the Global Refinery Catalyst Market.
  • The high production cost is another factor expected to hamper the growth of the global refinery catalysts market. However, increased R&D investments to reduce cost and improve the quality of catalysts, create a potential opportunity for major players to expand their business and widen their applications into many end-user industries.

Market Size and Segmentation Analysis

  • By Application, Global Refinery Catalyst Market is diversified, based on the type, into Hydroprocessing Catalysts, Fluid Catalytic Cracking (FCC), Alkylation, Reforming, Polymerization, and Chemical Synthesis Catalysts and other refinery catalysts.
  • Fluid catalytic cracking (FCC) is one of the widely used conversion processes used in petroleum refineries. It is used to convert the high-boiling, high-molecular-weight hydrocarbon fractions of petroleum oils into more valuable gasoline, olefin gases, and other products.
  • The cracking of petroleum hydrocarbons was earlier done by thermal cracking, which is now entirely replaced by catalytic cracking. Hence, making the hydrocracking segment of the refinery catalysts market grow at a high rate during the forecast period 2019-2026.
  • By Material, Global Refinery Catalyst Market can be classified into, metals, Organometallic materials, Chemical Compounds, and Zeolites.
  • In the material type, the Zeolite material segment is the largest in the global refinery catalysts market, as it is the most widely used in the FCC (Fluid Catalytic Cracking) process. Owing to its affordable cost coupled with high reactive properties has enhanced the growth of refinery catalysts in the FCC process.
  • Zeolites as a catalyst are used in isomerization, reforming, and hydrocracking, etc. Fluid catalytic cracking is by far the largest user of zeolite refinery catalysts as it provides the largest gasoline yield at the highest octane with a high degree of catalytic stability.

Market Geographical Share

  • By Region, the global catalyst refinery market is segmented as North America, South America, Europe, Asia Pacific, and the rest of the world.
  • The Asia Pacific region is expected to account for the highest market share in the global refinery catalysts market and is expected to dominate the market over the forecast period 2019-2026, owing to the increasing number of capacity expansions of existing refineries.
  • North America has the second dominant share of xx% of the Refinery catalyst market, followed by Europe, owing to the application of refinery catalysts in emerging shale gas production industries in the region.
  • The U.S. owns explicitly the largest refining capacity all around the world, having more than 140 operational petroleum refineries and a production capacity of over 18.5 million barrels per calendar day. A healthy revival of the North American oil & gas industry will bolster the regional refinery catalyst market share smoothly.

Market Key Companies

  • Large international players majorly dominate the global Refinery catalyst market. Haldor Topsoe, UOP, Axens, Johnson Matthey, and Criterion are the prominent players in the Global Refinery Catalyst Market.
  • Honeywell UOP is one of the dominant companies in the Refinery catalyst market is enhancing the market through product launches.
  • For Instance, In May 2018 ExxonMobil Catalysts and BASF Corporation signed an alliance agreement to jointly develop new gas treating solvents and process technologies for use in natural gas processing and petroleum refining.

Key Takeaways:

  • The refining catalyst markets in developed countries are mature, with stiff competition amongst catalyst manufacturers.
  • To maintain and expand the market share in these countries, manufacturers need to invest significant time and resources into the development of better-performing catalysts that can work at higher temperatures and pressures and more top-quality end products.
  • The introduction of new catalysts will sustain minor growth in the mature markets of North America, Western Europe, and Japan.
  • Refinery catalyst makers are expecting real demand to offset headwinds in the near term. Population around the world continues to grow, and the GDP of emerging economies continues to increase. Thus the demand for transportation fuels will continue to rise ahead which leads to further mining refining activities in the forecast period 2019-2016.

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